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this is going to be $100 billion to $1 trillion market a year in the coming decades, like every single year.
every single buyer, in this case Stripe, Alphabet, Meta, Shopify, etc, are going to be entering into those offtake agreements directly with the suppliers
we have a billion dollars of customer demand for you. The lower carbon team just announced a $300 million fund for equity investments in carbon removal companies that are doing, you know, the exact criteria that that Stripe is purchasing, purchasing from as well.
In a sense, this is kind of an academic philanthropy effort in some sense, like, the companies are getting back tons, they can use to count towards, say, a net zero commitment. But it's certainly not the cheapest way to quote unquote check that box, right? Everybody is overpaying for tons, in the hope that it's going to be cheaper for everybody else in the future.
Our hope is that with Frontier, we can make it a lot easier for other companies that want to do something here to put that money to really, really good use.
We have developed a pretty broad set of technical and commercial experts that we rely on to help us with the evaluation. And so for every single application, we have two, at least two scientific reviewers, one governance reviewer, they fill out kind of their comments in a form that we've created, send them back to us, we synthesize them and ultimately are the ones that are kind of weighing and making making the decisions. Because spending $1 billion is different than spending $15 million, we're
We've done this three times with Stripe Climate. We've run three rounds of purchases, we have 14 companies currently in our portfolio, and Stripe was the first customer for 11 of them, just to give you a sense of kind of how early we are, and how early we've been purchasing.
this is going to be $100 billion to $1 trillion market a year in the coming decades, like every single year.
our focus has really been on creating a market for early technologies so that they are confident enough that, you know, they're going to be early customers and that they can get a bit further on that cost curve.
The dollars, these $925 million are customer dollars. You can think of Frontier like a customer. We're not taking equity stakes in these companies. We're not getting a return. It's money in tons out.
And that's from two companies. One of which was Charm Industrial, which was Stripe was its first customer.
And a million dollars and 15 million dollars, which is what Stripe had given to date, is a great start. But like 15 million dollars is not a market make. And candidly, a billion dollars is not a market make. Like, these are still steps in the right direction, but at least it's a big step in the right direction.
our focus at Stripe is really on filling the gap that exists today in solutions... we're looking for solutions that will store carbon permanently... don't compete with other sources of arable land... have the potential to be $700 a ton in the coming decades and for solutions that have the potential to be more than half a gigaton a year.
that was like, okay, great. That's another good step in the right direction. But we're still super far behind. So what's the next thing that we can do, which really is what led us to this latest announcement with Frontier.
we then launched Stripe Climate, which makes it easy for the 2 million businesses on Stripe to choose to give some of their revenue to carbon removal, which we then pull together with ours and use it to buy even more carbon removal.
the idea behind their initial million dollars was to say, could we essentially buy the Tesla roadsters of these companies to help them get started and get down the cost curve more quickly?