Vancouver-based CO280 has secured a major carbon removal offtake agreement with JPMorganChase, marking another milestone in the company’s rapid emergence as a global leader in engineered carbon dioxide removal (CDR).
The deal will see the financial giant purchase 450,000 metric tons of carbon dioxide equivalent (mtCO₂e) over 13 years, sourced from a U.S. Gulf Coast pulp and paper mill retrofitted with carbon capture technology.
Priced under $200 per ton, the agreement represents one of the lowest costs to date for high-quality, engineered CDR—a significant step toward broader market adoption.
This latest deal builds on last month’s announcement that Microsoft would purchase 3.685 million tonnes of CDR from CO280, one of the largest engineered carbon removal deals to date.
CO280 has developed a scalable model to retrofit existing pulp and paper mills to capture biogenic CO₂ from boiler stack emissions. This CO₂ is then permanently sequestered deep underground. The resulting removal credits are sold to major buyers like JPMorganChase to help offset their operational emissions.
“Together with JPMorganChase and other buyers, we’re investing to strengthen and revitalize the U.S. pulp and paper industry at a time when the industry is facing growing international competition,” said CO280 CEO and co-founder Jonathan Rhone. “By retrofitting mills to deliver permanent, high-quality CDR at the lowest cost, we’re transforming the economics of the pulp and paper industry.”
SLB Capturi will supply the carbon capture technology for the project. The captured emissions come from biogenic sources such as wood waste, making the process both carbon-negative and in line with sustainability standards. All credits will undergo third-party verification, aligning with leading measurement, reporting, and verification (MRV) protocols, and adhering to sustainable biomass sourcing principles.
The pulp and paper industry represents a multi-billion-dollar opportunity for carbon removal. According to industry data, U.S. mills generate large volumes of biogenic CO₂ and employ nearly one million people directly, with another six million jobs indirectly supported—many in rural communities.
CO280 is working with pulp and paper firms to build a network of over ten projects with a combined removal potential of 10 million tons per year. Its ultimate goal: to create the world’s largest network of carbon removal facilities, supporting climate goals while boosting the economic resilience of one of America’s oldest industries.
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