This story has been updated to reflect that Frontier is a unit of Stripe Inc. Frontier, a subsidiary of Stripe Inc. founded by executives from Stripe, Alphabet Inc.
GOOG,
+1.17%,
Shopify
SHOP,
+1.44%,
Meta Platforms Inc.
META,
+0.52%
and McKinsey, said Wednesday that Autodesk Inc.
ADSK,
-0.84%,
H&M Group, JPMorgan Chase & Co.
JPM,
+7.55%
and Workday Inc.
WDAY,
-0.42%
joined its network. The four companies committed to purchase a combined $100 million of “permanent, high-quality carbon removal” offtakes over the next eight years. The latest dollar pledge will bring Frontier’s total advance market commitment to more than $1 billion. Frontier taps dollar commitments of its members to buy carbon removal from companies building the technologies. Carbon removal purchases that Frontier has used thus far include direct air capture, bio-oil sequestration, reforestation and biochar, which is charcoal prduced from plant matter and stored in he soil as a means of removing carbon dioxide from the air.