Climeworks AG is laying off 106 people, as startups that aim to reverse global warming face a reckoning with the US government slashing climate incentives and programs.
The Swiss startup was one of the first companies to develop direct-air capture (DAC) technology to suck carbon dioxide from the sky. It was set to start work building its largest to capture as much as 1 million tons of planet-warming carbon dioxide from the air after receiving a $50 million US government grant last year, with the possibility of securing a further $500 million during construction.
Since then, President Donald Trump’s administration has launched reviews and pulled back government support for many carbon-cutting projects. Though the Energy Department hasn’t axed the program backing Climeworks’ Louisiana plant, its future remains unclear.
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“We are prepared to move forward with that …