US-based payment technology provider Stripe has committed financing to cleantech-focused venture capital fund Lowercarbon Capital and joined a consortium agreeing to buy carbon removal technology from startups.
Lowercarbon Capital last week said it had raised $350m to invest in carbon removal startups, with CNBC reporting Stripe as a limited partner.
Stripe has also joined Google parent Alphabet, Facebook owner Meta, e-commerce platform Shopify and consulting firm McKinsey in a commitment to purchase $925m of carbon removal through companies developing technology in that area, over the next nine years.
The syndicate made the commitment through the creation of Frontier, an advanced market commitment funding model initially developed to spur demand for pneumococcal vaccines.
