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Google, Facebook owners among tech titans to launch US$925 million initiative to boost carbon removal technologies by 2030
- Alphabet, Meta, online payments provider Stripe and e-commerce giant Shopify aim to accelerate development of technologies that reduce carbon dioxide emissions
- They will use the AMC model, a mechanism used to guarantee a viable market for a product once it is successfully developed
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Technology titans including the owners of Facebook and Google have launched a new initiative backed by almost US$1 billion in funds to boost carbon removal technologies.
Meta and Alphabet, along with online payments provider Stripe, e-commerce platform Shopify and McKinsey Sustainability, announced on Tuesday they are launching an advance market commitment (AMC) called Frontier to accelerate the development of technologies that reduce carbon dioxide emissions.
The founding companies said they plan to commit US$925 million over the next nine years to “purchase permanent carbon removal from suppliers building promising new solutions”.
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“With Frontier, we want to send a loud demand signal to entrepreneurs, researchers, and investors that there is a market for permanent carbon removal: build and we will buy,” said Nan Ransohoff, head of climate at Stripe.
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The AMC model, a mechanism used to guarantee a viable market for a product once it is successfully developed, was first piloted in 2007 to accelerate the development of pneumococcal vaccines for low-income countries. This is the first time the model has been applied to carbon removal at scale.
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