CO2BC Publishes Key Guide for Policymakers on Scaling Carbon Removal

The Carbon Business Council (CO2BC) has released a Carbon Removal Policy Guide aimed at policymakers, providing crucial insights into the carbon dioxide removal (CDR) sector. The guide highlights the potential of CDR to grow into a trillion-dollar industry and offers recommendations for scaling up efforts to remove CO2 from the atmosphere.

Carbon Removal’s Economic Potential

A report by McKinsey estimates that carbon removal could become a $1.2 trillion market by 2050. The CO2BC guide underscores this potential, noting that CDR could create up to 440,000 long-term jobs, according to research by Lawrence Livermore National Labs.

As global attention on climate change intensifies, CDR is emerging as a key solution. The CO2BC stresses that scaling this sector is critical for meeting international climate goals.

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Public Sector Support Key to Growth

While private sector investment has led many CDR projects to date, the CO2BC argues that public sector support is vital for growth. The new guide outlines several policy options to boost demand for CDR, including direct government procurement, tax credits, and environmental claims regulation.

Government involvement could also help establish standards for high-quality carbon removal, providing much-needed credibility to the emerging industry.

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Diverse Approaches to Carbon Removal

The CO2BC advocates for a diversified approach to CDR, combining natural solutions like reforestation with advanced technologies such as direct air capture. According to the guide, this multi-method strategy will be essential for achieving the gigaton-scale carbon removal needed by mid-century.

A varied portfolio of CDR solutions can increase the industry’s flexibility and resilience, addressing different carbon removal challenges at scale.

Private Sector’s Role in Driving Demand

The guide also highlights the role of the private sector in driving CDR adoption. Companies are encouraged to include carbon removal in their climate action plans, both as a way to meet sustainability goals and to help stimulate demand for CDR technologies.

To assist businesses in this effort, the CO2BC has partnered with the BMW Foundation to create tools that help corporate leaders understand and integrate CDR into their climate strategies.

The release of the Carbon Removal Policy Guide signals a critical step toward scaling up carbon removal efforts. With the support of both the public and private sectors, CDR could grow into a trillion-dollar market, creating jobs and significantly contributing to global decarbonization efforts.

The CO2BC’s guide serves as a roadmap for policymakers and businesses, offering clear strategies to build a thriving carbon removal industry that is central to tackling climate change.