Microsoft Corp. has agreed to finance the extraction of 18 million tons of carbon dioxide from the atmosphere, in what’s set to be one of the largest-ever purchases of carbon removal credits.
The cloud computing and AI behemoth has entered into an agreement with Rubicon Carbon, a company run by former Bank of America Corp. executive, Tom Montag, and backed by TPG Inc.’s Rise Climate fund. The deal entails delivery of carbon credits generated from projects that sequester CO2 by planting trees or restoring degraded land, according to a statement on Thursday.
