H&M and three other companies have committed $100 million to remove carbon dioxide from the atmosphere. The move is a part of an effort started by several major tech companies to jumpstart the carbon dioxide removal industry.
H&M, Autodesk, JP Morgan and Workday announced on Wednesday, April 12, a combined $100 million commitment to Frontier, a benefit company owned by payment processor Stripe. The donation adds to the $925 million already collected to the course.
Frontier helps its member companies purchase CO2 removal via pre-purchase agreements. The goal is to incentive the development by providing a source of funding.
“We see Frontier’s advanced market commitment as an important signal for the carbon removal market. It’s critical for demonstrating that there is a customer for entrepreneurs building carbon removal solutions,” Ryan Macpherson, the climate innovation and investment lead at Autodesk, told CNBC.
According to the International Energy Agency, carbon dioxide emissions from energy production topped 36 billion tons in 2022.