Google and Facebook Reveal $925M Program to Capture Carbon Pollution
Both companies have joined Frontier and vowed spending will eventually flow to approved carbon capture projects. E-commerce company Shopify and consulting firm McKinsey have also joined the Frontier program. Frontier is a subsidiary of payment processor Stripe. It provides a warranty that developers of technology will be able to sell once it’s been developed. The arrangement is made use of when the expense of establishing new products is so high that providers fear that doing so won’t be profitable. Both the companies have to spend the amount till 2030 on technologies that remove carbon dioxide from the atmosphere. Most efforts to combat climate change focus on renewing emissions in the first place. For instance, by shifting to renewable energy and reducing meat consumption, carbon capture could be important to compensate for carbon emissions from operations like steel and concrete production. Carbon capture will only help if it works economically at an enormous scale of gigatons per year. Until now, carbon capture technology has permanently removed less than 10,000 tons of carbon dioxide from the atmosphere. Frontier is also hoping that its members can encourage entrepreneurs to develop the systems needed to capture carbon pollution. Not only this but other tech giants have also shown keen interest in purchasing carbon capture technology. In March, Microsoft has also called for more businesses to enter the carbon capture market. Similarly, Apple also vows to grant $200 million for lowering carbon emissions. Check Also: Carbon 1 MK II is First Phone in the World with a Carbon Fiber Monocoque
