Shopify : 2025 Climate Report

Published: 2026-05-06 16:07:17 ET SHOP

Published on 05/06/2026 at 04:07 pm EDT

01 Shopify SustainabilityFund

Shopify PlanetApp

Company Footprint

‌We support climate entrepreneurs who are building breakthrough

technologies that remove carbon dioxide from the atmosphere or

prevent its release.

Our funding helps those innovators scale solutions that can help

address climate change.

Durable carbon

removall contracted

254ktonnes

+63k tonnes in 2025

Since our launch in 2019, we've signed $116 million in contracts, including $24 million in 2025. We've paid out 28% so far, gering contracts and capital into innovators' hands to make projects bankable.

Our signed contracts total 254,000 tonnes of durable carbon removal, including 63,000 tonnes in 2025.

Only ten percent have been delivered, but we expect deliveries to accelerate as more projects come online.

We've signed contracts with 67 suppliers to date, and are actively supporting 840/ of them. The rest have either wound down or we haven't made a follow-on purchase, which is typical in an early market.

1 Durable carbon removal projects capture CO2from the atmosphere and store it for 100+ years. This industry is essential to net zero and needs early buyers to scale.

[ 2025 Climate Report Sustainability Fund 03

Enhanced weathering

ñr100k

Mineralization

ñr2.8M

Biomass carbon

removal and storage

Biomass carbon removal and storage

In 2025, we added seven new suppliers to our por0olio and made follow-on purchases from five existing suppliers.

Deals spanned five durable carbon removal categories and ranged from $100,000 to nearly

!j100k

Ocean alkalinity enhancement

ñr100k

Mineralization

ñr100k

Ocean alkalinity

enhancement

!j3.4M

Biomass carbon removal and storage

$4 million, varying by company stage.

We sourced these deals through Frontier. Frontier is an advance market commitment by a group of companies, including Shopify, to buy a combined $1 billion of permanent carbon removal by 2030.

PHLRIR

Direct air capture

Ocean alkalinity enhancement

!j100k

Ocean alkalinity enhancement

!j3.7M

Biomass carbon removal and storage

[ 2025 Climate Report Sustainability Fund 04

The ofhakes from Frontier buyers, including Shopify, have been very catalytic for NULIFE, providing the commercial certainty needed to secure project financing, expand our workforce, and move forward with our next commercial facility."

Brock Eidem

Co-Founder, NULIFE

After years of research and experiments, we are thrilled that a player like Frontier has chosen us. This is an extremely important step, which allows us to continue developing our technology."

Stefano Cappello

Founder & CEO, Limenet

Limenet's new calcination prototype at their facility in Italy

2025 Climate Report Sustainability Fund 05

Our suppiiers reached key scaiing milestones

AR6A

May 17, 2025

Completed the world's first surficial mineralization project using mine waste, at a mine site in Australia

January 6, 2025

Delivered the world's first verified Enhanced Rock Weathering credits, from a project in Sao Paulo State, Brazil

InPlanet

›}

1 P O I N T F I V E

April 7, 2025

Received the first permit ever issued by the U.S. Environmental Protection Agency to sequester CO2from a Direct Air Capture (DAC) project

FEB

MAR

January 27, 2025

Awarded $2.1B from the Swedish Energy Agency for their Bioenergy with Carbon Capture and Storage facility that aims to remove 800,000 tonnes of CO2per year starting in 2028

[ 2025 Climate Report Sustainability Fund 06

Our suppiiers reached key scaiing milestones

PLANETARY

June 16, 2025

Issued the world's first verified Ocean Alkalinity Enhancement credits from their project in Halifax, Canada

July 17, 2025

Won a 10-year contract with a major wastewater utility to deploy their carbon removal technology across five wastewater plants

July 2, 2025

Raised $162M in equity financing to extend their DAC technology, reaching

$1B in total funding since inception

[ 2025 Climate Report Sustainability Fund

Alithic

July 14, 2025

Commissioned their demonstration facility, capturing atmospheric CO2and storing it in a cement substitute, all at the same plant

Our suppiiers reached key scaiing milestones

HARM

September 17, 2025

Converted an abandoned oil asset into a bio-oil injection well, increasing their carbon removal capacity by 5000/

Began injecting carbon dioxide at their upgraded in-situ mineralization site in the United Arab Emirates, where their borehole has an estimated 25,000 tonnes per year of CO2storage capacity

AUG

OCT

vaulted

deep

November 19, 2025

Completed a first-of-a-kind carbon capture field ilot at a U.S. Gulf Coast pulp and paper mill, clearing the way for a planned 400,000 tonne per year commercial project

[ 2025 Climate Report Sustainability Fund

Surpassed 36,000 tonnes of carbon removed via organic waste injected deep underground, and delivered credits every month during 2025

The durable carbon removal market still needs to scale faster

Durable carbon removal credits purchased by Shopify, contracted vs delivered

250,000

•

200,000

150,000

100,000

50,000

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

Contracted

Delivered

Catch up by 2030

Most likely trajectory

Scaling first-of-a-kind technology is hard. Even with our suppliers hitting major milestones in 2025, most are behind their original scale-up schedules. This shows up in our delivery data: of the credits due by year-end 2025, we received 37%.

Cumulative credits (tCO e)

Best-case scenario, suppliers catch up by 2030. More likely, we'll be a few years behind our 2030 expectations, which means the industry will need to scale even faster in the subsequent decades to have enough carbon removal capacity in place by 2050 for the world to achieve net zero.

Catching up hinges on demand and policy. Shopify continues to buy, as do other leading buyers, but corporate purchasing still needs to grow. Together, stronger corporate purchasing and evolving government policy will give financiers greater certainty to invest and, in turn, unlock the capital suppliers need to move faster.

[ 2025 Climate Report Sustainability Fund 09

Louie

$ 1 3 5 • / (458 REVlEW'2)

D ETAILS

Mallard duck hand-carved from Atlantic white cedar and painted with premium finishes. Dimensions 20" x 8" x 18"

Carbon neut al shipp ng on all o de s e

Buy now

Impact since launch in 2022

Carbon-neutral shipping

Carbon dioxide removed

Funding contributed

[ 2025 Climate Report Planet App

By matching estimated shi ing emissions with verified carbon removal credits, the Planet app has turned 73 million orders into $3 million for carbon removal and 52,000 tonnes removed. Commerce entrepreneurs backing climate entrepreneurs. Builders funding builders for a be2er planet.

Check out Planet in the Shopify App Store.

The Pianet app turns merchants' climate goais into action

rabbit, runner's apparel for men and women

At rabbit, we believe the future of running depends on the health of the places we run. The Shopify Planet app allows us to take real, transparent climate action and align our growth as a brand with protecting the outdoors."

Monica DeVreese

Co-Founder & CEO, rabbit

Seatopia is building a truly regenerative seafood system by rethinking the entire supply chain, from how seafood is raised to how it's distributed, verified, and delivered. We also use the Shopify Planet app to pair every order with credible carbon removal."

James Arthur

Co-Founder & CEO, Seatopia

Seatopia, certified clean seafood delivered

[ 2025 Climate Report Planet App 12

Our total operational emissions (Scope 1, 2, 3.6, 3.7) were 27,856 tCO2ein 2025, a slight decrease of 2% from 2024. This stability reflects minimal shifts

Metric1

Energy consumption (MWh)

2023

2024

20252

% change (2024-2025)

in our ofiice spaces, headcount, travel cadence, and remote-work approach.

Scope 1 & 2 - offices

22,375

16,626

16,311

-2%

Scope 3.7 - employee home offices

19,922

16,809

16,494

-2%

Emissions methodology

Total energy consumption

42,297

33,435

32,80 5

2Oo

We follow the Greenhouse Gas Protocol. Our organizational boundary is

Operational emissions (tCO,e)

operational control. We report our operational emissions, which we have defined

to include the following categories:

Scope 1: Direct emissions from on-site fuel use and refrigerants in our offices Scope 2: Indirect emissions from purchased electricity in our ofiices

Scope 3.6: Business travel, including air and rail, car travel, and hotels

Scope 3.7: Employee commuting and home ofiices, based on employee

locations, commute modes, ofiice access data, and region-specific energy mix

This excludes all other Scope 3 categories, including emissions from cloud use

home offices

Scope 1- offices

1,144

998

967

-3 0/

Scope 2 (location-based) - offices

2,467

1,307

1,518

16%

Scope 2 (market-based)" - offices

2,847

1,522

1,722

13%

Scope 3.6 - business travel

20,370

21,959

20,924

-5%

Scope 3.7 - employee commuting +

4,109

4,045

4,243

Total operational emissions1 28,470

Emissions intensity1 (tCO,e per $M revenue)

0.57

0.28

0.23

-18%

4.03

3.21

2.41

-25%

Scope 1 & 2 per $M revenue Total operational emissions

per $M revenue

28,524 27,856 -2%

and payment processing, and those from marketing and other corporate spend.

[ 2025 Climate Report Company Footprint

1 All metrics exclude the effects of renewable electricity certificates, renewable natural gas certificates, and carbon removal credits. Total operational emissions and intensity metrics use Scope 2 (market-based), not location-based.

In 2025, we refined our emissions methodology, improving lease identification and refining how we assign work-from-home vs. commuting days. 2023 and 2024 figures are revised for comparability and are higher than previously reported.

Scope 2 (market-based) is reported before renewable electricity certificates are applied.

We take responsibility for the climate impact of our operations by addressing our In 2025, our total operational emissions were 27,856 tCO2e, which we addressed total operational emissions every year. These emissions are driven by choices we by retiring renewable natural gas certificates, renewable electricity certificates control, like where we locate our ofiices, our remote-first work approach, and from our virtual ower urchase agreement, and carbon removal credits from our how often we travel for work or hold company events. Sustainability Fund.

2025 commitment reconciliation

30,000

4,243

-1,788

20,924

-2,443

20,000

-7,993

10,000

1,722

967

-15,632

Scope 1- offices

Scope 2 (market-based) -

offices

Scope 3.6 - business travel

Scope 3.7 - employee commuting +

home offices

Renewable natural gas certificates

Renewable electricity certificates

Durable carbon removal

Nature-based

carbon removal

[ 2025 Climate Report Company Footprint 15

2025 carbon removal credits retired (tCO,e)

Durable carbon removal

Vaulted Deep

2,243

Planetary

1,625

InPlanet

1,028

Planboo

929

Carbofex

641

Charm Industrial

627

BIOSORRA

430

Climeworks

200

CREW Carbon

134

NULIFE GreenTech

Arca

Nature-based carbon removal

IndigoAg

11,703

Grassroots Carbon

3,929

Sub-total

15,632

Total

23,625

Durable carbon removal projects capture CO2from the atmosphere and store it for 100+ years. This industry is essential to net zero and needs early buyers to scale, so we prioritize it to meet our operational emissions commitment. In 2025, it made up 340/ of the credits we retired, a slight increase of 20/ from 2024.

25 Ono

Durable carbon removal

Nature-based carbon removal

2025

2024

2023

Carbon removal mix, 2023-2025(

50%

66 no

6 no

99%

75%

100%

[ 2025 Climate Report Company Footprint 16

Disclaimer

Shopify Inc. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 20:06 UTC.