A coalition supported by major technology companies, including Google and Stripe, has agreed to purchase $44.2 million worth of carbon credits from a Canadian firm focused on removing carbon dioxide from biowaste, according to Frontier’s head of deployment.
Frontier, which was founded in 2022 by Stripe, Google, Meta, Shopify and McKinsey, seeks to accelerate the development of carbon removal technologies by committing to buy credits in advance. This approach helps reduce financial risk for emerging projects and enables them to scale more rapidly. The coalition has pledged to invest $1 billion in carbon credits between 2022 and 2030.
The latest agreement covers 122,000 metric tons of carbon dioxide scheduled for permanent storage between 2026 and 2030. The credits were purchased from NULIFE GreenTech at an average weighted price of $362 per ton. NULIFE converts agricultural and industrial waste — including grease generated from food processing — into bio-oil.
The company uses a high-pressure thermal process to break down biowaste into bio-oil, which is then injected into salt caverns more than 1,000 metres underground, ensuring long-term carbon storage. Frontier estimates that the technology could eventually scale to remove up to 1.5 gigatons of carbon dioxide annually by 2040.
“Our aim at Frontier is to build a diverse portfolio of solutions that we believe have the strongest potential to reach gigaton-scale impact,” said Hannah Bebbington Valori, Frontier’s head of deployment.
Scientists widely agree that carbon removal initiatives will play a crucial role in offsetting emissions from industries that continue to depend on fossil fuels.
