Carbon Business Council releases new report on boosting carbon dioxide removal

Carbon Business Council Releases New Report on Boosting Carbon Dioxide Removal

The Carbon Business Council has introduced a pivotal new publication titled “Demand-Side Support for Scaling Carbon Dioxide Removal Policy Primer,” which serves as a thorough examination of how policy can drive the advancement of carbon dioxide removal (CDR) technologies. The unveiling took place recently, drawing attention to the pressing necessity for legislative measures to elevate demand for CDR solutions.

Compiled by a team of specialists, the report underscores the rapid expansion of the CDR market. To date, the market has reached a cumulative sales value of over 11 million tonnes and has attracted $2.7 billion in investment. Despite these figures, current voluntary carbon markets (VCMs) and philanthropic contributions fall short in achieving the scale required to meet the ambitious targets set by the Paris Agreement. The report asserts that substantial policy intervention is essential to fulfil these international climate goals by mid-century.

The policy primer offers a comprehensive suite of policy alternatives designed to fast-track the adoption and integration of CDR technologies. Suggested initiatives include direct government procurement of CDR services, tax incentives, price supports, stringent regulations for environmental claims, and the creation of government-mandated compliance markets. These mechanisms not only promise to immediately boost demand for CDR technologies but also set the stage for establishing quality standards within the industry, draw in further private investments, and stimulate growth within the voluntary carbon market.

The report is the work of the Carbon Business Council’s working group, which comprises member companies and partner organisations. This collective effort presents a set of best practices intended for policymakers, advocates, and other stakeholders, aimed at promoting innovation and the implementation of effective CDR policies.

A critical aspect of the recommended strategy is the “whole-of-government” approach, advocating for cohesive and collaborative efforts across various governmental sectors. Such an approach is deemed vital for creating a nurturing environment that supports the development and widespread deployment of CDR solutions globally.

For those interested, the complete "Demand-Side Support for Scaling Carbon Dioxide Removal Policy Primer" is accessible on the Carbon Business Council’s official website.

The recently launched report marks an essential step forward in the global effort to scale up carbon removal technologies, which play an indispensable role in mitigating climate change and adhering to international environmental agreements.