We’ve partnered with Stripe to invest 1% of our revenue into next-generation carbon removal technologies.
SwiftComply is proud to partner with Stripe to help fund initiatives committed to reducing the amount of carbon dioxide in the atmosphere, in an effort to mitigate the effects of climate change.
Research shows that in order to avoid the catastrophic consequences of global warming, humanity needs to limit the global rise in temperature to an average of 1.5°C. This can be accomplished if we achieve net zero CO2 emissions by 2050 — whether avoiding putting more CO2 into the atmosphere or by removing what is already in circulation.
The objective of Stripe’s climate program is to make sure initiatives focused on capturing and storing CO2 can obtain substantial early financing, which in turn will allow them to progress with the research, development, and delivery of their solutions.
As partners, SwiftComply has pledged 1% of every Stripe transaction to these initiatives — without any additional cost to our customers.
At SwiftComply our mission is to protect human health and the environment. Stripe’s climate program is aligned with our mission and allows us to expand our impact far beyond our core business.Mick O’Dwyer, CEO at SwiftComply
Where the money goes
The program will not only focus on projects working to store carbon in the biosphere (through planting trees and improving soil), but also on those that aim to store carbon outside of the biosphere. These projects, which include injecting captured CO2 into underground rock formations, are only just starting to develop and are relatively underfunded, despite their potential for more permanent and vast carbon storage.
The first four projects to be funded were announced in May this year. Two are involved in the capturing and storing of carbon dioxide, while the other two are focused solely on storage solutions.
Overall, these first initiatives present values ranging from $75 to $775 per ton of CO2 removed from the atmosphere. Though these seem high, similar movements have shown through history that development improvement will come as a direct consequence of early investment. TVs, phones, semiconductors, and DNA sequencing are among those that saw manufacturing learning and experience curves. Solar panels, for example, cost $30 per watt in 1980 but cost below $1 per watt in 2019.
We are excited to work alongside Stripe on this program, and we can’t wait to see this nascent market of carbon removal go through its own growth curve in the next coming years.