One of the most important technologies to address climate change got a boost Thursday when a startup said it pulled carbon dioxide from the open air and stored it underground. The company has cashed in on the effort, potentially creating a viable business model that could kick-start a new industry. Customers, including Microsoft Corp. MSFT, +0.30% , paid a significant premium to buy carbon credits generated by Climeworks, allowing them to effectively offset their own emissions. Climeworks and others have long promised that using vacuum-like devices to pull in air, filter it and bury carbon underground can help mitigate environmental damage caused by human activities. Other carbon credits tied to projects such as keeping trees standing have often been criticized because the projects often don’t reduce emissions as much as promised.

Source: Wall Street Journal January 12, 2023 23:36 UTC