Stripe, Alphabet, Shopify, Meta, and McKinsey to buy $925M of carbon removal by 2030

Andrew Banks

April 13, 2022 9:48

Overnight, Shopify, Stripe, Alphabet (Google), Meta (Facebook) and McKinsey launched Frontier, an Advance Market Commitment (AMC) to accelerate the development of carbon removal technologies.

The founding companies are committing an initial $925M USD (~$1.25B AUD) to purchase permanent carbon removal from companies building promising new solutions over the next nine years, starting in 2022.

This is a global initiative and covers APAC. Essentially, the investment will go towards buying carbon removal solutions from companies developing emerging technology and scaled solutions to address climate change around the world.

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Andrew Banks

Andrew is an editor and journalist with over 27 years' experience, working across publications including news.com.au, The Sunday Telegraph and The Australian newspaper.

Topics

Alphabet AMC carbon removal climate change Dickon Pinner Facebook Frontier Google Kate Brandt McKinsey Meta Nan Ransohoff Peter Freed Peter Reinhardt Shopify Stacy Kauk Stripe Susan Athey