Overnight, Shopify, Stripe, Alphabet (Google), Meta (Facebook) and McKinsey launched Frontier, an Advance Market Commitment (AMC) to accelerate the development of carbon removal technologies. The founding companies are committing an initial $925M USD (~$1.25B AUD) to purchase permanent carbon removal from companies building promising new solutions over the next nine years, starting in 2022. This is a global initiative and covers APAC. Essentially, the investment will go towards buying carbon removal solutions from companies developing emerging technology and scaled solutions to address climate change around the world.