By Peter HendersonSAN FRANCISCO – Google, H&M, Stripe, and other members of the climate-focused Frontier coalition have committed to purchasing $80 million worth of carbon credits from innovative firms utilizing cutting-edge technology to combat emissions. One such firm is implementing oil industry technology to capture emissions from paper mills, while another is utilizing a unique method involving rocks to achieve the same goal at sewage plants. Despite the anticipated withdrawal of the U.S. from a global warming agreement and potential reduction in support for carbon capture initiatives by President-elect Donald Trump, companies across various sectors, including tech and finance, remain steadfast in their support for initiatives aimed at reducing carbon in the atmosphere.
While traditional methods such as planting trees to absorb greenhouse gases have been widely used, there is a growing interest in technology-driven solutions to address carbon emissions. Many of these tech-focused solutions are still in the early stages of development and are far from being able to tackle the billions of tons of emissions released annually. In an effort to drive down the costs associated with these technologies, the Frontier coalition has agreed to purchase credits from firms that have the potential to reduce costs to $100 per ton or less in the future.
In the most recent agreements, Frontier announced that buyers have committed to paying $48 million, equivalent to $214 per metric ton, for credits representing 224,500 metric tons of emissions from project developer CO280 between 2028 and 2030. Additionally, $32.1 million, or $447 per ton, will be allocated for 71,878 tons of emissions from CREW, a startup based in New Haven, Connecticut. CO280 is implementing carbon capture and storage technology, originally owned by oil field services company SLB, at a paper mill to capture carbon emissions produced during the manufacturing process. On the other hand, CREW is experimenting with the use of carbon-attracting limestone in water treatment at municipal waste plants to determine the amount of CO2 captured during the process.
This innovative approach is a novel way to leverage the natural capacity of certain rocks to sequester carbon dioxide. Hannah Bebbington, the head of deployment at Frontier, highlighted that these acquisitions signify a shift towards integrating carbon removal technologies into traditional industries. She expressed optimism regarding the potential for large industrial players to adopt carbon removal technologies and contribute to the reduction of carbon emissions on a larger scale.
The collaboration between key industry players and innovative startups showcases a collective effort to pioneer new solutions in the fight against climate change. By leveraging technology and forging partnerships, companies are demonstrating a commitment to sustainable practices and environmental stewardship. The purchase of carbon credits represents a tangible step towards achieving carbon neutrality and mitigating the effects of global warming.
While there are challenges ahead in scaling up these technologies and driving costs down, the commitment shown by companies within the Frontier coalition signals a dedication to addressing climate change through innovative means. As the world grapples with the urgent need to reduce carbon emissions, these initiatives represent a beacon of hope for a greener
