Oct 19, 2022 - Energy & Environment

Terraset launches new approach to CO2 removal

Hand putting money into a jar

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.
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