{"id":3534,"date":"2022-04-13T14:52:08","date_gmt":"2022-04-13T14:52:08","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/04\/13\/stripe-alphabet-meta-shopify-and-mckinsey-launch-new-carbon-removal-initiative\/"},"modified":"2022-04-13T14:52:09","modified_gmt":"2022-04-13T14:52:09","slug":"stripe-alphabet-meta-shopify-and-mckinsey-launch-new-carbon-removal-initiative","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/04\/13\/stripe-alphabet-meta-shopify-and-mckinsey-launch-new-carbon-removal-initiative\/","title":{"rendered":"Stripe, Alphabet, Meta, Shopify, and McKinsey launch new carbon removal initiative"},"content":{"rendered":"<p>Source: <a href=\"https:\/\/www.theverge.com\/2022\/4\/12\/23022343\/stripe-alphabet-meta-shopify-mckinsey-launch-carbon-removal-initiative-frontier\">https:\/\/www.theverge.com\/2022\/4\/12\/23022343\/stripe-alphabet-meta-shopify-mckinsey-launch-carbon-removal-initiative-frontier<\/a><br \/>\n<code><br \/><\/br><\/code><\/p>\n<div readability=\"74.264632848528\">\n<p id=\"tqFizH\">Big names in tech and consulting just made a $925 million commitment to purchase captured carbon between now and 2030. The pledge \u2014 made by<strong> <\/strong>Stripe, Alphabet, Meta, Shopify, and McKinsey \u2014 marks a big investment in carbon removal technologies. <\/p>\n<p id=\"oMBUvn\">Their new initiative, called <a href=\"https:\/\/frontierclimate.com\/\">Frontier<\/a>, is supposed to scale up deployment of the still-emerging tech, while making it more affordable for other companies who are also looking to purchase captured carbon as a way to make up for some of the planet-heating pollution they produce.<\/p>\n<div class=\"c-float-right\">\n<aside id=\"O1UZ3q\"><q>The technology is still prohibitively expensive<\/q><\/aside>\n<\/div>\n<p id=\"5oQiwl\">There are already <a href=\"https:\/\/www.theverge.com\/2021\/9\/9\/22663597\/largest-direct-air-capture-plant-c02-climeworks-iceland\">facilities that can filter that CO2<\/a> out of the air, as well as efforts to store CO2 in rock formations or in the ocean once it\u2019s been captured. But the existing capacity to do this is <a href=\"https:\/\/www.theverge.com\/2022\/4\/7\/23013822\/carbon-dioxide-removal-direct-air-capture-climate-change\">minuscule in comparison<\/a> to what some climate experts say is needed. Plus, the technology is still prohibitively expensive. <\/p>\n<p id=\"ayzmHR\">Frontier aims to get costs down by drumming up more demand for the service. It\u2019ll eventually act as a sort of broker between buyers that want to pay to draw down greenhouse gas emissions and suppliers that can do that for them. It\u2019ll have to lay much of the foundation for this kind of market \u2014 from creating criteria to vet carbon removal projects to figuring out some sort of system to issue credits to companies that show how much CO2 they\u2019ve paid to remove from the atmosphere.<\/p>\n<p id=\"dAgno3\">Such a market for carbon removal will have to tread carefully to avoid some of the pitfalls with similar markets for carbon offsets. There\u2019s a <a href=\"https:\/\/features.propublica.org\/brazil-carbon-offsets\/inconvenient-truth-carbon-credits-dont-work-deforestation-redd-acre-cambodia\/\">history<\/a> of carbon <a href=\"https:\/\/www.propublica.org\/article\/the-climate-solution-actually-adding-millions-of-tons-of-co2-into-the-atmosphere\">offset projects failing<\/a> to actually sequester CO2 in the long term, even as companies that invested in them made claims that they were essentially erasing their carbon footprint. <\/p>\n<div class=\"c-float-left\">\n<aside id=\"70vSyA\"><q> Carbon removal isn\u2019t meant to be a get-out-of-jail-free card for corporations<\/q><\/aside>\n<\/div>\n<p id=\"7vsCft\">Crucially, many experts that have called for more carbon removal <a href=\"https:\/\/www.ipcc.ch\/report\/ar6\/wg3\/\">emphasize<\/a> that it\u2019s primarily meant to balance out the pollution that\u2019s toughest to prevent. Those \u201c<a href=\"https:\/\/report.ipcc.ch\/ar6wg3\/pdf\/IPCC_AR6_WGIII_FinalDraft_FullReport.pdf\">hard-to-abate<\/a>\u201d emissions typically come from heavy industries, like cement and steel manufacturing, that can\u2019t easily turn to renewable energy. Carbon removal isn\u2019t meant to be a get-out-of-jail-free card for corporations that need to take major steps to curb their pollution in the first place. <\/p>\n<p id=\"0dJXsC\">Frontier is wholly owned by Stripe, while the other companies are providing initial funding. The new subsidiary builds on Stripe\u2019s previous efforts to promote carbon removal technologies. Stripe initially <a href=\"https:\/\/www.theverge.com\/2019\/8\/19\/20811981\/stripe-carbon-capture-climate-change-pay-negative-emissions\">committed<\/a> to spending $1 million a year to take CO2 out of the air in 2019. The following year, the online payments platform started <a href=\"https:\/\/www.theverge.com\/2020\/10\/28\/21537247\/stripe-customers-carbon-capture-projects-climate-change\">offering<\/a> its customers an option to give a portion of the money they make from each sale to carbon removal projects. Those customers\u2019 contributions will also feed into the Frontier initiative. <\/p>\n<\/div>\n<p><code><br \/><\/br><\/code><\/p>\n<p>Source: <a href=\"https:\/\/www.theverge.com\/2022\/4\/12\/23022343\/stripe-alphabet-meta-shopify-mckinsey-launch-carbon-removal-initiative-frontier\">https:\/\/www.theverge.com\/2022\/4\/12\/23022343\/stripe-alphabet-meta-shopify-mckinsey-launch-carbon-removal-initiative-frontier<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Big names in tech and consulting just made a $925 million commitment to purchase captured carbon between now and 2030. The pledge \u2014 made by Stripe, Alphabet, Meta, Shopify, and McKinsey \u2014 marks a big investment in carbon removal technologies. Their new initiative, called Frontier, is supposed to scale up deployment of the still-emerging [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3535,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,8],"tags":[10],"class_list":["post-3534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-google","category-technology","tag-google"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stripe, Alphabet, Meta, Shopify, and McKinsey launch new carbon removal initiative - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/04\/13\/stripe-alphabet-meta-shopify-and-mckinsey-launch-new-carbon-removal-initiative\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stripe, Alphabet, Meta, Shopify, and McKinsey launch new carbon removal initiative - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: Big names in tech and consulting just made a $925 million commitment to purchase captured carbon between now and 2030. The pledge \u2014 made by Stripe, Alphabet, Meta, Shopify, and McKinsey \u2014 marks a big investment in carbon removal technologies. 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