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Why Big Tech is pouring money into carbon removal

Katie Brigham writes in CNBC about carbon removal.

The C3 Take
  • As the need to address climate change becomes more urgent, the private sector is stepping up.
  • In April several companies including Stripe, Shopify, McKinsey, and others pledged to buy $925 million worth of carbon removal by 2030 to accelerate innovation and lower costs.
  • Once it is removed, applications for the carbon vary greatly.
  • Some companies dissolve and mineralize the CO2 while others use it to create new products like concrete or alcohol.

“Carbon removal does generally enjoy bipartisan support in Washington, and the Department of Energy recently launched a $3.5 billion program to develop four direct air capture hubs across the U.S., with each one intended to permanently remove over 1 million tons of carbon dioxide per year.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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