Commercial, Finance, Sourcing Renewables  -  March 15, 2024

Google Sets Aim for $35 Million in Carbon Credits

Google has pledged to match the Department of Energy’s (DOE) Carbon Dioxide Removal Purchase program and plans to contract for at least $35 million worth of carbon removal credits over the next 12 months.

For the first time, the U.S. federal government is purchasing $35 million  in carbon removal credits through the Department of Energy’s (DOE) Carbon Dioxide Removal Purchase program. The government  invited companies to amplify and scale their impact with parallel initiatives. 

Google announces it is the first company to pledge to match the DOE’s program dollar for dollar, according to an announcement.

This model of mutually reinforcing public-private support is an important tool to commercialize carbon removal solutions. 

Google is working to lower its own emissions across our operations and value chain. The tech company previously made purchases through Frontier, a first-of-its-kind advance market commitment to scale breakthrough durable carbon removal approaches, and also participated in the First Movers Coalition, a global initiative of companies working together to send a clear demand signal for emerging climate technologies. 

The company plans to work with its partners to identify and scale the most promising technology-based and nature-based carbon removal solutions.

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