Carbon removal market has lift-off
June 16, 2023
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A spate of headline deals has seen the carbon removal market skyrocket by 300% in just two months. There is no putting the genie back in the bottle.
By Oliver Gordon, Energy Monitor | Five years ago, carbon removal technology would have been uttered in the same breath as pie-in-sky climate solutions such as solar geo-engineering – i.e. artificially dimming the sun. Today, the scientific community sees carbon removal markets as necessary and scalable. They will be key to the world’s ambition of limiting global warming to a just-about-manageable 1.5°C. According to the Intergovernmental Panel on Climate Change’s (IPCC) latest report, “reaching net zero GHG emissions primarily requires deep reductions in CO₂, methane, and other GHG emissions, and implies net-negative CO₂ emissions. Carbon dioxide removal will be necessary to achieve net-negative CO₂ emissions”.
