Payments platform Stripe recently announced the launch of its latest product that allows any online business to contribute funds to technologies that remove CO2 directly from the atmosphere. Stripe reported that its users may help counteract climate change by directing a fraction of their revenue toward initiatives that permanently remove carbon dioxide from the atmosphere in just a few clicks and without writing a line of code.
“Stripe won’t take any fees for Stripe Climate contributions, and will use 100% of the funds to accelerate the development of carbon removal technologies.”
Stripe further revealed that the projects it is currently supporting are the same four companies Stripe purchased $1 million worth of carbon removal from in May 2020, and were selected with the help of an expert group of scientists and academics. Nan Ransohoff, Head of Climate at Stripe, spoke about the product by stating:
“Many of our users have told us they want to take climate action, but don’t because figuring out what to do can be time-intensive and complicated. Stripe Climate makes it easy for businesses of any size to help tackle climate change by funding frontier carbon removal.”
Stripe also shared that earlier this year it spent $1 million of its own money on carbon removal from companies offering some of the most promising approaches, releasing the details of its purchase criteria in an open-sourced framework. Ransohoff then added:
“Our goal is to create a large market for carbon removal. If successful, this market will accelerate the availability of low-cost, permanent carbon removal technologies, and increase the likelihood that the world has the portfolio of solutions needed to avoid the most catastrophic effects of climate change.”