Microsoft recently disclosed its investment in more climate-related companies as part of efforts to make good on its year-old pledge to become “carbon negative” by 2030.
One company that has received undisclosed investment from Microsoft, is Climeworks, a firm looking to scale up deployment of direct air capture technology that removes CO2 already in the atmosphere.
They are backing Climeworks’ current project in Iceland to increase the scale of that company’s ability to suck carbon out of the air and pump it deep into the earth, as well as the company’s next project at the same site.
Climeworks uses giant fans to capture CO₂ from the air. In some cases it sells the concentrated gas, marketing it to beverage companies and plastic makers.
It’s part of a growing move by deep-pocketed companies and investors to back the fledgling direct air capture sector — and pay them for carbon removal.
The volumes currently being removed are a tiny drop in the bucket, but DAC could be among the technologies that eventually join the list of meaningful tools against warming.
They are also backing the early-stage, climate-focused VC fund Congruent Ventures, as well as the foundation-backed Southeast Asia Clean Energy Facility.
Since their climate pledge last year Microsoft has cut its overall emissions by 6%, or roughly 730,000 metric tons and have purchased the removal of 1.3 million metric tons of carbon from 26 projects around the world.
Reference- Microsoft Newsroom, Axios, Bloomberg Green