Stripe adds option to donate a percentage of payments to carbon removal projects
Howard Lake | 24 February 2021 | News
Payment provider Stripe is inviting its clients to choose to donate a percentage of their transaction income to fund projects that help tackle the climate crisis by removing carbon. Launched in the US last October it has now been extended globally.
Fundraising UK Ltd has already signed up to the programme. So every time you book a training course with us or pay for our consultancy via Stripe, we’ll be donation a small portion of that to Stripe’s climate partners.
Stripe will not take any fees for Stripe Climate contributions, and “will use 100% of the funds to accelerate the development of carbon removal technologies”.
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Nan Ransohoff, Head of Climate at Stripe, said:
“Many of our users have told us they want to take climate action, but don’t because figuring out what to do can be time-intensive and complicated. Stripe Climate makes it easy for businesses of any size to help tackle climate change by funding frontier carbon removal.”
Last year Stripe spent $1 million on carbon removal from companies offering some of the most promising approaches, releasing the details of its purchase criteria in an open-sourced framework on Github.
The projects and organisations that Stripe selected to benefit are CarbonCure, Charm Industrial, Climeworks, and Project Vesta, and more are being lined up.
CarbonCure injects CO₂ into fresh concrete, where it mineralizes and is permanently stored while improving the concrete’s compressive strength. Today they source waste CO₂, but represent a promising platform technology for permanent CO₂ storage, a key component of future carbon removal systems.
Climeworks uses renewable geothermal energy and waste heat to capture CO₂ directly from the air, concentrate it, and permanently sequester it underground in basaltic rock formations with Carbfix. While it’s early in scaling, it’s permanent, easy to measure, and the capacity of this approach is theoretically nearly limitless.
Charm Industrial has created a novel process for preparing and injecting bio-oil into geologic storage. Bio-oil is produced from biomass and maintains much of the carbon that was captured naturally by the plants. By injecting it into secure geologic storage, they’re making the carbon storage permanent.
Project Vesta captures CO₂ by using an abundant, naturally occurring mineral called olivine. Ocean waves grind down the olivine, increasing its surface area. As the olivine breaks down, it captures atmospheric CO₂ from within the ocean and stabilises it as limestone on the seafloor.
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About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.