Meta announced a new partnership with Stripe, Alphabet, Shopify and McKinsey Sustainability to launch Frontier — an advanced market commitment (AMC) to accelerate the development of carbon removal technologies. An AMC signals to researchers, entrepreneurs and investors that there is strong demand for their product. Collectively, they have committed an initial $925 million to purchase carbon removal tons from companies building promising new solutions over the next nine years. Purchasing carbon removal tons involves investing in projects that remove greenhouse gas emissions from the atmosphere. This effort reinforces its commitment to reaching net zero emissions across value chain by 2030.
Meta believes that by collaborating to find technologies with the greatest long-term carbon removal potential and helping them scale, it can help accelerate the solutions needed to meet global climate goals. Collaboration with globally renowned organizations — nonprofits, businesses and civil society — is an essential part of its sustainability strategy and is key to making a difference.
The AMC model was successfully piloted a decade ago to accelerate the development of vaccines for low-income countries, saving an estimated 700,000 lives. This is the first time the model is being applied to carbon removal at scale, and these technologies are in the earlier stages of development.
They are currently expensive, untested at scale and new to carbon markets. Meta hopes that its investment in Frontier will provide it with carbon removal tons that it can apply to its net zero goal.