A coalition backed by Google, Stripe and Shopify will spend $1.7 million to buy carbon removal credits from three early stage firms on behalf of the tech giants to help scale up
A coalition backed by Google, Stripe and Shopify will spend $1.7 million to buy carbon removal credits from three early stage firms on behalf of the tech giants to help scale up the nascent markets, an executive told Reuters.
The world is expected to need to suck between five and 10 billion tons a year of carbon emissions out of the atmosphere by mid-century to reach its climate goals, yet at the moment most technologies are small scale.
The coalition, called Frontier, is also backed by H&M Group, JPMorgan Chase and Salesforce, among others.
The group, which aggregates demand from its members, will spend $1.7 million to buy credits from U.S.-firm Karbonetiq, Italy-based Limenet and Canadian firm pHathom.
By contracting to buy early, the firms are better able to hire, raise finance and get the technologies off the ground, said Hannah Bebbington, head of deployment at Frontier.
"It allows companies to demonstrate commercial viability," she said.
Frontier's support for these early stage firms, which aim to lock emissions away in the ocean or in rocks and industrial waste, marks its fifth series of commitments.
Frontier, which was set up in 2022, aims to invest at least $1 billion in carbon removal
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