Google, Facebook, Stripe Reveal $925M Plan to Capture Carbon Pollution – CNET

Climeworks’ Orca captures carbon dioxide from the air. Climeworks This story is part of The Cost of Climate Change, CNET’s coverage of how the changing climate impacts a range of financial issues. The parent companies of Facebook and Google have joined a nearly $1 billion program designed to fight climate by committing to purchase carbon capture technology when it’s developed.Meta and Alphabet said on Tuesday they had joined Frontier, a subsidiary of payment processor Stripe that pledges spending will eventually flow to approved carbon capture projects. E-commerce company Shopify and consulting firm McKinsey have also joined the Frontier program.Frontier is an example of an advance market commitment, a guarantee that developers of a technology will be able to sell it once it’s been developed. The arrangement is used when the cost of developing a new product, such as a vaccine or drug, is so high that companies worry that doing so won’t be profitable. Frontier’s members have pledged to spend a combined $925 million through 2030 on technologies that remove carbon dioxide, the primary gas causing global warming, from the atmosphere. Most efforts to combat climate change focus on renewing emissions in the first place, for example, by shifting to renewable…
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