A Bill Gates-backed startup called Graphyte is charging American Airlines $100 per metric ton to eliminate 10,000 metric tons of carbon dioxide and seeks government subsidies.
The startup gathers agricultural residues to soak up carbon dioxide and plans to seek funding from a U.S. government initiative.
American Airlines is the first client and aims to reduce carbon emissions through this deal, with a focus on accelerating low-carbon technologies. (Trending: Biden Shamefully Removes God From National Address)
“American is focused on accelerating new low-carbon technologies to reduce aviation’s climate impact,” American Airlines Chief Sustainability Officer Jill Blickstein said.
“Hard to abate industries like aviation will need high-quality, permanent, affordable and scalable carbon credits — including removals — to achieve our emissions reduction goals.”
“We are excited to work with Graphyte to help them scale their important new technology.”
“This is a landmark agreement for both Graphyte and American Airlines,” Graphyte CEO Barclay Rogers said.
“It demonstrates the growing demand for affordable and scalable high-quality carbon removal credits and the ability of Carbon Casting technology to make a significant impact in the fight against climate change in the very near term.”
Graphyte’s technology is expected to provide an immediate pathway for low-cost carbon removal, with plans to produce enough to hold 50,000 metric tons of carbon each year.
American Airlines seeks to achieve net zero emissions by 2050.