Autodesk, H&M Group, JPMorgan Chase, and Workday have declared their participation in Frontier, an initiative aimed at advancing carbon removal. The members have pledged to buy a total of $100 million worth of high-quality carbon removal solutions over the next eight years. This commitment brings Frontier's total advance market commitment to over $1 billion.
Aledade and Wise have decided to take part in Frontier, along with Boom, Canva, SKIMS, and Zendesk. They have made a commitment to buy removals sourced from Frontier through a partnership with Watershed, which is an enterprise climate platform that was announced earlier.
The fresh funding will expand the amount of money accessible for purchasing significant quantities of carbon removal through multiyear offtake agreements beginning this year. Offtake agreements are contractual obligations to buy a specified amount of carbon removal at a future date when it becomes available.
Frontier's founders, which consist of Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability, that pledged to buy a total of $925 million in permanent carbon removal by 2030, will be joined by new members. Frontier has already assisted in the purchase of carbon removal from 15 different startups in eight technological categories, such as enhanced weathering, direct air capture, biomass burial, synthetic biology, and direct ocean capture.
Upon this investment, Brian DiMarino, Managing Director, Head of Operational Sustainability at JPMorgan Chase said, “Scaling technological innovation, including around carbon removal, will play a critical role in the transition to a more sustainable future. JPMorgan Chase is pleased to be joining Frontier to advance the development of the carbon offtake market and accelerate carbon removal more broadly.”
Additionally, Henrik Sundberg, Impact Lead Climate at H&M Group also commented, “We have set ourselves ambitious and time-bound climate goals including an SBTI-approved net-zero target by 2040. We’re committed to playing a part in urgently scaling climate action in areas which are essential to underpin the global 1.5°C pathway. Carbon dioxide removal is one such area. As the first fashion retailer and European company joining Frontier as a member, we want to inspire others in our industry to follow our example and become early buyers of carbon removal."
This partnership between industry leaders and carbon removal solution providers serves as a powerful example of the collective action and collaboration necessary to address one of the most pressing challenges of our time.