Online payments firm Stripe and e-commerce group Shopify have committed to spend $11 million supporting projects to remove carbon dioxide from the atmosphere and oceans in the latest round of the Frontier fund set up to develop the technology.
Even with pledges of huge reductions in emissions, many scientists believe extracting carbon dioxide by using nature or technology will be essential to meet global goals set under the Paris climate agreement to curb climate change.
"Removals don’t have an intrinsic value at the moment, and we want to give those building the technology the confidence there are going to be buyers," Nan Ransohoff, head of climate at Stripe and head of Frontier, told Reuters. They have also committed an additional $7.5 million contingent on projects reaching technical milestones.
The removal projects include Inplanet, which uses enhanced rock weathering to sequester CO2, Carbin Minerals, which uses mine waste to trap CO2, and Captura, which is seeking to remove CO2 from ocean water.
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