American Airlines has signed a deal to trap 10,000 tons of carbon dioxide underground. It's part of the airline's plans to limit the pollution causing climate change, and it marks the first major deal for the Bill Gates-backed startup Graphyte that's developing cutting-edge technology to tackle the problem.
Graphyte is unique because it relies on a seemingly simple process to permanently store carbon underground, making its strategy way more affordable than its competitors. With a giant like American Airlines as its first customer, Graphyte has a chance to prove whether its technology can overcome challenges other carbon credit schemes face.
Graphyte claims that it can capture carbon for the low, low price of $100 per ton. For comparison, the largest carbon dioxide removal plant operating today captures CO2 for companies including Microsoft, Stripe, and Shopify for around $600 a ton. Considering American Airlines produced the equivalent of 49 million metric tons of carbon dioxide in 2022, you can see how carbon removal costs can balloon.
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