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illuminem summarizes for you the essential news of the day. Read the full piece on CNBC or enjoy below:
🗞️ Driving the news: Microsoft has signed a major contract with Swedish energy firm Stockholm Exergi to remove 3.3 million metric tons of carbon dioxide, marking the largest carbon removal deal ever
• The initiative involves the construction of a carbon capture and storage facility at Stockholm Exergi's biomass power plant
🔭 The context: Stockholm Exergi will begin delivering carbon removal certificates to Microsoft in 2028, with the project expected to capture and store 800,000 metric tons of CO2 annually
• This initiative utilizes the biomass plant's by-products from the forestry and paper industry
🌍 Why it matters for the planet: This partnership is a significant step toward scalable solutions in combating climate change, highlighting the role of corporate responsibility in environmental sustainability
• The project leverages existing infrastructure to enhance carbon capture capabilities, which is critical for achieving global net-zero emissions targets
⏭️ What's next: The project's construction is slated to begin in 2025, with the final investment decision due later this year
• Successful implementation could serve as a model for similar carbon neutral initiatives worldwide
💬 One quote: "Leveraging existing biomass power plants is a crucial first step to building worldwide carbon removal capacity," said Brian Marrs, Microsoft’s senior director of energy and carbon removal
📈 One stat: The project will permanently remove 800,000 metric tons of carbon dioxide per year.
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