Top climate scientists agree that a rapid global shift away from fossil fuels to renewable energy is the most critical step to prevent catastrophic climate outcomes. By pooling their resources together and continuing to bring in new players, the companies hope to more meaningfully move the needle on climate change while offsetting their own emissions. ![]() Like Shopify, Stripe was already investing in carbon removal via Stripe Climate, but the technologies are incredibly expensive. It has the potential to develop a market for carbon removal, a practice that climate scientists say will be necessary to fight climate change. In the case of carbon capture, a similar market gap exists, and the Frontier AMC essentially promises that there will be buyers waiting once companies advance their technology and scale up. Now Heirloom is poised to scale up its innovative carbon capture solution further, since the recent progress means it can qualify to sell its carbon credits to Frontier, an advanced market commitment (AMC) that is putting close to $1 billion into accelerating the development and growth of technology-based solutions to draw down, or remove, carbon at an unprecedented scale.ĪMCs are funding mechanisms that have been used to incentivize vaccine development in cases where a lucrative market for the lifesaving product did not already-and might not ever-exist. ![]() “Since our purchase, they’ve dramatically improved the rate that they’re able to demonstrate carbon capture using limestone, and that enabled them to unlock their latest Series A funding round, where they managed to pull together $53 million,” explained Stacy Kauk, Shopify’s head of sustainability.
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