Online commerce platform provider Shopify announced today a series of partnerships with nine tech startups focused on carbon removal solutions, supporting each with significant carbon removal purchases through it Shopify Sustainability Fund.
According to Shopify, its commitments support entrepreneurial, tech-driven companies, providing them with a strong revenue stream that helps them secure financing, and sending a clear market signal for others to buy from them. Shopify said that it is the first purchaser for four of the new companies, and the largest purchaser for eight.
The companies span a broad set of carbon removal solutions, ranging from direct air capture (DAC) to mineralization and storage. The companies include DAC startups Noya and Sustaera, drone-focused reforestation company DroneSeed, mineralization company Carbin Minerals, CarbonBuilt, a producer of concrete created using captured CO2, agriculture tech startup Loam, CO2 storage solution provider 44.01, and carbon transportation companies Twelve and Remora.
Shopify stated that the companies were selected based on factors including technology and process, plans to scale, and the size of impact the purchase could have.
Following this round of purchases, Shopify has now committed to $32 million in carbon removal purchases, bringing its position in long-term carbon removal to over 39,000 tonnes globally.
Stacy Kauk, Shopify Head of Sustainability, said:
“Purchasing carbon removal from leading companies is critical to helping them scale, but purchasing from emerging companies pursuing novel approaches is equally essential. We need as many companies as possible innovating in this space to remove over 200 years of emissions to go beyond critical emission reductions.”