Stripe bids to kickstart carbon removal industry

The FinTech joins a host of other companies trying to spur the market for carbon capture and removal.

In Brief:

Online payments-technology provider Stripe partners with Alphabet, Meta, Shopify and McKinsey to jumpstart ambitious carbon-capture/removal market in 10-year plan.

The joint venture called Frontier plans to purchase $925m worth of permanent carbon removal from companies that are developing the technology.

One of Stripe's aims is to provide customers to Frontier through its Stripe Climate programme.

What does this mean?

In order to limit global warming to 1.5 degrees Celsius above pre industrial levels, an average of 6 billion tons of carbon dioxide will have to be removed each year from the atmosphere by 2050. Frontier suggests companies are getting serious around backing carbon capture and removal technology even though both are so far unproven at scale.

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