PayPal is expanding its climate strategy by investing in carbon removals through a diversified biochar and carbon capture portfolio, marking another step in the fintech company’s plan to reach net zero emissions by 2040. The initiative, developed with climate solutions provider 3Degrees, is designed to help PayPal address residual emissions while supporting emerging technologies capable of permanently removing carbon dioxide from the atmosphere.

The partnership gives PayPal access to a portfolio of high-durability carbon removal projects, including an artisanal biochar initiative in India and a bioenergy with carbon capture and storage, or BECCS, project in North Dakota. According to 3Degrees, the approach allows the company to spread…