Climate fund Frontier has announced the launch of its 2023 prepurchase cycle of carbon removals, with a pre-application deadline on May 19.
The Frontier Climate Fund is an initiative by tech giants Stripe, Shopify, Meta, Alphabet and McKinsey Sustainability dedicated to advancing the development and scaling of novel carbon removal solutions.
Frontier supports up-and-coming carbon dioxide removal (CDR) projects via two funding tracks: prepurchase and offtake agreements.
Prepurchase agreements are meant for early-stage carbon removal suppliers that are only just piloting their technologies, and the pre-application due date for this funding track is May 19, 2023.
Applicants should be able to demonstrate a proof of concept, a Measurement, Reporting, Verification (MRV) approach with a method to reduce its uncertainty, as well as the ability to deliver the first tons of carbon removals within the next 1-3 years.
The second track, offtake agreements, has no deadline and is ongoing year-round. It is suitable for larger suppliers that are looking to scale their operations and makes up most of Frontier’s spend.