The Carbon Business Council (CO2BC) has published a Carbon Removal Policy Guide: FAQs & Resources for Policymakers, providing observations on best practices for scaling carbon removal to a trillion-dollar industry.
In this new resource, the CO2BC lays out crucial information on carbon dioxide removal (CDR) for decision-makers, answering the questions that typically arise around this topic and highlighting benefits from further carbon removal advancement.
Quoting a projection by McKinsey that estimates that CO2 removal can scale to be a $1.2 trillion dollar market by 2050, this tool outlines ways in which the public sector can stimulate growth in the CDR industry, a domain that has the potential to create 440,000 long-term jobs, according to analysis from Lawrence Livermore National Labs.
While this decarbonization realm has so far been spearheaded by private sector stakeholders who leverage the favorable removal policies introduced by the public sector, the guide states that further public domain support is needed to generate demand for CDR initiatives.
To that end, the Carbon Business Council published a policy manual, Demand-Side Support for Scaling CDR, which identifies motives for implementing demand-support policy, indicating policy opportunities and introducing best practices for creating a diversified portfolio of demand-support policies for carbon removal.
As detailed in the guide, the public support that can catalyze demand for carbon removals can be in the form of direct government procurement, price supports, tax credits, environmental claims regulation, and national compliance markets.
This kind of governmental backing would also contribute to the establishment of standards for high-quality CDR.
Relevant: Carbon Business Council Releases “Utilities and Carbon Removal: A Gigaton Scale Opportunity” Report
Furthermore, the guide advocates for a level playing field in regard to CDR methods, calling for a multi-approach carbon tackling strategy that would enable a gigaton annual removal scale by mid-century.
The guide stresses that the private sector will also play a defining role in powering the expansion of the carbon removal sector, where corporates can induce CDR demand by incorporating CO2 removal into their climate action agendas.
To help corporate leaders with this effort, the Carbon Business Council has prepared a report in collaboration with the BMW Foundation- Herbert Quandt, as well as an assessment of the benefits that CDR scaling could bring to the market.
Read more: Carbon Business Council Releases Policy Primer on Demand-Side Support For CDR
