CNBC's Diana Olick is reporting that Amazon is making major investments in carbon capture.
Amazon is making a significant investment in carbon capture technology by purchasing a quarter of a million metric tons of carbon removal over the next decade from 1PointFive, a carbon removal technology company. This move aims to support the world's largest deployment of direct air capture (DAC) technology. The carbon captured through these systems will be stored underground in saline aquifers. Amazon is also investing in CarbonCapture Inc., a climate tech firm, to accelerate the commercial deployment of new DAC materials for carbon absorption.
Microsoft has also recently announced its commitment to buying carbon credits from Heirloom Carbon, a California-based startup using limestone to remove carbon from the atmosphere. This initiative is expected to remove up to 315,000 metric tons of carbon dioxide over the next decade, equivalent to at least $200 million based on market prices.
These investments by Amazon and Microsoft come after government funding has been infused into carbon capture technology, signifying big business's increasing involvement in addressing carbon emissions. Both companies are working to reduce their environmental impact through various sustainability measures.
However, it's worth noting that despite these efforts, scientists emphasize the need to remove approximately 1 trillion tons of carbon dioxide from the atmosphere in this century to meet the goals of the Paris Agreement and limit global warming to 1.5 degrees Celsius.
Source: CNBC
https://www.cnbc.com/2023/09/12/amazon-follows-microsoft-investing-big-in-carbon-capture.html
(This article was written with assistance from ChatGPT)
