Air Canada has made an equity investment/loan of $6.75 million into Canadian climate solutions company Carbon Engineering (CE). The investment supports the advancement of CE's Direct Air Capture (DAC) technology that pulls carbon dioxide (CO2) directly out of the air at a large, industrial scale.
Michael Rousseau, President & Chief Executive Officer at Air Canada, said: "We remain focused on seeking innovative, long-term, sustainable GHG emissions reduction solutions for aviation, and carbon capture is one we have outlined in our strategy to achieving net-zero GHG emissions by 2050. Last year, we became the first Canadian airline to sign an MOU with CE to explore carbon capture scalability and other initiatives for our industry. We are proud to invest in CE to further advance new, transformational technologies towards carbon removal commercially.”
Air Canada has committed to achieving net-zero GHG emissions by 2050 as a part of its Climate Action Plan. To help achieve this goal, the company created a $50 million investment fund to support new technologies. The $6.75 million being invested in CE comes from this fund and follows on an earlier announcement by Air Canada that it is investing US$5 million in Heart Aerospace, a Swedish company developing electric hybrid aircraft.