Shopify Takes Action To Support 9 Climate Tech Startups

Canadian-based global e-commerce platform Shopify has announced plans to invest in 9 climate tech start-ups, including Australia-based company, Loam Bio, who developed a microbial seed coating that increases carbon in soils, as well as crop yields, and is simple for farmers to apply, laying the groundwork for gigatonne-scale CO₂ removal. 

Why does “carbon removal” differ from “offset” announcements and “climate pledges”?

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. 

Shopify’s Head of Sustainability, Stacy Kauk, is “calling on other companies to join us and help scale carbon removal. Without a greater demand signal, the nascent long-term carbon removal market could collapse.” 

Shopify hopes other companies will also join in on the following:

1) Pay a premium: Instead of offsets, purchase carbon removal from companies that are pulling carbon dioxide out of the atmosphere and storing it for the long term, even when the cost is high. Your purchases will help drive that price down for yourself and others.

2) Support emerging companies: Don’t only look at well-known, more established companies. Take some chances on innovative startups that could change the world. This will increase our odds of finding novel approaches that scale successfully.

3) Send a stronger demand signal: Sign larger and longer offtake agreements and letters of intent. This provides the demand that carbon removal companies need to secure low-cost capital to construct their large-scale facilities and scale up.

The new entrepreneurial, climate-forward trailblazers will receive funding through its Sustainability Fund. The goal of the Fund is to assist companies that are proving, scaling, and commercializing climate technologies for massive impact in the long term. This latest round of purchases expands Shopify’s 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.

The additional international partners are:

·  Direct Air Capture: Noya and Sustaera

·  Forest: DroneSeed

·  Mineralization: Carbin Minerals

·  Product: CarbonBuilt

·  Storage: 44.01

·  Transportation: Twelve and Remora

About Shopify

Shopify provides essential tools and Internet infrastructure that help merchants of all sizes, start, grow and manage their business. Headquartered in Canada, Shopify now supports millions of merchants in over 175 countries, from solo-preneurs and fast-growing direct-to-consumer brands, to well-known Fortune 500 companies. Shopify powers commerce for major Australian brands, including JB HiFi, Jenny Craig, Culture Kings, Standbags, Incu and HiSmile, and international brands such as Gymshark, Tupperware, Victoria Beckham, Allbirds, Staples, Kim Kardashian Beauty and Kylie Cosmetics, Heinz and Netflix.