BlogNews

Stripe and Project Vesta, and what this means for us

By May 18, 2020 No Comments

Our vision is to help reverse climate change by turning a trillion tonnes of CO2 into rock.

Today, Stripe announced that they have pre-purchased over 3 kilotons of negative carbon dioxide emissions from Project Vesta. This brings us 3,333⅓  steps closer to achieving our vision.

“We’re excited to be Project Vesta’s first customer! We hope their work to validate coastal enhanced weathering will improve the world’s understanding of this high-potential negative emissions approach.”

– Ryan Orbuch, Stripe

Today’s news proves that there is a market for negative emissions from green sand beaches.

Why is Stripe doing this?

In 2019, Stripe made a commitment to “decrement carbon” by paying to remove carbon dioxide from the atmosphere. They did this because humanity needs it. They did this to spur the development of carbon dioxide removal (CDR) technologies. And they did this to encourage other companies to follow suit.

At Project Vesta, we applaud Stripe for their leadership in stewardship of the environment. We urge other companies to step up to the plate and participate in the burgeoning negative emissions economy.

Our stage of technological readiness

We remove carbon dioxide through coastal enhanced weathering. This accelerates the natural process of volcanic rock weathering, capturing carbon dioxide in limestone at the bottom of the ocean. To make this happen, we use the mineral olivine to make green sand beaches, mimicking natural ones like Papakolea in Hawaii. There, the power of natural wave energy grinds down the olivine, removing CO2 from the atmosphere.

After extensive lab testing, it is time for real-world beach experiments. Project Vesta is working on making those happen, and in fact we recently announced our first pilot beach deployment. Project Vesta is primarily funded by donations from people who want to see more green sand beaches become a reality. We are here to help coastal enhanced weathering “cross the chasm” – from the world of academia to becoming a mainstream self-sustaining carbon capture technology. 

What today’s news means for Project Vesta

This is a ‘sea-change’ in the maturity of our coastal enhanced weathering as a carbon capture method. Our donors recognize that a non-profit organization like ours is needed to bring together the combination of funding, scientific collaboration, government relationships, and project management to make green sand beach pilots a reality. Before today, our project was entirely funded by donations. This sale of 3,333⅓ tonnes of negative emissions at $75 per tonne puts the first market price on our early stage negative emissions credits. Eventually, we expect the price to fall to as low as $10 per tonne.

Recognizing Stripe’s leadership in this space, we worked with them to allow the exclusive purchase of our first tranche of negative emissions. We are currently sold out, and once we have more capacity to offer, they will go on sale – likely in 2021.

This is an important step on the journey from being entirely donation-funded to being a long-term sustainable non-profit funded by earned income from selling negative emissions. We have much still to do to validate and optimize the process of locking up carbon dioxide in rock using green sand beaches. 

Project Vesta will continue to be primarily funded by donations until this validation phase is complete. We continue to appreciate any support you can offer.

If you want to back the project, click here.

Leave a Reply

Sign Up For Project Updates
Update Me
Follow Our Progress
Add content in class-element.php function get_content()