Stripe, Shopify, H&M spend $7 million on carbon removal from a dozen new companies
CNBC 2023-09-07 12:00:01 • 6 mins
Key Points
- Frontier, a public benefit company owned by payment processing company Stripe, says it has facilitated the purchase of $7 million in carbon removal from a dozen new companies in the nascent but growing industry.
- The techniques for removing carbon dioxide vary significantly, including applying alkaline byproducts from industrial processes to gravel on roads which acts as a carbon sink, using calcium to mineralize and remove dissolved carbon dioxide from water, and applying silicate rock powder to rice paddy farms in India.
- Frontier says the quantity, diversity and quality of the applications it has received in recent years all continue to improve.
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Airhive is one of the dozen companies Frontier has facilitated carbon removal purchases from on behalf of Stripe, Shopify and H&M. Airhive is developing a geochemical direct air capture system.
Photo courtesy Airhive.
Stripe, Shopify and H&M Group announced Thursday they are spending $7 million on carbon removal from a dozen carbon removal startups.
