This kinda seems like a good idea for rich countries, like Switzerland and Iceland, that are carbon neutral; particularly in their energy generation but this may be actually terrible.

The article mentions they have raised $780 million. If they instead bought BEVs, say at $35,000 each, they could have purchased 22,285 vehicles. If they simply swapped those BEVs for people's ICE vehicles, assuming 4.6 metric tons per ICE vehicle, they would save 102,511 metric tons of carbon per year, 2.8 times the amount they are going to extract with their largest plant.

It is unclear whether this $780 million is the total they have raised or the amount raised for the new plant alone.