In a bold move to scale climate solutions, JPMorgan Chase has signed a major long-term carbon dioxide removal (CDR) agreement with CO280, a developer specializing in industrial carbon capture. The deal secures the offtake of 450,000 metric tons of CO₂ over 13 years, sourced from a biomass-based carbon capture project on the U.S. Gulf Coast. The cost: under $200 per ton—one of the most competitive rates ever recorded for engineered CDR.
This agreement builds on a memorandum of understanding the two companies signed in 2023 and is part of JPMorgan’s broader commitment exceeding $200 million in carbon removal purchases—making it one of the largest investments of its kind to date.
“CO280’s ability to provide near-term, affordable removals at scale is a key catalyst for making high-quality, engineered CDR available to a wider range of buyers,” said Taylor Wright, Head of Operational Decarbonization at JPMorgan Chase.
Carbon Removal with Industrial Backbone
The initiative targets one of the largest industrial sources of greenhouse gases in North America: the pulp and paper sector. U.S. mills emit approximately 88 million metric tons of biogenic CO₂ each year. CO280, based in Vancouver, is tackling this challenge head-on by capturing and permanently storing emissions at the source. The company develops, finances, and operates CDR projects in direct partnership with pulp and paper mills.
Currently, CO280 is developing over ten projects across North America, aiming to reach a removal capacity of 10 million tons annually—a transformative scale for both the industry and the carbon markets.
Strategic Partnerships to Scale Up CDR
CO280 recently formed a high-profile collaboration with Aker Carbon Capture and Microsoft. The partnership focuses on accelerating deployment of carbon capture in the pulp and paper industry, including the joint development of feasibility tools, standardized lifecycle and MRV (measurement, reporting, and verification) frameworks, and digital modeling aligned with Microsoft’s criteria for high-quality removals.
“This agreement with JPMorgan Chase is a powerful endorsement of our model,” said Natalie Khtikian, co-founder and Chief Commercial Officer at CO280. “They understood from the start how carbon capture can create real economic value—for investors, for communities, and for the climate.”
Rewriting the Economics of Carbon Removal
CO280’s strategy hinges on retrofitting existing mills to integrate carbon capture directly into their operations. This not only enables low-cost, permanent CO₂ removal, but also improves mill profitability, potentially increasing revenue and EBITDA. For forest communities, the implications are equally significant—more stable operations could help preserve local jobs and economic vitality for years to come.
“We’re transforming a legacy industry into a climate solution engine,” said Jonathan Rhone, CEO and co-founder of CO280. “Our model delivers high-quality removals at a price that works—and that changes the game.”
With this agreement, JPMorgan Chase positions itself as a front-runner in deploying capital toward real, scalable climate solutions, while CO280 cements its place as a key player in industrial decarbonization.
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