Climate-conscious partners

We’ve chosen Stripe to process payments because of their commitment to the environment

Summary: Stripe offset their carbon footprint using new CO₂-sequestering green technology

Stripe were the first customers of Charm Industrial, a start-up company that helps large companies offset their carbon footprint with their new green technology. Charm’s carbon sequestration method (carbon capture) takes advantage of the fact that plants capture the greenhouse gas carbon dioxide (CO₂) from the atmosphere. This is the same CO₂ generated from a variety of human activities in ever-increasing amounts, and which scientists estimate is responsible for 60-80% of the rise in global temperatures.

Carbon dioxide : A naturally occurring gas, CO₂ is also a by-product of burning fossil fuels (such as oil, gas and coal), of burning biomass, of land-use changes and of industrial processes (e.g. cement production). It is the principal anthropogenic greenhouse gas that affects the Earth’s radiative balance.

IPCC, 2018: Global Warming of 1.5°C, An IPCC Special Report

How does the CO₂ capturing method work?

Charm collects agricultural waste after crop harvesting (e.g. corn stover) that would usually be left to rot in the field. This waste is then converted using pyrolyser into bio-oil in a self-sustaining reaction. The bio-oil now contains most of the CO₂ captured by the plants during their growth, but in a much more concentrated and permanent form. The final step of the process is to pump this plant-derived oil directly back underground, where it will stay for good. As Charm puts it, this oil is “…out of reach of wildfires, soil erosion, and political folly.”​​​​​​​​ The solids generated during the bio-oil process are high in minerals, and can also be used to regenerate soil quality for future harvests.

What has Stripe committed to so far?

So far, Stripe has paid to remove 416 tons of CO₂ from the atmosphere. To put that number in perspective, an average tree absorbs approximately 25kg of CO₂ per year. Capturing 416 tons of carbon dioxide would be the equivalent of around 16640 trees (or 1164 trees for 10 years) !

At thé paon we make decisions to minimise our impact on the environment. So we’re very pleased to see that Stripe is also taking climate change seriously. It will be exciting to see the effects of Charm’s carbon capture method, and what future green technologies emerge.