Oct 19, 2022 - Energy & Environment
Terraset launches new approach to CO2 removal
- Ben Geman, author of Axios Generate
Illustration: Eniola Odetunde/Axios
A new nonprofit called Terraset just launched that will pool donations for purchasing carbon removal services in a push to speed growth of the nascent tech.
How it works: It aims to draw upon "climate-conscious individuals, foundations, family offices, and donor advised funds."
- "We’re here to channel more of the philanthropic dollars to carbon removal," the site states.
- It's working with startups including the direct air capture firm Heirloom and Charm Industrial, which transforms biomass into "bio-oil" and buries it underground.
- Protocol scooped Terraset's arrival and has much more.
Why it matters: If removal ever scales, it could complement — not replace! — renewables, EVs, efficiency, and other tech that slashes new emissions.
Quick take: Terraset's emergence is the latest sign that efforts to scale removal tech go well beyond traditional venture finance and development models.
- For instance, April brought the launch of Frontier — a new fund backed by Alphabet, Meta, McKinsey and other big players — that's pledging almost $1 billion in "advance market commitments" for removal purchases.