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Stripe, Alphabet and Others to Spend Nearly $1 Billion on Carbon Removal

A new fund aims to unlock billions of dollars needed to scale a technology scientists say will be crucial to tackle climate change.

Pods, operated by Carbfix, containing technology for storing carbon dioxide underground, in Hellisheidi, Iceland.

Pods, operated by Carbfix, containing technology for storing carbon dioxide underground, in Hellisheidi, Iceland.

Photographer: Arnaldur Halldorsson/Bloomberg

Some of the world's largest companies will spend $925 million buying offsets from startups that remove carbon dioxide from the air.

The Frontier fund, a public-benefit corporation owned by Stripe Inc., has also received funding from Alphabet Inc., Shopify Inc., Meta Platforms Inc. and McKinsey & Co. Inc. It will help fledgling carbon-removal companies scale up and reduce the cost of withdrawing each ton of CO₂ from the air, which would benefit all companies in the world looking to buy high-quality offsets.