The technology for removing billions of tons of carbon dioxide from the atmosphere isn’t ready. Stripe wants to speed things up.
The payments company has formed a partnership with Deep Science Ventures, a London investment firm that specializes in building technology companies from the ground up. DSV will recruit scientists to develop ways to remove carbon dioxide from the atmosphere. If they come up with viable concepts, Stripe will be their first customer. It will pay DSV startups $500,000 each up front to capture and store carbon, then a further $1 million if they meet performance milestones. “There are just too few companies that are even attempting to build permanent carbon removal at the scale needed, and we need more shots on goal,” said Nan Ransohoff, Stripe’s head of climate. The new partnership marks an expansion of Stripe’s effort to provide a market for unproven technology that could potentially help limit the damage of global warming.