A cohort of government, corporate, and financial leaders have joined forces in a new Advance Carbon Removal (ACR) Coalition that will drive demand for carbon dioxide removal (CDR) in Canada.
Created as an initiative by Carbon Removal Canada, the ACR coalition brings together the Government of Canada, BMO, ClimeFi, NorthX, RBC, Shopify, and Vancity, who have collectively deployed over $75 million into Canadian carbon removal so far.
The purpose of the coalition is to boost the confidence in Canada’s CDR industry, aiming to aggregate $100 million in new financial support for this Canadian sector by 2030 across purchases, investments, and project finance.
Envisioned to serve as a shared platform for participation, transparency, and engagement across the Canadian CDR ecosystem, the coalition will focus on building and increasing demand for high-integrity CDR credits from Canada.
Its efforts are expected to contribute towards the defining of a clearer market direction and stronger conditions for Canadian projects to secure financial backing through investments, purchases, and financing mechanisms.
The ACR Coalition will unite industry stakeholders around a set of aligned objectives, giving the Canadian CDR sector a streamlined basis for engagement and reducing counterproductive market fragmentation.
Acknowledging that the global CDR market is expected to reach a trillion-dollar level in the coming decades, the coalition intends to support Canada in embracing the opportunity to lead in this field, leveraging the country’s competitive advantages in geology, engineering expertise, biomass resources, and clean electricity.
Relevant: In A New Analysis, Canada Energy Regulator Reflects On The Country’s Growing CDR Sector
Ed Whittingham, Founding Director at the Advance Carbon Removal Coalition, stated, “Canada has the talent, geology, and clean power to lead in carbon removal. By aligning serious buyers and investors, we’re helping advance Canada’s carbon removal sector from fragmented to financeable. That’s how you go from ambition to projects on the ground.”
Na’im Merchant, Executive Director at Carbon Removal Canada, commented, “Carbon removal is one of the greatest economic opportunities Canada has in front of it, and seizing it requires bold demand signals from both government and industry. The Advance Carbon Removal Coalition is a clear declaration that Canada is building this sector, and that serious participants are already at the table.”
Read more: New Carbon Console Tool Showcases The CDR Sector In Canada
