Big Tech-Backed Carbon Removal Coalition Adds $915 Million in Funding

A coalition backed by major technology companies to support carbon removal technologies has announced that it will inject an additional $915 million into the sector and has added Anthropic as a new participant, Susanna Twidale reported for Reuters.

Technology firms are increasing investments in carbon removal solutions.

Frontier, which was launched in 2022 by companies including Stripe and Google, aims to accelerate carbon removal technologies by committing to purchase carbon-removal credits in advance.

The approach helps reduce financial risks for developers and supports the growth of emerging climate technologies.

The latest commitment brings Frontier's total funding pledges to $1.8 billion.

The new funding will support technologies including ocean alkalinity enhancement, biomass-based carbon removal, enhanced rock weathering and direct air capture.

Frontier said these technologies have the potential to collectively remove carbon at gigaton scale, although each faces unique technological and cost-related challenges.

The coalition plans to make approximately 10 to 15 targeted investments through offtake agreements lasting eight to 10 years, with some contracts extending through 2040.

The organization did not disclose how much each participating company contributed. Scientists widely regard carbon removal as an important tool for offsetting emissions from sectors that continue to rely heavily on fossil fuels.