JPMorgan and H&M team up with tech giants for billion-dollar carbon removal effort.

JPMorgan, H&M, Autodesk, and Workday have committed $100 million to Frontier, a benefit company owned by Stripe, to remove carbon dioxide from the atmosphere. Frontier helps its member companies purchase CO2 removal via pre-purchase agreements or offtake agreements. The goal is to spur the development of a new industry by providing a novel source of funding that isn't based on debt or equity investments, but on actual product purchases before the technology is fully available at scale. The latest report published in March from the United Nations' Intergovernmental Panel on Climate Change talks about the value that carbon dioxide removal has in responding to climate change.