New Climate Nonprofit Terraset Is Funding Carbon Removal With Philanthropy

New Climate Nonprofit Terraset Is Funding Carbon Removal With Philanthropy - Carbon Herald
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A new nonprofit climate fund, Terraset, is using private philanthropy to invest in carbon removal projects. 

The pressing need for climate action at scale calls for massive funding, and currently, when it comes to removing CO2 from the atmosphere, there is a gap in that funding that Terraset has set out to bridge. 

Co-founded by former Head of Engineering at Twitter Alex Roetter and ex-private equity investor Christopher Wedding, the new nonprofit was only just announced on Tuesday and it aims to channel private philanthropy into the budding industry of carbon dioxide removal or CDR. 

According to Roetter, the organization will “be an independent source of demand” for CDR services and will strive to bring down the cost of carbon removal, which is essential to scaling this technology. 

Major tech giants have already pledged hundreds of millions of dollars for the emerging sector as individual entities, while others have joined Frontier, which is led by Stirpe, to commit a total of $925 million for the same cause. 

But despite how large the investment may seem, it is still far from what is necessary to bring about meaningful change. 

Relevant: Alphabet, Stripe And Others To Buy $925M Of Carbon Offsets

Individuals willing to contribute to CDR have, until now, not had that many options to do so, save for purchasing services from companies like Climeworks and UNDO

Hence, Roetter explained, there is a vast gap between the number of climate-conscious people, who are ready to act and help the industry gain a foothold, and the options they have to do so.

Terraset will try and fill that gap by channeling private philanthropy, which so far is still in the low six figures, into the most up-and-coming carbon removal companies, among which are Heirloom and Charm. 

Now that the nonprofit has come out of stealth mode, anyone is welcome to donate whatever amount they see fit, and the pooled fund will be direct towards vetted CDR projects. 

Read more: UNDO Is Helping Individuals Reduce Their Carbon Footprint

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