background image

Stripe, Shopify, H&M spend $7 million on carbon removal from a dozen new companies

author image

By illuminem briefings 🌎

· 2 min read


illuminem summarizes for you the essential news of the day. Read the the full piece on CNBC or enjoy below

🗞️ Driving the news: Stripe, Shopify, and H&M Group are investing $7 million into 12 carbon removal startups
• This deal, initiated by Frontier, a public benefit company under Stripe, aims to accelerate the development of carbon removal technologies using various techniques

🔭 The context: Frontier was launched in April 2022 to advance carbon removal methods and create future demand for the emerging sector
• Member companies, including Stripe, Shopify, and H&M, are actively funding efforts to remove carbon emissions via innovative startups like Alkali Earth, CarbonBlue, and Mati, among others

🌎 Why it matters for the planet: The urgency to remove carbon emissions grows as climate change accelerates
• Current efforts by companies may seem small relative to global emissions, but they offer hope for refining and scaling techniques over time
• The United Nations Intergovernmental Panel on Climate Change (IPCC) underlines that while immediate emission reductions are vital, carbon removal is equally crucial for limiting global warming

⏭️ What's next: Frontier, which has secured over $1 billion from member companies, will now use different purchase methods to support carbon removal
• Pre-purchase agreements, like the recent $7 million investment, back early-stage companies while offtake agreements are reserved for more mature companies

💬 One quote: “The role of carbon removal is fully to address legacy emissions and is not to be an offset or an excuse for the fossil industry,” (Joanna Klitzke, Frontier lead)

📈 One stat: In 2022, 36.8 billion metric tons of carbon emissions were emitted solely for energy production, as per the International Energy Agency (IEA)

Click for more news covering the latest on social responsibility

Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team - providing you with concise summaries of the most important sustainability news of the day.

Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices


Related Posts


You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)