Chris Sacca, founder of Lowercase Capital LLC, will speak at the 2017 South By Southwest (SXSW) Interactive Festival at the Austin Convention Center in Austin, Texas, USA, on Saturday, March 11, 2017. The SXSW Interactive Festival has a variety of tracks. This allows participants to explore what’s next in the entertainment, culture and technology world.Photographer: David Paul Morris / Bloomberg via Getty Images
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Chris Sacka’s Climate Investment Company, Low carbon capitalAnnounced on Thursday that it has raised $ 350 million, especially to invest in carbon removal startups.
“There has never been a better time to set up a greenhouse gas reduction company,” says Sacca. Written in his announcement of the fund..
Sacca says he wants to invest in emerging entrepreneurs looking to scale up their carbon removal technology, embracing solutions ranging from biological enhancement and manipulation to electrochemical solutions and deep underground carbon burial. ..
“So come to us with your wildest ideas. They don’t have to be completely burned, and we don’t have a prejudice about what works,” Sacca writes. I am. “There are all categories of carbon removal approaches with great potential that have not yet been discovered.”
on tuesday, Online Payments-Technology Provider Stripe Announces It teamed up with Google’s parents alphabetFacebook parents MetaE-commerce platform Shopify Talk to giant McKinsey and promise to buy $ 925 million worth of permanent carbon removal from companies developing technology over the next nine years. The two companies jointly announced their investment FrontierAn advanced market commitment financing model first developed in 2009 to stimulate the demand for developing a pneumococcal vaccine for low-income countries.
Stripe is also an investor in Lowercarbon’s $ 350 million fund, and the return on their investment goes back to the purchase of more carbon removal, Sacca said.
Overall, a commitment of nearly $ 1 billion is a way to secure demand in the industry, which is still in its infancy.
The lack of demand for carbon removal means that science is largely driven to laboratory projects.
“As for the demand for carbon removal, think of the amount you tried to buy it two years ago was devalued to $ 0. The few companies that tried to remove it were basically small demos and large. There was no clear path to commercialization, “Sacca wrote. “Fast forward to this day and you’ll see that major buyers in different disciplines simply understand it. It’s not just a lip service. We call it your bluff, show your money, Line up cash in the barrel. Buy greenhouse gas reductions. “
There are other recent signs of government demand in the market.
In the United States, a bipartisan infrastructure bill is included Federal Government’s $ 3.5 Billion Direct Investment in Carbon Recovery TechnologyBoth UK..When European Union promised to capture 5 million tonnes Annual carbon dioxide.
Investment in carbon removal technology will be carried out in parallel with decarbonization efforts.
“Even in industries such as steel and fertilizer, which are famous for their difficulty in decarbonization, we have been able to eliminate new emissions and will continue to do so. We are confident in our current low-carbon portfolio.” Said Sacca. “Carbon is expensive and removing it from energy, services, commodities, etc. ultimately leads to profits. Businesses like profits. So it all works. It just takes time. Sadly , We’ve spent most of the last 50 years eating an all-you-can-eat petrochemical buffet and running out of time. “
And that’s why removing carbon from the atmosphere must also be part of the suit for developing climate technology, Sacca said.
“Removal means removal, which means wiping off the 170-year-old extracted sludge milk we have already spilled,” Sacca writes. “Removal means grabbing the carbon dioxide contamination that is already there and sucking it up forever. As others have very eloquently explained, if you have only one pool, it’s already floating. You need to catch the dung and stop people at the same time. Drop new dung. ”