Frontier is a coalition formed by companies such as Alphabet, McKinsey, Meta, Shopify and Stripe with the purpose to finance innovative carbon removal solutions with a great potential in removing polluting emissions.

Removing carbon dioxide is likely going to become necessary as greenhouse gases that are locked into the atmosphere are already causing significant global warming. Keeping the temperature increase to 1.5 degrees Celsius could mean that we'll have to remove billions of tons of carbon dioxide from the atmosphere, however, that technology is not ready yet.

ESG Today writes that Stockholm Exergy recently received the environmental permit required for the company to build its BECCS facility, which will capture and store carbon emissions in liquid form, making it easier to transport the gases and to store them on the bottom of the North Sea.

Anders Egelrud, CEO of Stockholm Exergi, said that "the agreement with Frontier and its prominent member companies is a very strong testimony of the efficiency and sustainability of Stockholm Exergi’s BECCS project."

The upcoming facility can capture 800.000 tons of carbon emissions per year once operational.

Hannah Bebbington, Head of Strategy at Frontier, added that "if Exergi can prove that large-scale, responsible, tightly executed retrofits are possible, it will be truly catalytic and dozens of other facilities will follow. This is a first-of-a-kind industrial project but we have real confidence in this team."