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illuminem summarises for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: Boeing has signed a significant carbon removal agreement with Charm Industrial, committing to purchase up to 100,000 tonnes of permanent carbon removals
• This marks Boeing’s first carbon removal deal with an aviation company, reinforcing the growing alignment between the aviation sector and durable carbon dioxide removal (CDR) technologies
🔭 The context: Charm Industrial, founded in 2021, specializes in converting agricultural residue and biomass into bio-oil through pyrolysis, which is then sequestered underground
• This new deal with Boeing expands Charm's portfolio and underscores Boeing's evolving carbon management strategy, focusing on emissions avoidance alongside the use of carbon offsets and removals for hard-to-abate emissions
🌍 Why it matters for the planet: This deal highlights a crucial step toward decarbonizing the aviation industry, one of the hardest sectors to reduce emissions from
• By purchasing carbon removals from Charm Industrial, Boeing is taking significant steps to mitigate its carbon footprint, demonstrating how the private sector can drive demand for scalable and durable climate solutions
⏭️ What's next: As Boeing shifts its focus to a “avoid first, remove second” strategy in 2024, this partnership with Charm Industrial could pave the way for more aviation and industrial companies to integrate permanent carbon removal into their sustainability strategies, signaling a shift towards more comprehensive climate action
💬 One quote: “The agreement marks a substantial step forward for durable, high-integrity carbon removal and reflects the growing alignment between durable CDR and aviation.” – Charm Industrial
📈 One stat: Boeing's agreement with Charm includes the purchase of up to 100,000 tonnes of permanent carbon removals
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