Autodesk, H&M Group, JPMorgan Chase, and Workday are the latest companies to join Frontier, an advance market commitment to accelerate carbon removal. The new members have commited to purchasing $100 million of carbon removal in the next eight years, bringing the total Frontier has under its stewardship to over $1 billion.
Hannah Bebbington, Strategy Lead at Frontier commented on the new members by saying: “Companies across tech, banking and retail are recognizing the urgency of carbon removal, and stepping up as early buyers to accelerate progress and drive down costs. The more company executives put their weight behind this nascent field, the better the chances of getting to gigaton scale by 2050.”
Henrik Sundberg, Impact Lead Climate at H&M Group said: “We have set ourselves ambitious and time-bound climate goals including an SBTI-approved net-zero target by 2040. As the first fashion retailer and European company joining Frontier as a member, we want to inspire others in our industry to follow our example and become early buyers of carbon removal.”
The funding will be directed towards future purchases of carbon removal tons via offtakes that act as binding contracts. Even though the actual transactions will be executed at an undetermined point in the future, they provide a guarantee of demand and a degree of financial certainty for carbon removal startups.
Relevant: New Partnership Of Watershed And Frontier Scales Carbon Removal
The four newest members join founding companies Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability who committed a combined $925 million of permanent carbon removal purchases last year.
Frontier has already managed to facilitate purchases from 15 startups from a broad variety of CO2 removal technologies.
In January this year the organization announced a partnership with Watershed, an enterprise climate platform, that would also help CO2 removal scale at a faster pace. The partnership allows Watershed customers to make advance purchases with a wider range, opening the initiative to mid-sized companies. This has allowed Aledade and Wise to join this week.
Read more: Frontier Takeaway: $11M Spent In Latest Round For Carbon Removal
