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Some of the world's top tech and consulting behemoths have reportedly teamed up to invest USD 925 million in the purchase of new carbon capture technologies until 2030. These names include Shopify Inc., Alphabet Inc., Stripe Inc., McKinsey and Company, and Meta Inc.
Coined as the 'Frontier' initiative, it is expected to boost the penetration of nascent carbon removal technology while rendering it more economical for others looking to buy similar solutions. It is worth noting that Frontier will be entirely controlled by Stripe, with added participation from the other firms for initial funding.
Stripe had previously committed to spending USD 1 million in 2019 to eliminate CO2 from the atmosphere and then began offering its customers the option to contribute to the income they make on its online payment platform to carbon removal projects.
Sources claimed that there are already various amenities that can funnel CO2 from the air, as well as endeavors to store CO2 acquired in rock formations or the ocean. However, climate experts believe that the current bandwidth is very modest in comparison to the actual criterion, owing to the high costs involved.
The Frontier initiative intends to reduce costs by enhancing demand for the service and acting as a middleman between buyers and suppliers who are willing to pay as well as offer to reduce greenhouse gas emissions.
This initiative will lay the groundwork for the maximum part of the initiatives, from developing and validating carbon removal projects to establishing a credit-issuing system for companies to indicate the amount they've paid to remove CO2.
Despite the positive outlook, these developments will have to set foot cautiously to avoid the perils that similar carbon offset projects have previously encountered.
According to seasoned experts, more carbon removal projects are needed, particularly to offset emissions from heavy industries such as steel, cement, and others that cannot easily be converted to renewable energy. Large corporations with significant carbon footprints will have to go beyond carbon removal projects to curtail pollution, experts claimed.
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