The e-commerce company Shopify has been investing in early-stage carbon removal projects and startups for the past four years. Shopify has invested close to $55 million in about 40 startups. These startups have developed methods for removing carbon dioxide from the air using techniques such as direct air capture devices and the spreading of crushed rock on farmland for faster soil absorption. Shopify is also working on standards which focus on monitoring and verifying emissions removed by direct air capture systems.
The objectives of Shopify’s investment strategies include:
- To offset the company’s emissions without buying traditional carbon offsets
- Removing around 84,400 metric tons of CO2 from initial investments
- Support renewable energy procurement and carbon sequestration
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