Boeing has signed a deal with startup Charm Industrial to remove 100,000 metric tons of carbon from the atmosphere.
Charm collects agricultural and forestry waste and uses heat to convert it into a product called “bio-oil”, a dirty mixture of hydrocarbons that it injects underground, including into former oil wells. Once captured, Charm can sell carbon removal credits to companies. axios first reported On the startup’s deal with Boeing.
Aviation has made little progress on cutting its carbon emissions. This has left companies in the sector looking for alternatives. Carbon removal has emerged as a contender, as it has the potential to be lower cost than transitioning to sustainable aviation fuels.
By 2050, a study found that the aviation industry would need to spend at least $60 billion on carbon offsets to reach net zero emissions.
Charm can also produce biochar, a substance that when applied to fields could help increase soil productivity, although these efforts are still in their early stages. data Isometric from the Carbon Removal Registry.
Financial terms of the deal were not disclosed. Two years ago, Charm sold 112,000 carbon removal credits to Advanced Market Commitment Frontier for $53 million, or about $470 per metric ton. Charm has said it wants to bring the cost down to about $50 per metric ton.
