Autodesk, H&M Group, JPMorgan Chase, and Workday are joining Frontier, an advanced market commitment to accelerate carbon removal.
The new members will commit to purchase a combined US$100M of permanent, high-quality carbon removal over the next eight years, bringing Frontier’s total advance market commitment to over US$1Billion.
The new funding increases the pool of capital available for large-scale purchases via multiyear offtake agreements, starting this year. Offtakes are legally binding contracts to purchase future tons of carbon removal if and when delivered.
These agreements can help more mature suppliers unlock the financing they need to scale their operations. Frontier’s team of technical and commercial experts source, vet, and facilitate these purchases on behalf of members.
The new members will join Frontier’s founders—Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability—who last year committed to buy a combined US$925M of permanent carbon removal by 2030.
Since then, Frontier has facilitated purchases from 15 carbon removal startups across eight technological pathways, including enhanced weathering, direct air capture, biomass burial, synthetic biology, and direct ocean capture.
Hannah Bebbington, Strategy Lead at Frontier said: “Companies across tech, banking and retail are recognizing the urgency of carbon removal, and stepping up as early buyers to accelerate progress and drive down costs. The more company executives put their weight behind this nascent field, the better the chances of getting to gigaton scale by 2050.”
Impact Lead Climate at H&M Group Henrik Sundberg added: “We have set ourselves ambitious and time-bound climate goals including an SBTI-approved net-zero target by 2040. We’re committed to playing a part in urgently scaling climate action in areas that are essential to underpin the global 1.5°C pathway. Carbon dioxide removal is one such area. As the first fashion retailer and European company joining Frontier as a member, we want to inspire others in our industry to follow our example and become early buyers of carbon removal.”
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