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2022 CK Prahalad Award for Global Leadership in Sustainability Honors Shopify’s Sustainability Fund and Stripe Climate

The award recognizes winners for illustrating the fundamental link between sustainability, innovation and long-term business success in a globalized world.

SAN FRANCISCO –News Direct– CEF

SAN FRANCISCO, June 20, 2022 /3BL Media/ — The CCEF has presented the 2022 CK Prahalad Award to two co-winners, Shopify Sustainability Fund and Stripe Climate, in recognition of their groundbreaking efforts to catalyze a market for climate change solutions. carbon. The awards were announced as part of the 2022 CEF Annual Leadership Retreat, which was attended by senior executives representing CEF member companies with combined revenues of $4 trillion.

Shopify, a leading provider of business-critical internet infrastructure and one of the largest long-term carbon-free enterprise buyers, launched its sustainability fund in September 2019. The goal of the fund is to help companies that prove, scale and commercialize climate technologies for massive long-term impact. CEF Founder, MR Rangaswami, praised this strategy: “The decision to buy carbon removal at prices well above the minimum available price as a way to kick-start demand and spur innovation has shows foresight and courage. Shopify really doubles down on long-term carbon removal and the forward-thinking entrepreneurs behind it.

The goal is to accelerate the timeline to a low-cost carbon removal market, and they’re well underway. As of March 2022, Shopify had committed $32 million through its fund for carbon elimination purchases from 22 entrepreneurial technology-focused companies. At signing, Shopify was the biggest buyer for 17 of them and the top buyer for nine. Several have gone on to raise tens of millions of dollars in capital – and grown their carbon removal capacity and customer base exponentially – based on this crucial early support.

During the same period, global payments leader Stripe began charting its own course to help develop carbon-free solutions. In August 2019, Stripe announced its Negative Emissions Commitment, pledging at least $1 million per year to pay, at all costs, for the direct removal and permanent storage of carbon dioxide from the atmosphere. .

Stripe’s thesis was that early customers could help bring new technologies to market faster. By being early adopters of promising new small-scale, high-cost carbon removal solutions, Stripe could enable these technologies to scale faster. Stripe has worked with scientific experts to select carbon removal companies that store carbon permanently, don’t take up significant arable land, and have the potential to be affordable at scale.

After the initial engagement, Stripe launched Stripe Climate – allowing any business on Stripe’s platform to direct a percentage of their revenue towards scaling carbon removal technologies. This program quickly became the world’s largest coalition of carbon removal buyers and today has over 15,000 active users. By the end of 2021, Stripe had rolled out $15 million in carbon removal purchases to 14 different businesses, and was the first customer of 11 of them.

CEF Chair PJ Simmons highlighted the importance of these developments, citing the 2022 report of the Intergovernmental Panel on Climate Change. “To reach our net zero climate goals, the IPCC says reducing emissions is not enough – we need to focus on eliminating existing carbon dioxide from the atmosphere with science-based, verifiable and scalable technologies. The two winners of the Prahalad Prize are accelerating their momentum to achieve this, so as to ensure the sustainability of their businesses.

Although Shopify and Stripe started their carbon-free journeys separately, they quickly came to the same conclusion: that collective action would have more impact than working alone. In April of this year, they co-founded Frontier, alongside Alphabet, Meta and McKinsey Sustainability, incorporating everything they had learned since placing their first zero-carbon bets in 2019. Frontier is a pre-commitment from the market to invest nearly $1 billion in the table to buy zero carbon by 2030. The goal is to send researchers, entrepreneurs and investors a strong signal of demand indicating that there is a future market for carbon removal.

ABOUT FECCEF is an invitation-only network of top leaders from Fortune and Global 500 companies driving sustainability and innovation around the world. Members include Fortune and Global 500 companies from various industries with combined revenues of $4 trillion. CEF provides a neutral and safe year-round space for influential executives to exchange best practices, collaborate and innovate. The diversity of executives, coupled with the cross-industry nature of CEF, creates a world-class platform to accelerate the solving of sustainable business problems and innovation.

ABOUT THE CK PRAHALAD AWARD FOR LEADERSHIP IN GLOBAL BUSINESS SUSTAINABILITYThe CK Prahalad Award for Global Leadership in Corporate Sustainability, established in 2010 to honor CK Prahalad, a founding member of the CEF Advisory Board, recognizes outstanding and globally significant action by the private sector that illustrates the fundamental link between sustainability, innovation and long-term business success in a globalized world. world. Winners can be either (1) individual executives, (2) notable corporate actions/initiatives, or (3) collaborations involving the private sector that have produced significant results globally. Winners are determined by private votes cast by CEF’s 24-member advisory board, which includes representatives from government, academia, non-governmental organizations and the private sector. Voters chose from a list of finalists, selected following an open nomination process. Past winners include:

• 2010: Hector Nuñez, CEO of Walmart Brazil • 2011: Muhtar Kent, CEO, Coca-Cola • 2012: Neil Hawkins, Vice President and CSO of Dow Chemical; The Sustainable Clothing Coalition; Paul Polman, CEO, Unilever • 2013: Vidal Garza Cantú, Director, FEMSA Foundation; Hannah Jones, CSO and Vice President of Innovation Accelerator, Nike; Kurt Kuehn, CFO, UPS • 2014: Robert B. Carter, CIO, FedEx Corporation; Global Water Challenge (GWC); Tamara “TJ” DiCaprio, Senior Director of Environmental Sustainability, Microsoft • 2015: David Crane, CEO, NRG Energy • 2016: Joe Kaeser, CEO, Siemens • 2017: Urs Hölzle, SVP of Technical Infrastructure, Google ; Renewable Energy Buyers Alliance (REBA) • 2018: Lisa Jackson, Vice President for Environment, Policy and Social Initiatives, Apple; The Task Force on Climate-Related Financial Disclosures (TCFD) • 2019: TerraCycle’s Loopback Buying Platform; Posthumous honors to former Duke Energy CEO Jim Rogers • 2020: Douglas M. Baker, Jr; Microsoft CEO Satya Nadella, Chairman and Vice Chairman Brad Smith, Chief Financial Officer Amy Hood, and Chief Environmental Officer Lucas Joppa

FEC MEMBERS3M, Amazon, Apple, Aptiv, Archer Daniels Midland, ATI, Bank of America, BASF, Bill & Melinda Gates Foundation, BlackRock, Bloomberg, Boeing, Brown-Forman, CBRE, Chevron, Cisco, Cognizant, Comcast NBCUniversal, Dell Technologies, Dow Chemical, Duke Energy, Ecolab, Enterprise Holdings, ExxonMobil, FEMSA, Fidelity, Ford, Four Seasons Hotels & Resorts, GE, General Motors, Google, HanesBrands, Honeywell, HP, Hewlett Packard Enterprise, Hyatt, International Paper, JetBlue Airways, Johnson & Johnson, JPMorgan Chase, Kaiser Permanente, Kimberly-Clark, Liberty Mutual, Lockheed Martin, Marriott International, Mastercard, McDonald’s, McKesson, McKinsey & Co., Meta, Microsoft, Morgan Stanley, NextEra Energy, Northrop Grumman, NRG Energy, Oracle, PepsiCo, Procter & Gamble, Samsung, Schlumberger, Schneider Electric, Sealed Air, Siemens, TD Bank Group, Tiffany & Co., TPG Capital, Trane Technologies, Unilever, UPS, Visa, The Walt Disney Company, Wells Fargo, WM

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CONTACT: Mr. R. Rangaswami, Founder, Corporate Eco Forum 415-516-5857 [email protected]

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