By james art Investment banking giant Morgan Stanley struck a deal that aims to remove 40,000 tons of carbon dioxide from the atmosphere, Axios reports.
Morgan Stanley is investing in direct capture of carbon dioxide from the air through a partnership with The Swiss company Climeworksthe companies said Thursday. The partnership, which runs until 2037, is Climeworks’ second largest contract to date. The company is also the main technological partner of the Ministry of Energy Cypress Direct Air Capture Hub Project in Louisiana, announced in August 2023.
The deal is part of the bank’s goal of achieving net zero funded emissions by 2050 and mobilizing $1 trillion in sustainable finance by 2030, according to message from Climeworks. With the deal, Morgan Stanley has partnered with Climeworks to secure a “significant volume of carbon dioxide removal credits,” the firm’s first purchase of direct air capture credits.
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