CO280, a leading carbon removal project developer, has signed a long-term offtake agreement with JPMorganChase to capture and store biogenic CO₂ emissions from a pulp and paper mill on the U.S. Gulf Coast.
Under the agreement, JPMorganChase will purchase 450,000 metric tons of CO₂ over 13 years, at a cost of under $200 per ton — one of the lowest prices to date for high-quality engineered carbon dioxide removal (CDR).
CO280’s approach involves retrofitting pulp and paper mills to capture CO₂ from boiler stack emissions, which is then permanently stored underground. The initiative is designed to strengthen U.S. mill operations while addressing climate change. The first project will use carbon capture technology from SLB Capturi.
“This isn’t just about climate impact,” said CO280 CEO Jonathan Rhone. “It’s about increasing mill revenue and productivity, safeguarding jobs, and boosting the global competitiveness of the U.S. pulp and paper sector.”
CO280 is planning a network of over 10 CDR projects that could remove up to 10 million metric tons of CO₂ per year and attract billions in investment to the U.S. forest products industry. The sector is a top manufacturing employer in 43 states and supports millions of jobs, especially in rural communities.
Taylor Wright, Head of Operational Decarbonization at JPMorganChase, called the agreement a key step toward scaling affordable CDR technologies. “CO280’s model offers near-term, high-integrity removals that are critical to expanding access for more buyers,” she said.
All CO280 projects follow strict third-party verification standards and use sustainably sourced biomass in line with recognized global principles.
About CO280
CO280 Solutions Inc. is a leading developer of large-scale carbon dioxide removal (CDR) projects. In partnership with CDR buyers and pulp and paper companies, we develop, finance, own, and operate carbon removal projects that deliver a new standard of permanent, verifiable, and affordable CDR credits to customers in the carbon market. Learn more at co280.com.
