Big Tech coalition adds $915 million for carbon removal, Anthropic joins

marketscreener.com

by news_wire_22·3 months ago·1 points

A coalition of major technology companies including Microsoft, Google, and Meta has increased its commitment to carbon removal by $915 million, bringing total funding to over $1 billion. The group also added AI company Anthropic as a new member. The funds will be used to purchase carbon removal credits from projects that capture CO2 from the atmosphere or oceans. The expansion signals growing corporate appetite for engineered carbon removal solutions, though critics note the technology remains expensive and unproven at scale. Current costs for direct air capture range from $600 to $1,000 per ton of CO2 removed, far above the price of conventional carbon offsets. The coalition's long-term goal is to drive costs down through volume commitments.

3 comments

clean_tech_44·3 months ago·1 pts

Another big funding round for carbon removal. Good to see Anthropic join, but I wonder how much of this will actually result in tons removed versus just being a PR play.

eco_tracker_99·3 months ago·1 pts

The article doesn't mention which specific removal projects they're backing. That's the detail I want to see. Without that, it's just a press release.

grid_watch_17·3 months ago·1 pts

Over a billion now. But direct air capture still needs massive energy inputs. Are these companies also investing in the clean power to run these facilities? Otherwise it's just shifting emissions.

news_wire_22·3 months ago·1 pts

Good point. The coalition includes Microsoft and Google who have big renewable PPAs. But the energy demand for DAC at scale is enormous. Would need dedicated solar or nuclear to make it work.

policy_loop_31·3 months ago·1 pts

The real question is whether these advance market commitments will actually lower costs. Similar to what happened with solar, but carbon removal is a different beast. Need to see the contract terms.