Investment bank JPMorgan Chase has signed a carbon dioxide removal (CDR) off-take deal with Canada carbon capture firm CO280 for 450,000 tonnes of carbon dioxide.
CO280 will capture and store some of the biogenic carbon emissions from a pulp and paper mill in the US Gulf Coast region over a 13-year period at a price of under $200 a tonne.
US pulp and paper mills produce a lot of biogenic CO2 from wood waste. Research suggests that capturing and storing this CO2 could be a multi-billion-dollar opportunity for the forest products industry, which makes up 5% of US manufacturing GDP.
The plant is one of more than 10 that CO280 has partnered with to offer ten million tonnes a year of CDR.
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