A coalition of major technology companies dedicated to advancing carbon removal technology announced Wednesday it will pour an additional $915 million into the sector, while also welcoming two new members to its ranks.
The group, known as Frontier and launched in 2022 by companies including Stripe and Google, works to accelerate the growth of carbon removal technologies by committing to purchase credits before projects are fully operational. This advance purchasing approach reduces financial risk for developers and helps the projects scale up more rapidly.
With the new funding commitment, Frontier’s total pledges now stand at $1.8 billion. Anthropic and Salesforce were announced as the newest participants in the coalition.
The freshly committed funds will be directed toward several emerging approaches to removing carbon from the atmosphere, including ocean alkalinity enhancement, biomass-based removal, enhanced rock weathering, and direct air capture.
Frontier noted that these technologies have the potential to collectively reach gigaton-scale removal capacity, though each one comes with its own set of cost and technological challenges.
Going forward, the coalition said it plans to make roughly 10 to 15 targeted investments through long-term offtake contracts spanning eight to ten years, with some agreements extending as far out as 2040. The organization did not provide a breakdown of how much each individual company contributed to the new funding total.
Scientists have emphasized that carbon removal initiatives are a critical tool for counterbalancing emissions from sectors of the economy that continue to rely on fossil fuels.
