CNBC's Catherine Clifford is reporting that Stripe, Shopify, H&M are investing in on carbon removal solutions to help them with their climate goals.
Payment processing company Stripe, along with Shopify and H&M Group, has invested $7 million in carbon removal efforts undertaken by a dozen startups.
The investment was facilitated by Frontier, a public benefit company owned by Stripe, aimed at accelerating the development of carbon removal technologies. The startups employ various techniques for carbon removal, including using alkaline byproducts from industrial processes, mineralization, and silicate rock powder application to agricultural fields.
These methods, though currently capturing a small fraction of global emissions, are expected to evolve over time. Carbon removal efforts are seen as complementary to deep emissions reductions and fossil fuel phase-out, not as substitutes, according to the United Nations Intergovernmental Panel on Climate Change.
(This article was written with assistance from ChatGPT)