The Carbon Business Council has unveiled a new publication, “Demand-Side Support for Scaling Carbon Dioxide Removal Policy Primer.”
This comprehensive report, developed by a team of experts, highlights the urgent need for policy measures to stimulate demand for carbon dioxide removal (CDR) solutions.
As the CDR market continues to expand rapidly, reaching a cumulative sales value of over 11 million tonnes and attracting $2.7 billion in investment, it’s clear that significant policy intervention is required to meet the ambitious goals of the Paris Agreement.
While voluntary carbon markets (VCMs) and philanthropic support have played a crucial role in the early development of CDR, these efforts are insufficient to achieve the necessary scale by mid-century.
The policy primer outlines a range of policy options to accelerate the adoption of CDR technologies.
These include direct government procurement, tax credits, price supports, regulations for environmental claims, and ultimately, government-mandated compliance markets.
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Beyond providing immediate demand support, these policies can also establish standards for high-quality CDR, attract additional private investment, and stimulate growth in the voluntary carbon market.
The Carbon Business Council’s working group, comprised of member companies and partner organizations, offers a set of best practices for policymakers, advocates, and other stakeholders to drive policy innovation and implementation.
By adopting a “whole-of-government” approach, governments can create a supportive environment for the development and deployment of CDR solutions on a global scale.
The full Demand-Side Support for Scaling Carbon Dioxide Removal Policy Primer can be found on the official website of the Carbon Business Council.
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