Shopify partners with nine climate tech start-ups via Sustainability Fund

Shopify partners with nine climate tech start-ups via Sustainability Fund

THE WHAT? Shopify is supporting nine new entrepreneurial, tech-driven companies through its Sustainability Fund, bringing its total carbon removal purchase commitment to US$32 million. 

THE DETAILS? The new partners include Loam, DroneSeed, Sustaera and Carbin Minerals. 

Shopify is the largest purchaser for eight and the first purchaser for four of the new partners. 

Shopify said, “As the largest purchaser, we are providing companies with a strong revenue stream that helps them secure financing, and as the first purchaser, we are sending a clear market signal for others to buy from these partners.

“Each company we’ve purchased from is working towards our shared goal of finding innovative ways to create a more sustainable future. They’ve created solutions that could truly revolutionize their sector and make an impactful contribution to reversing climate change at scale.”

The companies were selected based on critical factors, including technology and process, plans to scale, and the size of impact the purchase could have.

THE WHY? The latest round of purchases expands Shopify’s position as one of the largest corporate purchasers of long-term carbon removal globally with 39,380 tonnes total.

Stacy Kauk, Shopify Head of Sustainability, said, “Purchasing carbon removal from leading companies is critical to helping them scale, but purchasing from emerging companies pursuing novel approaches is equally essential. We need as many companies as possible innovating in this space to remove over 200 years of emissions to go beyond critical emission reductions.”

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