The Frontier coalition, comprised of prominent companies like Google, H&M, Stripe, and others, has committed to purchasing $80 million worth of carbon credits. These credits will be sourced from two innovative companies utilizing distinct technologies to capture carbon emissions: one leveraging oil industry technology at paper mills, and the other employing rocks to achieve the same outcome at sewage treatment plants. This investment underscores the continued commitment from the tech and finance sectors to mitigate climate change, even amidst anticipated policy shifts away from global warming agreements and carbon capture support.
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Bridging the Gap Between Aspiration and Scalability in Carbon Removal
Unlike nature-based solutions such as tree planting, many technology-driven carbon removal methods are still in their nascent stages. The current capacity of these technologies falls significantly short of the billions of tons of annual carbon removal required to effectively combat climate change. Frontier’s strategy centers on accelerating the development and scalability of these technologies by providing crucial financial backing to promising ventures. The coalition focuses on supporting technologies with the potential to reduce carbon removal costs to $100 per ton or less.
Frontier’s Latest Investments: A Deep Dive into Innovative Carbon Capture
Frontier’s recent investments highlight two distinct approaches to carbon capture. The first involves a $48 million commitment, translating to $214 per metric ton, for 224,500 metric tons of emissions projected to be captured between 2028 and 2030 by project developer CO280. CO280’s innovative approach involves integrating carbon capture and storage (CCS) technology, originally developed by oil field services company SLB, into the operations of a paper mill. This process effectively captures carbon initially absorbed by the trees used in paper production.
The second investment allocates $32.1 million, or $447 per ton, to secure 71,878 tons of carbon removal from CREW, a startup based in New Haven, Connecticut. CREW employs a method that introduces limestone, a carbon-attracting rock, into the water at municipal waste treatment plants. By meticulously measuring CO2 levels entering and exiting the treatment process, CREW can accurately quantify the amount of carbon captured. This technique leverages the natural carbon-capturing properties of certain rocks, a concept that has garnered significant attention in the scientific community.
Retrofitting Industries for a Sustainable Future
Hannah Bebbington, Head of Deployment at Frontier, emphasizes that these investments signify a broader effort to integrate cutting-edge carbon removal technologies into existing industrial processes. The aim is to achieve substantial and cost-effective carbon removal at scale. By retrofitting older industries with newer technologies, Frontier seeks to accelerate the transition towards a more sustainable future. This strategic approach highlights the potential for significant contributions to climate change mitigation from within established industrial sectors.
Conclusion: Pioneering a Scalable Path to Carbon Removal
Frontier’s commitment to investing in promising carbon removal technologies represents a crucial step towards developing scalable and economically viable solutions to address climate change. By supporting innovative approaches and fostering collaboration between diverse sectors, Frontier aims to accelerate the transition to a low-carbon economy. The coalition’s focus on cost reduction and scalability underscores its commitment to making meaningful progress in the fight against climate change. These investments signal a growing confidence in the potential of technology to play a pivotal role in achieving global climate goals.
