Stripe has entered into a collaborative initiative with Alphabet, Meta, Shopify, and McKinsey to invest $925 million aimed at propelling the emerging carbon removal sector.
The partnership has established Frontier, an advanced market commitment (AMC) intended to procure nearly a billion dollars’ worth of permanent carbon removal solutions over the next nine years from companies pioneering this technology.
By launching this AMC, the partners aim to stimulate the advancement of carbon removal technologies by assuring future demand, thereby signaling to researchers, entrepreneurs, and investors the viability of their work.
Frontier operates as a wholly-owned subsidiary of Stripe, with the other partners providing additional financial support. Stripe also aims to raise funds through its Stripe Climate program, which engages thousands of businesses.
As highlighted by Stripe’s official statement, “Through Frontier, Stripe Climate contributors form an even larger collective to scale carbon removal to our planet’s needs. We hope more buyers and suppliers will join Frontier in the months and years ahead. We’re just getting started.”