Breaking new ground, the U.S. federal government is investing $35 million in carbon removal credits through the Department of Energy’s (DOE) Carbon Dioxide Removal Purchase program. This initiative includes encouraging companies to enhance and expand their impact through similar efforts. We take pride in being the first company to pledge to match the DOE’s contributions dollar for dollar. Through our own endeavors, we aim to secure at least $35 million worth of carbon removal credits in the next year.
This cooperative model of public-private support plays a crucial role in commercializing carbon removal solutions. Similar to many emerging technologies, governments and businesses have vital and complementary parts to play in proving and scaling up effective carbon removal methods.
While we are diligently working to diminish our own emissions throughout our operations and supply chain, we recognize that addressing global climate change necessitates a diverse range of approaches to both reduce and extract emissions from the atmosphere. As underscored by the IPCC in their latest report, deploying carbon dioxide removal methods is essential to offset challenging residual emissions and achieve net-zero emissions.
Our enthusiasm to advance the carbon removal sector is demonstrated through our recent acquisitions via Frontier, a pioneering advance market commitment aiming to expand groundbreaking, long-lasting carbon removal techniques, and our involvement in the First Movers Coalition, a global coalition of companies banding together to advocate for emerging climate technologies. We eagerly anticipate collaborating with our partners to pinpoint and amplify the most promising technology-driven and nature-based carbon removal solutions, and we invite other companies to join us in these efforts.
