ESG Today
Summary
Carbon removal buyer coalition Frontier announced that it has facilitated offtake agreements to purchase $48.6 million of carbon removal output generated by Stockholm Exergi’s planned bio-energy with carbon capture and storage (BECCS) facility in Sweden, on behalf of buyers including Alphabet, Meta, JPMorgan Chase, and H&M, among others.
Launched in April 2022 with commitments by tech companies Stripe, Alphabet, Shopify and Meta and global management consulting firm McKinsey, Frontier is an advance market commitment to buy permanent carbon removal, aimed at accelerating the development of carbon removal technologies with guarantees of future demand. In addition to setting a demand pool for carbon removal, Frontier also vets suppliers, with a focus on solutions with the potential to achieve high volume and low cost. Frontier has grown to advance market commitments of more than $1 billion.
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