Investment banking giant Morgan Stanley has struck a deal that aims to remove 40,000 tons of carbon dioxide from the atmosphere, Axios reports.
Morgan Stanley is investing in direct air capture of carbon dioxide through a partnership with the Swiss firm Climeworks, the companies announced Thursday. The partnership, lasting until 2037, is Climeworks’ second-largest contract to date. The company is also a main technology partner for the Energy Department’s Project Cypress Direct Air Capture Hub in Louisiana, announced August of 2023.
The deal is part of the bank’s goal to achieve net-zero financed emissions by 2050 and mobilize $1 trillion in sustainable finance by 2030, according to a release from Climeworks. With the deal, Morgan Stanley has partnered with Climeworks to secure a “sizable volume of carbon removal credits”—the firm’s first purchase of direct air capture credits.
