Companies Back Carbon Capture Projects with US$80M Purchase

To reduce global carbon emissions, major companies like Google, H&M, Stripe, and other members of the Frontier coalition have committed to purchasing US$80 million in carbon credits. 

The carbon credits purchased by Frontier are tied to two technologies. The CO280 project, which integrates SLB’s CCS technology, captures carbon from the flue gas of paper mills. The carbon is initially absorbed by trees used in paper production, before being stored safely. Meanwhile, CREW’s approach uses limestone to capture CO2 in water at wastewater treatment plants, a process that mimics the natural carbon-absorbing properties of certain rocks.

In its latest agreements, Frontier revealed that buyers had agreed to pay US$48 million, or US$214/mt, for credits representing 224,500mt of CO2 emissions between 2028 and 2030 from the CO280 project. Additionally, US$32.1 million, or US$447/t, were allocated for 71,878t of CO2 from CREW, a startup based in New Haven, Connecticut.

“These purchases reflect efforts to modernize older industries with newer carbon removal technologies. We are excited about the possibility of large industrial players integrating carbon removal technologies and starting to offer low-cost, large-scale carbon removal,” said Hannah Bebbington, Implementation Lead, Frontier. 

Frontier, a coalition of companies and organizations committed to addressing climate change, plays a critical role in advancing these technologies by purchasing carbon credits at higher-than-market prices. The coalition’s goal is to drive down the cost of carbon capture to below US$100/t in the long term, making it a viable solution for widespread industrial adoption.