A coalition of major companies, including Google, Stripe, and Shopify, will invest $1.7 million in carbon removal credits from three early-stage firms in an effort to accelerate the development of nascent climate technologies, according to a Frontier executive.
The initiative, managed by the Frontier coalition, also supported by H&M Group, JPMorgan Chase, and Salesforce, will fund U.S.-based Karbonetiq, Italy’s Limenet, and Canada’s pHathom. These firms focus on removing carbon dioxide from the atmosphere through ocean-based and mineralisation methods.
Frontier aggregates demand from member companies to provide early funding, allowing these startups to scale operations, secure financing, and demonstrate commercial viability. “It allows companies to demonstrate commercial viability,” said Hannah Bebbington, Frontier’s Head of Deployment.
The supported technologies include increasing ocean alkalinity using substances like quicklime to enhance carbon absorption, and accelerating natural mineralisation processes by treating rocks and industrial waste to absorb CO₂ more efficiently.
This marks Frontier’s fifth round of commitments. Established in 2022, the coalition aims to purchase at least $1 billion in carbon removal credits by 2030, with $600 million already committed. Last week, Frontier signed a $41 million agreement to acquire 116,000 tonnes of credits from biomass waste firm Arbor.
Bebbington highlighted the scalability and cost-effectiveness of ocean and mineralisation-based approaches: “We think they are extremely compelling from that really cheap at really large scale perspective.”
