Yesterday, Stripe, the online payments platform provider, announced a phenomenal initiative of ‘Negative Emissions Commitment’. According to the commitment, Stripe will pay for the removal and sequestration of carbon dioxide directly from the atmosphere in a secure and long-term storage to mitigate or delay global warming.
[box type=”shadow” align=”” class=”” width=””]Carbon sequestration is the process of capturing and storing atmospheric carbon dioxide or other forms of carbon for a long term in a secure storage.[/box]
Besides Stripe, there are other growing startups such as Carbon Engineering, Climeworks, and Global Thermostat, which are actively working in this space.
Stripe seeks to purchase negative carbon dioxide (CO2) emissions at any price per tCO2 (total Carbon dioxide). The official blog post adds, “And so we commit to spending at least twice as much on sequestration as we do on offsets, with a floor of at least $1M per year.”
This initiative of Stripe comes after IPCC in its recent summary report stated that in scenarios where the temperature usually stays below 2°C of temperature increase will have “substantial net negative emissions by 2100, on average around 2 gigatons of CO2 per year.”
Image Source: IPCC
Stripe plans to work with experts in selecting successful carbon capture solutions based on cost-effectiveness as it is expected that it will cost more than $100 per tCO2, as compared to the $8 per tCO2 that the company pays for offsets.
There are three ongoing projects that the software company expects funding for,
Stripe believes that humanity will need more such techniques in the coming decades in order to achieve the collective goal of removing negative emissions from the atmosphere.
The company expects that if a scalable and verifiable negative emissions technology is made available for $100 per tonne of captured CO2 (tCO2) in the market, it could turn out to be a trillion-dollar industry by the end of the century.
Such kind of projects will not only help in reducing negative emissions but will also put an end to anthropogenic climate change. Stripe has also announced that they are open to funding such projects to mitigate negative emissions in the coming decade.
People all over the world are admiring Stripe’s commitment in mitigating negative emissions.
Many are also expecting that other companies will follow Stripe in this initiative.
For more details about Stripe’s Negative Emissions Commitment, head over to Stripe’s official blog.
Stripe updates its product stack to prepare European businesses for SCA-compliance
At Packt, we are always on the lookout for innovative startups that are not only…
I remember deciding to pursue my first IT certification, the CompTIA A+. I had signed…
Key takeaways The transformer architecture has proved to be revolutionary in outperforming the classical RNN…
Once we learn how to deploy an Ubuntu server, how to manage users, and how…
Key-takeaways: Clean code isn’t just a nice thing to have or a luxury in software projects; it's a necessity. If we…
While developing a web application, or setting dynamic pages and meta tags we need to deal with…