At an event held by Toronto-based lobby group Carbon Removal Canada, the Treasury Board of Canada Secretariat announced a program that will invest CA$10 million ($7 million) in CO2 removal procurement.
This decision marks the first instance of carbon removal procurement by the Canadian government, turning Canada into one of the first countries in the world that ventures into this kind of investment.
Coming off the heels of a recent carbon procurement report published by Carbon Removal Canada, this announcement fortifies the country’s leading role in the global adoption of carbon removal technologies.
In their report, Carbon Removal Canada laid out research-based recommendations on best practices for optimal carbon removal procurement by the government and industry agents.
The announced investment plans signal that the message echoed in the report has been received and accepted, conveying the government’s recognition of the importance of carbon removal in a broader strategy for achieving net-zero goals.
Earlier this year, as part of its 2024 budget, Canada expanded the scope of its Low-Carbon Fuel Procurement Program to include carbon dioxide removal services.
With the help of the meticulous report provided by Carbon Removal Canada, the government will now be able to procure CO2 removal initiatives that would bring on benefits beyond just the emission curbing effect.
Relevant: New Report By Carbon Removal Canada Maps Out Procurement Guidelines
As highlighted in the report, the government should aim for high-quality carbon removal projects that also have a positive effect on the livelihoods and wellbeing of local communities. These initiatives should operate transparently, enabling credible measurement, monitoring, reporting, and verification of their activities.
Commenting on the news, Na’im Merchant, Executive Director at Carbon Removal Canada, shared, “Here’s the thing: innovation itself is not enough. We need new business models to translate carbon removal innovation into the productivity gains our economy needs. This commitment is a powerful and high-leverage demand signal to the sector.”
Read more: New Report Highlights Indigenous Engagement As Key To Responsible Carbon Removal In Canada
