Today Shopify announced new partnerships with nine entrepreneurial, climate-forward trailblazers through its Sustainability Fund, bringing their total carbon removal purchase commitment to $32 million.
One of the newly added partners is a Vancouver’s own Carbin Minerals.
Carbin Minerals accelerates and optimizes permanent carbon removal in mine tailings, with the goal of enabling mines to produce both net-negative emissions and the metals essential for the clean energy transition.
Shopify’s purchase will support expensive early testing, while the mining industry waits for Carbin Minerals to move down the cost curve.
To date 13 companies have already received funding from Shopify’s Sustainability Fund, including Squamish-based Carbon Engineering.
Over the next decade, companies will be approaching net-zero deadlines, yet no solutions exist at scale that pull carbon out of the atmosphere permanently. The reality is, we need to accelerate carbon removal solutions today by demonstrating a greater demand signal, otherwise the long-term carbon removal market could collapse.
This makes Shopify’s partnership with companies like Cardon Engineering and Carbin Minerals critical.
Shopify’s latest round of purchases expands their position as one of the largest corporate purchasers of long-term carbon removal (aka pulling carbon dioxide out of the atmosphere and storing it 100+ years) globally with 39,380 tonnes total.