Big tech companies Stripe, Alphabet, Meta, Shopify, and McKinsey, have launched Frontier, an ‘advance market commitment’ to accelerate the development of permanent carbon removal technologies.
“With Frontier, we want to send a loud demand signal to entrepreneurs, researchers, and investors that there is a market for permanent carbon removal: build and we will buy,” said Nan Ransohoff, the head of climate at Stripe.
Stripe, Alphabet, Meta, Shopify, and McKinsey said they will invest around $925 million to purchase permanent carbon removal solutions from manufacturers worldwide over the next nine years, starting in 2022.
“Frontier is an important step to help accelerate the development and adoption of carbon removal technologies for a more sustainable world,” said Peter Freed, head of energy strategy at Meta.
Frontier said on its website that it focuses on permanent carbon removal solutions that have the potential to be low-cost and high-volume in the future.
Frontier’s launch came after Shopify’s announcement in March that it will invest in nine new entrepreneurial trailblazers in carbon removal.
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