The biggest tech companies have a lot to say in the fight against climate change and the latest initiative in this direction has taken the form of the Frontier project. Under it, companies like Alphabet, McKinsey, Meta, Shopify and Stripe have offered $ 925 million in advance of market commitments to support and accelerate growth technologies that can extract carbon dioxide from the air.
How will Frontier, just announced, ensure a better future for mankind?
Over the next nine years, starting in 2022, Frontier will purchase products and solutions for the permanent removal of carbon dioxide from third parties. Factors such as durability, physical footprint, cost, performance and environmental fairness will be taken into account to identify technologies worth investing in.
Such a top-down initiative from the giants in the market could send a lasting signal to scientists, entrepreneurs and investors that there is a growing market for these technologies. While Frontier will operate as a subsidiary of Stripe, it will be funded by companies that purchase carbon dioxide removal technologies through Stripe Climate.
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Frontier emphasizes that the goal is to help create a new net supply for carbon removal, not to compete with current strategies. The very initiative to capture CO2 from the atmosphere is said to be the only way to achieve zero carbon dioxide emissions. However, the associated risks in terms of the need for land and water resources are so great that discussions are still ongoing on how to do this “CO2 economy” without making a significant sacrifice from other sectors.