Carbon

Stripe's plan to fund direct CO2 removal

illustration of light bulb surrounded by foliage
Illustration: Sarah Grillo/Axios

The payment tech company Stripe plans to fund direct removal of carbon dioxide from the atmosphere and its long-term storage.

Why it matters: Experts in carbon removal methods, such as direct air capture and large-scale forest creation, call the announcement a milestone in corporate climate initiatives.

Expert Voices

A push from Congress could help advance carbon management tech

direct air capture system with worker standing next to it
A direct air capture project site outside Reykjavik, Iceland. Photo: Melanie Stetson Freeman/The Christian Science Monitor via Getty Images

As the risks of climate change mount, the U.S. continues to lag behind other parts of the world, especially Europe, in funding R&D for carbon management and other innovative technologies.

The big picture: Government leadership could help fund early-stage research and spur private sector investment in a potentially $1 trillion market. Congress is aiming to advance this goal through several new bills — including the Senate's EFFECT Act, which would establish a Department of Energy program to use carbon dioxide as a resource for profitable products.