The Future of Carbon Removal: Tech Giants Invest in Scaling up Market

A coalition backed by tech giants like Google, Stripe, and Shopify is leading the way in investing in carbon removal technologies. With a commitment of $1.7 million, the coalition aims to support early-stage firms in scaling up their innovative solutions to combat climate change.

It is estimated that the world will need to remove between five and 10 billion tons of carbon emissions from the atmosphere annually by mid-century to meet climate goals. However, most existing technologies are still in the early stages of development and are not yet scalable.

Frontier, the coalition spearheading this initiative, is supported by companies like H&M Group, JPMorgan Chase, and Salesforce. By pooling the demand from its members, Frontier will purchase carbon removal credits from three promising firms: U.S.-based Karbonetiq, Italy’s Limenet, and Canada’s pHathom.

According to Hannah Bebbington, head of deployment at Frontier, this early investment will enable the firms to demonstrate commercial viability, attract funding, and accelerate the deployment of their technologies.

Frontier’s focus on supporting innovative solutions that sequester emissions in the ocean or mineralize them in rocks and industrial waste marks a significant step towards achieving their goal of investing $1 billion in carbon removal credits by 2030. The coalition has already committed $600 million to various projects, including a recent agreement to purchase credits from waste biomass firm Arbor.

One approach involves increasing the alkalinity of ocean water to enhance its capacity to store carbon, typically achieved by adding quicklime derived from limestone. On the other hand, mineralization technologies aim to expedite the natural process of carbon absorption by rocks and industrial waste, often by breaking down the material to increase surface area.

Bebbington emphasized the scalability and cost-effectiveness of these technologies, highlighting their potential for significant impact on carbon removal efforts.

With tech giants throwing their weight behind such initiatives, the future of carbon removal looks promising. By investing in and supporting innovative solutions, these companies are not only fulfilling their environmental responsibilities but also driving the transition towards a more sustainable future.

(Source: Reuters – Reporting by Simon Jessop; Editing by Susan Fenton)