Daily Tearsheet: CarbonPay’s sustainability-focused payment card, and tech’s newfound interest in carbon capture Tearsheet – Tearsheet

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CarbonPay launches payment card to help businesses automatically offset their carbon footprint

CarbonPay, a sustainability-focused fintech, just released its first product, CarbonPay Business Ctrl a prepaid corporate card offering.

The product is designed for companies looking to live their corporate green goals without participating in corporate greenwashing, CarbonPay CEO Rory Suprway told Tearsheet.

The firm claims that for every $1.50 or 1 spent using its products, it offsets 1 kg of CO2 at no extra cost. Their service is currentlyavailable in the US and the UK.

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Green Finance Briefing: Techs newfound interest in carbon capture

The carbon removal market has been attracting a lot of interest lately, and now it seems that theres a strong wave of capital coming in as well, with big tech companies paving the way.

Alphabet, McKinsey, Meta, Shopify, and Stripe are joining together in launching a $925 million fund essentially an advanced market commitment on carbon capture technology in a project namedFrontier.

The idea is to invest in this technology at an early stage with the aim of figuring out a way to capture carbon at scale, store it long-term, bring the price below $100 per ton, and remove over 0.5 gigatons annually.

While its not a central solution to the problem of climate change, carbon removal has a significantrole to play we wont be able to reach net zero without it.

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Daily Tearsheet: CarbonPay's sustainability-focused payment card, and tech's newfound interest in carbon capture Tearsheet - Tearsheet