Exclusive: JPMorgan strikes carbon removal deal that doubles as wildfire prevention

JPMorganChase has made a deal with Graphyte, a carbon removal company, to purchase 60,000 tons of carbon removal credits over 10 years. This purchase will come from Graphyte's existing Arkansas project and a planned facility in Arizona, which will utilize material from forest thinning projects. The deal signals the carbon removal industry's progress despite policy setbacks and highlights how co-benefits like wildfire prevention can drive such agreements. Taylor Wright, JPMorgan's head of operational sustainability, noted the Arizona facility's potential to reduce wildfire risk, citing a 2022 wildfire near Flagstaff that destroyed 30 homes. Graphyte's Arizona facility is expected to begin operating next year, creating a market for forest material and addressing wildfire risks.