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Boeing has signed a deal with startup Charm Industrial to remove 100,000 metric tons of carbon from the atmosphere.<\/p>\n
Charm collects agricultural and forestry waste and uses heat to turn it into a product it calls \u201cbio-oil,\u201d a messy jumble of hydrocarbons that it injects underground, including into former oil wells. Once sequestered, Charm can sell carbon removal credits to companies. Axios first reported<\/a> on the startup\u2019s deal with Boeing.<\/p>\n Aviation has made little progress on cutting its carbon emissions. That has left companies in the sector searching for alternatives. Carbon removal has emerged as a contender given that it has the potential to cost less than transitioning to sustainable aviation fuels.<\/p>\n By 2050, one study<\/a> found that the aviation industry will need to spend at least $60 billion on carbon offsets to reach net zero emissions.<\/p>\n Charm can also produce biochar, a substance that when applied to farm fields can help boost soil productivity, though those efforts are still in their infancy, according to data<\/a> from carbon removal registry Isometric.<\/p>\n Financial terms of the deal were not disclosed. Two years ago, Charm sold 112,000 carbon removal credits to Frontier, the advanced market commitment, for $53 million, or about $470 per metric ton. Charm has said it wants to bring the cost down to about $50 per metric ton.<\/p>\n<\/div>\n