JPMorgan Chase has expanded its carbon removal partnership with Charm Industrial, purchasing 61,500 tons of bio-oil carbon removals and providing a $20 million debt facility to scale Charm's Colorado facility. The deal brings JPMorgan's total contracted removals with Charm to 90,000 metric tons, and the bank's overall CDR purchases to 700,000 metric tons. Charm uses pyrolysis to convert biomass into bio-oil, which is injected underground for durable storage, and the financing will increase its processing capacity and hiring of operators. The agreement signals growing confidence in the bankability of carbon removal technologies. Charm has delivered over 13,500 metric tons of removals to date and sold more than 530,000 metric tons total. The deal also includes co-benefits like reducing wildfire risk by processing forest wood. This reflects a broader trend, with Q1 2026 seeing a record 2.3 million metric tons of durable CDR contracted, according to CDR.fyi.
