Stripe, Shopify, H&M spend $7 million on carbon removal from a dozen new companies
Publishing timestamp: 2023-09-07 15:25:03
Summary
Frontier, a public benefit company owned by Stripe, facilitated the purchase of $7 million in carbon removal from twelve new startups. Stripe, Shopify, and H&M Group are among the member companies of Frontier that spent the $7 million. The techniques for removing carbon dioxide vary, including using alkaline byproducts, calcium, and silicate rock powder. Frontier facilitates carbon removal purchases through pre-purchase agreements and offtake agreements. The company has secured over $1 billion from its member companies, and larger offtake agreements will make up most of the funding. The goal is to support early-stage carbon removal companies and eventually achieve gigaton-scale removal. Carbon removal is seen as a necessary part of achieving climate goals, although it cannot replace immediate emissions reductions.
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Keywords: pollution, business news, technology, shopify inc, environment, frontier investment corp, breaking news: technology, climate,