News Release
JPMorgan Makes One of the Biggest Investments Ever on Carbon Capture
MarketJar
JPMorgan Chase and Co just announced one of the largest investments to date in carbon removal technologies. The bank has agreed to spend more than $200 million on several long-term agreements to remove and store the equivalent of 800,000 metric tons (mt) of CO 2. The company revealed its first $75 million commitment in April through Frontier, a carbon removal fund that was launched by payment processor Stripe. Frontier has attracted several tech giants such as Alphabet, Meta and Shopify, who have collectively pledged $1 billion to speed up the development of carbon removal technologies. JPMorgan signed a landmark $20 million agreement with Climeworks, a global leader in carbon dioxide removal (CDR) that operates the world’s only commercial direct-air capture (DAC) project. The agreement, which is one of the largest of its kind, will see Climeworks remove the equivalent of 25,000 mt of CO 2 from the atmosphere over a nine-year period. Last year, JPMorgan helped the Swiss startup raise $650 million to scale its DAC project. The Wall Street bank also recently signed a deal with Charm Industrial, a carbon storage company that converts excess organic plant waste into a bio-oil, to remove and store the equivalent of approximately 28,500 mt of CO 2 over five years. Although the carbon removal market is still in its infancy, the UN Intergovernmental Panel on Climate Change expects the equivalent of 10 gigatons of CO 2 to be removed from the atmosphere annually by 2050. Carbon capture initiatives have been gaining momentum, with several funds like Frontier being launched to help advance carbon removal technologies. However, another essential component for reaching net-zero goals is carbon avoidance through direct carbon reduction measures, such as the household device carbon projects developed by Base Carbon Inc. (NEO:BCBN) (OTCQX:BCBNF). Unlike carbon removal initiatives which will eventually remove existing CO2 once they are operational, Base Carbon provides funding into projects and climate action projects that immediately avoid carbon emissions from entering the atmosphere. Instead of focusing on removing existing CO 2, Base Carbon sees it this way - one ton of carbon avoided today is one less ton that needs to be removed later. Unlike low-quality carbon-avoidance projects, Base Carbon is offering ongoing solutions that are already improving thousands of lives, eliminating millions of tonnes of carbon from the atmosphere, and strengthening this company's place in the growing industry. This strategy delivers immediate carbon reduction, benefits to the project communities and a return on capital invested. Base Carbon Reports First Revenues from Carbon Credit Sales On June 6th, Base Carbon announced that it has received the first revenues from the sale of carbon credits generated by the Vietnam Household Devices Project under the offtake agreement with Citigroup Global Markets Limited. The cookstove and water purifier carbon reduction project, which was launched last May alongside developer, Sustainability Investment Promotion and Development Joint Stock Company (SIPCO), involved the distribution of 850,000 cookstoves and 364,000 water purifiers to participating households in Vietnam. Base Carbon facilitated a carbon credit offtake arrangement for the initial 7.4 million carbon credits issued by the project between Citigroup and SIPCO. The company has now received full payment for the original 1,020,903 carbon credits created by cookstoves that were forwarded to Citigroup and expects the first carbon credit issuance and associated revenue for the project's water purifier section to follow in the near term. The success of the Vietnam household devices project reveals Base Carbon 's role in bridging the funding gap between project developers and consumers seeking high-quality carbon credits. The Vietnam Household Devices project is a joint effort to reduce greenhouse gas emissions, improve living conditions in project regions, and provide a return on investment. Efficient household devices are critical for decreasing carbon emissions while also providing millions of individuals in families and communities with meaningful and verified social and health co-benefits. One-third of the world's population cooks on polluting fuels such as wood, charcoal, and kerosene. According to the Clean Cooking Alliance, this form of "dirty cooking" contributes significantly to global carbon emissions and kills approximately four million people each year owing to respiratory ailments. Base Carbon sees project co-benefits as critical drivers of project quality and risk mitigators for stakeholders, and they are quantified based on expected increases in living standards. For more information about Base Carbon (NEO:BCBN) (OTCQX:BCBNF)’s latest news, please visit this link or their website at https://basecarbon.com. Disclaimer 1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector. 2) The Article was issued on behalf of and sponsored by, Base Carbon Inc.. 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Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy. 4) The Article does not constitute investment advice. All investments carry risk and each reader is encouraged to consult with his or her individual financial professional. Any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on PressReach.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on PressReach.com. 5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article. 6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Base Carbon Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. 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These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Base Carbon Inc.’s industry; (b) market opportunity; (c) Base Carbon Inc.’s business plans and strategies; (d) services that Base Carbon Inc. intends to offer; (e) Base Carbon Inc.’s milestone projections and targets; (f) Base Carbon Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Base Carbon Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Base Carbon Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Base Carbon Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Base Carbon Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Base Carbon Inc.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Base Carbon Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Base Carbon Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Base Carbon Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Base Carbon Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Base Carbon Inc.’s business operations (e) Base Carbon Inc. may be unable to implement its growth strategy; and (f) increased competition. Except as required by law, Base Carbon Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Base Carbon Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Base Carbon Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document. 7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Base Carbon Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Base Carbon Inc. or such entities and are not necessarily indicative of future performance of Base Carbon Inc. or such entities. 8) Investing is risky. The information provided in this article should not be considered as a substitute for professional financial consultation. Users should be aware that investing in any form carries inherent risks, and as such, there is a possibility of losing some or all of their investment. The value of investments can fluctuate significantly within a short period, and investors must understand that past performance is not indicative of future results. Additionally, users should exercise caution as transactions involving investments may be irreversible, even in cases of fraud or accidental actions. It is crucial to acknowledge that rapidly evolving laws and technical issues can have adverse effects on the usability, transferability, exchangeability, and value of investments. Furthermore, users must be cognizant of potential security risks associated with their investment activities. Individuals are strongly encouraged to conduct thorough research, seek professional advice, and carefully evaluate their risk tolerance before engaging in any investment endeavors. Market Jar Media Inc. is neither an investment adviser nor a broker-dealer. The information presented on the website is provided for informative purposes only and is not to be treated as a recommendation to make any specific investment. No such information on PressReach.com constitutes advice or a recommendation. Contact Details James Young +1 800-340-9767 campaigns@pressreach.com Company Website https://pressreach.com
June 06, 2023 09:00 AM Eastern Daylight Time
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