Big Tech-backed coalition for carbon removal increases funding by $915 million, adds Anthropic
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(Removes Salesforce, which is not a new participant but an existing member of the coalition, from paragraph 1)
By Susanna Twidale
LONDON, June 17 : A coalition backed by Big Tech companies for carbon removal technology, said on Wednesday it would inject an additional $915 million into the sector, and added Anthropic as a new participant.
• Frontier, launched in 2022 by companies including Stripe and Google, aims to help scale carbon removal technologies by committing to buy credits in advance, thereby derisking the projects and helping them grow more quickly.
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• The additional funding brings its total funding pledges to $1.8 billion.
• The new funding will target technologies including ocean alkalinity enhancement, biomass-based removal, enhanced rock weathering, and direct air capture.
• Frontier said these technologies could collectively reach gigaton scale, though each carries distinct cost and technology risks.
• Frontier said it plans to make approximately 10 to 15 focused bets through eight- to ten-year offtake contracts extending as far as 2040.
• It did not break down how much each company contributed.
• Scientists say carbon removal projects are critical to offset emissions from sectors that continue to rely on fossil fuels.
(Reporting By Susanna Twidale; Editing by Kirsten Donovan)
Source: Reuters
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