Facebook and Google‘s parent companies Meta and Alphabet have now joined payment processor Stripe‘s almost $1 billion USD initiative to increase carbon capture. Named the Frontier Program, the initiative is a subsidiary of Stripe that is focused on using the earnings made from transactions to further develop and adopt carbon capture technology. Aside from Meta and Alphabet, e-commerce giant Shopify and consulting firm McKinsey have also joined the program, which sees the group pledging $925 million USD towards the cause through 2030.
As CNET points out, carbon capture technology is still in its infancy, and so far the infrastructure has only removed less than 10,000 tons of carbon dioxide from our atmosphere, far short of the billions of tons required every year to fight climate change. The Frontier Program hopes to motivate more entrepreneurs and scientists to develop more, and better, carbon capture technology with the safety net provided by the investment of these tech giants.
“With Frontier, we want to send a loud demand signal to entrepreneurs, researchers and investors that there is a market for permanent carbon removal: build and we will buy,” said Stripe’s head of climate work Nan Ransohoff.
Elsewhere in the tech industry, Elon Musk is now being sued by former Twitter shareholders for his delayed disclosure of his stake.