CARBON REMOVAL HAS HEAVYWEIGHT CORPORATE BACKING

In addition to Governmental support, the carbon removal industry received a vote of confidence from a group of high profile corporates, which includes the world’s biggest technology companies.

In April, Alphabet, Shopify, Meta and Stripe and McKinsey made a $925 million commitment to carbon removal (20222030)l, with the creation of Frontier

So far Frontier is supporting six carbon removal projects, three in the United States, one in Australia, one in Israel and one split between the UK and US.

The mechanism to distribute the $925 million is an advanced market commitment, which industry publication GreenBiz de- scribes as funding a horse race, where you pay for the total prize pot, but the amounts depend on where the horses place.

The article points out that one of the partners, Stripe, has been funding carbon removal projects for several years, including putting money into ClimeWorks, who operate Orca, which is (at time of writing) the world’s largest carbon removal / direct air capture facility.

This is obviously a serious, heavyweight commitment and vote of confidence by big business names, and should be another indication that carbon removal technologies are here to stay, and may go down the same path as solar in eventually being cheap and scalable.