Google, Facebook, Stripe, and Spotify are pooling their money to fund carbon removal technologies that sound somewhere between science fiction and dark arts.
is aiming a little lower: specifically, the atmosphere.
Four major tech companies have partnered to form Frontier, a $925 million fund to pay companies to pull carbon from the sky. The money will be spent over the next seven years to help create a from-scratch industry to actually scrub our atmosphere clean by sucking out damaging heat-trapping gases. Frontier has already purchased removal services from companies using technologies that sound somewhere between science fiction and dark arts.
Back in 2019, Shopify committed to spending $5 million a year to clean up its historical emissions. Stacy Kauk, the company’s head of sustainability, said the goal was to send a market signal to startups focused on carbon removal that they’d find buyers. The e-commerce company wasn’t alone: Stripe, Google, and Facebook were among other major tech companies that said they’d put money toward carbon removal. The four companies teamed up with consulting firm McKinsey to pool resources and create Frontier. The financial platform Stripe leads the effort that will spend nearly $1 billion from now until 2030 to buy carbon-removal services. The goal is to get more science out of labs and into the field.
Travertine is a Frontier-funded company using an electrochemical process to use mine waste to suck up carbon. It began in the lab of Laura Lammers, a geochemist who started experimenting with the process in 2021. The company plans to use its funding to remove a ton of carbon a day at its first pilot project, starting this spring.
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