Climate non-profit Terraset has made one of the largest philanthropic purchases of carbon removal. The organization has purchased 5,000 tons of carbon removal from 11 organizations, supporting their development while also allowing its donors to qualify for a tax deducation.
Terraset is a 501(c)(3) nonprofit that collects tax-deductible donations to strategically invest in permanent, high-quality carbon removal (CDR) from cutting-edge projects and companies.
The 11 selected organizations are Andes, Capture6, Charm Industrial, Climeworks, Frontier, Graphyte, Heirloom, Octavia Carbon, Planetary, Spiritus and TerraFixing.
The donors behind the purchase include an impressive list of foundations, founders as well as tech company employees.
Leading the list are the Grantham Foundtion and Conscience Bay Research, as well as investors Paul Graham, Tim Ferriss and Calvin French-Owen.
Company matching programs in Google, PG&E, IBM and Rakuten have also allowed workers at those companies to contribute.
Relevant: Donors Can Now Support Carbon Removal By Climeworks Via Terraset
Carbon removed today is worth significantly more than carbon removed in five or ten years, both in terms of its immediate impact and the lessons learned that will drive the industry forward. Put simply, CDR needs more buyers, right now, or it will not scale at the level the planet needs.
In the blog post about the announcement Terraset also shared that it plans to deploy over $15 million into carbon removal companies next year.
Earlier this month Terraset’s Director of Strategic Growth Taylor Inslee also took part in Carbon Unbound West Coast’s webinar introducing the latter’s Live Carbon Removal Marketplace
