This story has been updated to reflect that Frontier is a unit of Stripe Inc.Frontier, a subsidiary of Stripe Inc. founded by executives from Stripe, Alphabet Inc. GOOG , Shopify SHOP, Meta Platforms Inc. META and McKinsey, said Wednesday that Autodesk Inc. ADSK , H&M Group, JPMorgan Chase & Co. JPM and Workday Inc. WDAY joined its network. The four companies committed to purchase a combined $100 million of “permanent, high-quality carbon removal” offtakes over the next eight years. The latest dollar pledge will bring Frontier’s total advance market commitment to more than $1 billion. Frontier taps dollar commitments of its members to buy carbon removal from companies building the technologies. Carbon removal purchases that Frontier has used thus far include direct air capture, bio-oil sequestration, reforestation and biochar, which is charcoal produced from plant matter and stored in the soil as a means of removing carbon dioxide from the air.
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