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Microsoft, Salesforce Add $300 Million to Carbon Removal’s Growing Cash Pile

A new initiative is helping direct funding to expensive — but necessary — climate solutions like negative emissions technologies.

New technologies are needed to decarbonize steel and aluminum production.

New technologies are needed to decarbonize steel and aluminum production.

Photographer: Andrew Caballero-Reynolds/Bloomberg
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A US-led initiative has attracted $300 million from Microsoft Corp. and Salesforce Inc. to pay for technologies that remove carbon dioxide from the air.

Since launching last year, the First Movers Coalition has gathered $10 billion in commitments to new technology developments — ranging from electric airplanes to green steel — across carbon-heavy industrial sectors. In partnership with the World Economic Forum, the FMC now has more than 50 companies and nine governments agreeing to push for green alternatives in aviation, shipping, steel and trucking. “It sends the strongest signal that we could send to the market about demand for clean alternatives,” said John Kerry, US climate envoy, in an interview at the WEF’s annual meeting in Davos, Switzerland.