Stripe is teaming up with Alphabet, Meta, Shopify and McKinsey to commit $925 million to spur the nascent carbon removal sector.
The firms have set up Frontier, an advance market commitment (AMC) to purchase close to a billion dollars' worth of permanent carbon removal over the next nine years from firms developing the technology.
The partners hope that by setting up the AMC they can accelerate the development of carbon removal technologies by guaranteeing future demand for them, sending a signal to researchers, entrepreneurs and investors.
Frontier is a wholly-owned Stripe subsidiary, with the other firms offering financial backing. Stripe is also bringing in funding via the thousands of businesses that use its Stripe Climate programme.