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By Staff Reporters
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Corporate funding: Earlier this week, Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability announced they would spend a collective $925 million over the next nine years on permanent carbon removal. They created Frontier, an advanced market commitment that will work to ensure future demand by enabling large organizations to purchase high-quality carbon removal from startups developing promising technology.
- On Frontier’s website, its founders say they want to send a “strong demand signal” to the industry and help accelerate the increase in the supply of CO2 removal.
Policy moves: Following the release of the IPCC report, Reps. Paul Tonko (D-NY) and Scott Peters (D-Calif.) introduced legislation in Congress that would provide federal support for CDR tech.
- The bill would require the US Department of Energy (DOE) to remove an increasing amount of CO2 each year and invest in smaller CDR projects and emerging carbon removal technologies.
- The New York Legislature introduced a bill with a similar aim earlier this year. The Carbon Dioxide Removal Leadership Act would direct the state to purchase at least 10,000 tonnes of CO2 removal in 2024 and then double that target each following year for a five-year period.
Venture capital: Direct air-capture startup Climeworks raised $650 million earlier this month—the largest round ever for a CDR company. The Swiss startup operates the world’s largest DAC plant in Iceland, which can pull about 4,000 tonnes of CO2 out of the atmosphere each year.
NOTE: The markets were closed yesterday Good Friday April 15th, 2022. But, according to a Bank of America survey, 71% of investors expect a weaker economy over the next 12 months—the highest share on record. Plus, 64% think the S&P will drop 10% before it tops 5,000 points (it’s at 4,392.59 currently). The ten year US T-bond finished at 2.830%.
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Filed under: Alerts Sign-Up, Ethics, Investing | Tagged: Alphabet, Bank America, carbon, carbon dioxide, Carbon Dioxide Removal Act, carbon removal, CDR, Climeworks, CO2, DAC, Department Energy, DOE, McKinsey Sustainability, Meta, shopify, Stripe | Leave a comment »
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