A US$925 million (S$1.3 billion) initiative by some of the world’s largest firms to remove carbon dioxide (CO2) from the air announced its first carbon offset purchases on Wednesday.
The Frontier fund, a public-benefit corporation owned by Stripe, is buying offsets from six CO2 removal start-ups in Australia, Britain, Israel and the United States at prices ranging from US$500 to US$1,800 a tonne.
The fund will be the first offset customer for each of the six startups, it said in a statement.
Frontier has received funding from Alphabet, Shopify, Meta Platforms and McKinsey & Co.
Its aim is to help fledgling carbon-removal companies scale up and reduce the costs of sucking CO2 from the air, which is increasingly seen as a vital tool to slow the pace of climate change.
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