The Carbon removal buyer coalition Frontier has announced its first major deal, worth USD53mn, with Charm Industrial, a startup focused on capturing and storing CO2 underground. The agreement entails the permanent storage of 112,000 tons of CO2. Frontier, which was launched in April 2022 with support from tech companies Stripe, Alphabet, Shopify, Meta, and management consulting firm McKinsey, aims to accelerate the development of carbon removal technologies by committing to purchasing permanent carbon removal. The coalition not only establishes a demand pool for carbon removal but also evaluates suppliers, prioritizing solutions with the potential for high volume and low cost.

Source: ESGToday