Climeworks, the global leader in carbon removal, signed a long-term agreement with Morgan Stanley to remove 40,000 tons of CO₂ from the air, according to a news release.
The partnership, lasting until 2037, is Climeworks’ second-largest contract to date and will accelerate its scale-up in the U.S., where Climeworks is the anchor technology provider for the Direct Air Capture Hub Project Cypress supported by the U.S. Department of Energy. The purchase of Climeworks’ high-quality carbon removal service reflects Morgan Stanley’s commitment to supporting the development of new climate technology.
Morgan Stanley has set an ambition to achieve net-zero financed emissions by 2050 and mobilize USD 1 trillion in sustainable finance by 2030. The financial services institution has partnered with Climeworks to secure a sizable volume of carbon removal credits, representing the Firm’s first purchase of Direct Air Capture credits.
Climeworks already operates two Direct Air Capture plants in Iceland and delivers third-party certified carbon removal services to its customers. As the anchor technology provider for Direct Air Capture Hub Project Cypress in Louisiana, the company is on a trajectory to establish one of the nation’s first megaton Hubs, incentivized by the U.S. government’s Bipartisan Infrastructure Law.
