News Summary

Boeing has entered into an agreement with the startup Charm Industrial to remove 100,000 metric tons of carbon dioxide from the atmosphere. Charm Industrial collects agricultural and forestry waste, converting it into ‘bio-oil’ through a heating process. This bio-oil is then injected underground, including into former oil wells, allowing Charm to sell carbon removal credits to companies. This initiative comes as the aviation industry seeks alternatives to reduce its carbon emissions, with carbon removal emerging as a cost-effective option compared to sustainable aviation fuels. The financial terms of the deal remain undisclosed, but historical data indicates that Charm previously sold 112,000 carbon removal credits for $53 million. Additionally, Charm Industrial is exploring the production of biochar to enhance soil productivity, although this is still in the early stages.