BMO Financial Group has pre-purchased the permanent removal of 1,000 tonnes of carbon dioxide (CO2) from the atmosphere using Carbon Engineering’s direct air capture (DAC) technology.
Facilitated via climate solutions business BeZero Carbon, the removal will crown BMO Financial Group the first bank to commit to such transaction.
Michael Torrance, Chief Sustainability Officer at BMO Financial Group, said, “As part of our climate ambition and our purpose to boldly grow the good, in business and life, BMO is committed to net zero in our own operations and to being our clients’ lead partner in their transition to a net zero future.”
“We’re pleased to be working with BeZero and Carbon Engineering on high-integrity, large-scale climate solutions such as DAC, and to be the first bank to do so.”
“By doing so we’re supporting the growth of a new market from DAC and associated offsets, which will be critical for achieving ambition Paris aligned 1.5°C goals and going past net zero to being net negative greenhouse gas emissions.”
Carbon Engineering’s DAC technology is predominately used to support decarbonisation in two complementary ways:
- When combined with secure geological storage, the technology can permanently remove vast amounts of CO2 from the atmosphere, providing a tool to eliminate any CO2 emissions from any location at any time.
- Through the integration with Carbon Engineering’s Air to Fuels™ technology, DAC can be used to produce ultra-low carbon transportation fuels, such as low-carbon transportation fuels, such as SAF, by combining CO2 with clean hydrogen.
Steve Oldham, CEO of Carbon Engineering, added, “The world is witnessing an overwhelming and necessary, surge in net-zero commitments.”
“At the same time, it’s critical to form and uphold transparent, science-based standards for meeting these commitments and we’re pleased to see industry leaders, like BeZero Carbon and BMO, working together to do this.”
“Solutions, like Carbon Engineering’s DAC technology, are feasible and available today to support businesses and governments in their sustainability plans to meet these commitments.”