Big Tech-backed coalition for carbon removal increases funding by $915 million, adds Anthropic

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.

• 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.