JPMorgan Chase and IBM Make Carbon Commitment to Boston Startup
NEC members JPMorgan Chase and The IBM Corporation have committed to purchase carbon credits from Boston agricultural tech startup Indigo Ag. The two companies will pay Indigo to offset the carbon released through company operations.
Both JPMorgan Chase and IBM have set a price of $20 per ton of carbon dioxide equivalents sequestered and abated in the 2020 growing season. When the companies purchase carbon credits, they support environmentally friendly initiatives that can be verified and measured. Indigo Ag can certify that each carbon credit is equal to a ton of greenhouse gas emissions being removed from the air. The credits also create additional income for farmers who use sustainable farming methods to keep carbon in the ground, often without tilling.
“Developing solutions that protect the environment, support sustainable development and grow the economy is imperative to addressing the impacts of climate change. By giving farmers a way to tap into the market for carbon offsets, Indigo Ag is doing just that,” said Marisa Buchanan, Head of Sustainability at JPMorgan Chase, in a statement.
The New England Council commends JPMorgan Chase and the IBM Corporation for this commitment to corporate sustainability. Read more in the Boston Business Journal.