Gregory Rec / Portland Portland Press Herald via Getty Images The online payment software company Stripe announced on Wednesday that it is spending $2.75 million to support six early-stage carbon removal projects in its second annual round of carbon removal purchases. Carbon removal is a category of climate solutions that are designed to extract carbon dioxide from the atmosphere and keep it out for hundreds, if not thousands, of years. Experts say finding ways to do this, in addition to cutting emissions of CO2, will be necessary to limit runaway climate change. But outside of “nature-based” solutions like storage carbon in trees and soils, which are limited by demand for arable land, there really aren’t any carbon removal options available at a meaningful scale yet. In 2019, Stripe decided to try to change that by making a commitment to spend $1 million per year on nascent carbon removal solutions. The company announced the first round of projects it was funding last May. The inaugural winners included Climeworks, a company that makes “direct air capture” machines that pull CO2 out of the air, and Charm Industrial, a company that turns plants into “bio-oil” and stores it underground . Since then, […]


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