Google Ventures, the venture capital arm of the big tech firm, has led a funding round for UK-based, climate-focused fintech Cur8.
The startup has developed a market-making platform for carbon removal.
According to Cur8, its service is designed to help companies meet their 2050 decarbonisation targets by investing in carbon removal portfolios in order to offset their emissions and fulfil their net zero commitments.
A lack of supply, quality concerns and prohibitive pricing have held back participation in carbon removal trading thus far. The Cur8 platform will buy carbon removal credits from suppliers and then repackage them as portfolios for companies and investors.
The fintech hopes that this will bring down the price of carbon removal and make it a more accessible market.
“I’ve been working in climate science for 30 years, and it can be easy to feel overwhelmed and pessimistic about the 2050 net-zero deadlines,” said climate scientist and Cur8 co-founder Gabrielle Walker.
“Carbon removal, along with decarbonisation at scale, has the potential to help us reach these goals, but only if we have the right tools to scale this market to 10 billion tonnes a year by 2050."
The funding round raised £5.3 million, which Cur8 said would be used to increase capacity and further product development.
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