Climate Tech Firms Secure $80 Million for Carbon Capture Projects

In a significant move towards combating climate change, Google, H&M, Stripe, and other members of the climate-focused Frontier coalition have pledged $80 million to purchase carbon credits from innovative firms. These firms are employing cutting-edge technologies to capture emissions from paper mills and sewage plants.

Despite expectations that the U.S. President-elect Donald Trump may withdraw from global warming agreements and reduce support for carbon capture initiatives, private sector companies continue to invest in atmospheric carbon removal. Unlike traditional methods such as tree planting, these tech-driven solutions are still in their nascent stages but hold promise for future scalability.

Frontier's commitment to buying credits from firms with cost-effective technologies aims to drive down the cost of carbon capture to under $100 per ton. In recent deals, Frontier has agreed to pay $48 million for 224,500 metric tons of emissions from CO280, and $32.1 million for 71,878 tons from CREW. CO280 integrates carbon capture and storage technology from SLB into paper mill operations, while CREW utilizes limestone to capture CO2 at municipal waste plants.

Hannah Bebbington, Frontier's head of deployment, emphasizes the potential for large industrial players to adopt carbon removal technologies, paving the way for cost-effective and scalable carbon capture solutions.