At a recent event hosted by Toronto-based lobby group Carbon Removal Canada, the Treasury Board of Canada Secretariat unveiled a groundbreaking initiative to invest CA$10 million (approximately $7 million) in carbon dioxide (CO2) removal procurement.
This marks the first time the Canadian government has engaged in carbon removal procurement, positioning Canada as one of the pioneering countries globally in this type of investment.
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The announcement follows the release of a recent carbon procurement report by Carbon Removal Canada, highlighting the country’s commitment to advancing carbon removal technologies.
This investment signals the government’s recognition of the critical role that carbon removal plays in achieving net-zero emissions goals.
The report provided by Carbon Removal Canada outlines research-based recommendations for best practices in carbon removal procurement for both government and industry stakeholders, according to a report by Carbon Herald.
The government’s investment plans reflect a commitment to these recommendations, demonstrating an understanding of the broader implications of carbon removal beyond just reducing emissions.
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Earlier this year, as part of its 2024 budget, Canada expanded its Low-Carbon Fuel Procurement Program to include carbon dioxide removal services. This strategic move aims to curb emissions and ensure that CO2 removal initiatives benefit local communities.
The report emphasizes the importance of prioritizing high-quality carbon removal projects that positively impact the livelihoods and well-being of nearby residents. Furthermore, it calls for transparency in operations, ensuring credible measurement, monitoring, reporting, and verification of activities associated with these initiatives.
With this significant investment, Canada is poised to strengthen its leadership role in the global adoption of carbon removal technologies, setting a precedent for other nations.