Earlier today, Stripe announced that it has awarded $500,000 to Mission Zero as 1 of 6 companies selected for their 2021 round of carbon removal purchases.
In May 2020, Stripe announced its first $1M carbon removal purchases from 4 other companies —and was the first purchaser for 3 of the 4 projects. Stripe launched Stripe Climate in October 2020 to allow users to allocate a portion of their payments towards carbon removal. Since then more than 2,000 users in 37 countries have begun contributing to Stripe Climate’s portfolio. Now in 2021, Stripe has undertaken a second round of purchases to support companies that, after rigorous technical and economic review, are best poised to deliver permanent carbon removal at scales that will make an impact. “Stripe’s support at an early stage is critical for the carbon removal space”, says Dr Shiladitya Ghosh (CPO, Mission Zero), “as it ensures tomorrow’s solutions like Mission Zero are nurtured by taking well-informed bets on them today.”
Structured as a combination of an R&D grant and an early purchase fee of the CO₂ captured from Mission Zero’s upcoming pilot deployment, the half-a-million dollar funding will go a long way to accelerating the technology’s route to market and beginning CO₂ removal from the air at meaningful scales sooner rather than later. The award also comes with the provision for Stripe to subsequently purchase up to $1 Million of CO₂ that is to be captured in Mission Zero’s commercial operations in the future. “The forward-thinking purchase structure indicates our shared confidence that the carbon removal industry is going to grow rapidly – and that Mission Zero is going to be there when it does”, Ghosh added.
Read more about what Stripe does for the climate and explore more details about their 2021 round of carbon removal purchases.
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