Stripe, Alphabet and Others to Spend Nearly $1 BillionĀ on Carbon Removal
A new fund aims to unlock billions of dollars needed to scale a technology scientists say will be crucial to tackle climate change.
Pods, operated by Carbfix, containing technology for storing carbon dioxide underground, in Hellisheidi, Iceland.
Photographer: Arnaldur Halldorsson/BloombergSome of the world's largest companies will spend $925 million buying offsets from startups that remove carbon dioxide from the air.
The Frontier fund, a public-benefit corporation owned by Stripe Inc., has also received funding from Alphabet Inc., Shopify Inc., Meta Platforms Inc. and McKinsey & Co. Inc. It will help fledgling carbon-removal companies scale up and reduce the cost of withdrawing each ton of COā from the air, which would benefit all companies in the world looking to buy high-quality offsets.