Illustration: Rebecca Zisser/Axios

The payment tech company Stripe is funding four carbon dioxide removal projects as part of its plan announced last year, which advocates had called a pioneering corporate foray into these nascent markets.

Why it matters: Pulling CO2 out of the atmosphere — not only cutting new emissions — will be an important tool for limiting global temperature rise, a major UN-led scientific report concluded in late 2018.

Driving the news: Stripe unveiled Monday the first negative emissions purchase deals in its $1 million annual commitment. They're working with...

  • The Swiss direct air capture company Climeworks.
  • Project Vesta, a California nonprofit seeking to testing use of a mineral called olivine at beaches to capture CO2 (Reuters has more here).
  • The Canadian firm CarbonCure, which "sequesters CO2 in concrete by mineralizing it into calcium carbonate."
  • Another California entity, Charm Industrial, which is testing a process for "preparing and injecting bio-oil into geologic storage."

What they're saying: "This is really important to show that companies can take actions to advance carbon removal fairly quickly after making commitments to do so," Noah Deich, executive director of the group Carbon180, tells me.

  • "The biggest new entrant into the space is Microsoft which has pledged to remove their entire cumulative historical carbon footprint. But Stripe is still first in putting a strategy into practice," he says.

The big picture: Some of it is quite expensive. The projects range from $75–$775 per ton of CO2 removed.

  • Stripe's discussion of the Climeworks project — which has the highest per-ton removal cost — notes that one goal is to be among the early movers that helps drive costs much lower.

Go deeper: Scientists say major push for CO2 removal needed

Go deeper

Amy Harder, author of Generate
Aug 20, 2020 - Energy & Environment

Joe Biden unlikely to push carbon tax as part of climate change plan

Illustration: Eniola Odetunde/Axios

Joe Biden is unlikely to pursue a carbon tax if he wins in November, according to several people familiar with his campaign's thinking.

Driving the news: The campaign said last year it supported a price on carbon emissions, but it has since released policies that embody government mandates, investments and job creation amid the pandemic-induced recession.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"— COVID-19 looms over White House Halloween celebrations.
  2. Health: 13 states set single-day coronavirus case records last week — Fauci says maybe we should mandate masks if people don't wear themU.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.

Amy Coney Barrett's immediate impact

Illustration: Eniola Odetunde/Axios

In her first week on the job, Amy Coney Barrett may be deciding which votes to count in the presidential election. By her third week, she’ll be deciding the fate of the Affordable Care Act.

Where it stands: The Senate votes on Barrett’s nomination tomorrow. If she’s confirmed, Chief Justice John Roberts is expected to swear her in at the Supreme Court within hours, an administration official tells Axios.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!