SINGAPORE - A US$925 million initiative by some of the world's largest firms to remove carbon dioxide from the air announced its first carbon offset purchases on Wednesday .is buying offsets from six CO2 removal start-ups in Australia, Britain, Israel and the United States at prices ranging from US$500 to US$1,800 a tonne.
The fund buys the CO2 reductions from the projects in the form of saleable offsets. Each offset represents a tonne of CO2 removed from the air and can be bought by a firm to help it achieve its emissions reduction targets.Frontier, on behalf of Stripe, will spend US$2.4 million buying carbon removal from the six firms, with another US$5.4 million contingent on projects reaching agreed-upon technical milestones.
Among the six firms are those involved in what is called enhanced rock weathering - using finely crushed rock to speed up the natural absorption of CO2 from the air. Globally, the world needs to reach net zero emissions by mid-century to limit global warming, the United Nations has said. While slashing emissions by ending fossil fuel use and halting deforestation is vital, more needs to be done.
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