Tech

BMO pre-purchases air capture carbon removal directly

The Bank of Montreal has pre-purchased the permanent removal of 1000 tonnes of carbon dioxide from the atmosphere through Direct Air Capture (DAC) technology.

The purchase was facilitated through the London-based costume BeZeroCarbon, and carbon removal was provided by a large facility using DAC technology from the Canadian company Carbon Engineering.

The removal of carbon dioxide by a new technology, DAC, physically removes CO2 from the air, permanently stores it in deep formations, and essentially reverses the emission process.

Proponents say that by decoupling capture from the source, this process can be used to counteract carbon dioxide emissions from anywhere in the world and at any point in time.

BMO is the first bank to pre-purchase CO2 removal using this technology to achieve its commitment as a member of the Net-Zero Banking Alliance.

Michael Torrance, Chief Sustainability Officer of BMO, said:

“By doing so, we are supporting the growth of new markets for direct air capture and related offsets. This has achieved Paris’ ambitious 1.5C target and is a net negative GHG beyond net zero. It’s important to be an emission. “

Tommy Ricketts, CEO of BeZero Carbon, adds: “This purchase by BMO is a milestone in the future of Direct Air Capture and is a strong signal to the market that this technology should be an important part of the Net Zero infrastructure.”

BMO pre-purchases air capture carbon removal directly

Source link BMO pre-purchases air capture carbon removal directly

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