Climeworks removes 40,000 tons of CO2 from the air for Morgan Stanley

Financial services provider Morgan Stanley has commissioned Climeworks to remove a total of 40,000 tons of CO2 directly from the atmosphere by 2037 (Direct Air Capture, DAC). According to a statement from the cleantech company with headquarters in Zurich and Austin, Texas, this is its second-largest contract to date. He is to drive forward the expansion of the spin-off from the Swiss Federal Institute of Technology in Zurich(ETH) in the USA.

Climeworks is the lead technology provider for the Project Cypress direct air capture center in the US state of Louisiana. It is supported by the US government's bipartisan infrastructure bill. The project will be one of the country's first megaton hubs. Climeworks already operates the two DAC plants Orca and Mammoth in Iceland.

"Orca and Mammoth are only at the beginning of a future trillion-dollar industry and Morgan Stanley is aware of the benefits of entering the market today," Christoph Gebald, co-founder and co-CEO of Climeworks, is quoted as saying. After all, investments in CO2 removal are more than just ecological responsibility - "they are a strategic business step" before regulatory changes and competitive pressure take effect.

Morgan Stanley wants to achieve its net zero target by 2050 and mobilize a total of 1 trillion dollars for sustainable financing by 2030. "As a financial institution, Morgan Stanley plays an important role in channeling capital into low-carbon solutions," says its Head of Sustainability Jessica Alsford. "Through our partnership with Climeworks, we are supporting the development of technologies that can drive the global economy's transition to a sustainable future." ce/mm