A groundbreaking report from the Carbon Business Council reveals the crucial connection between utilities and carbon removal.
As utility companies navigate the transition to clean energy and reduce carbon emissions, a pioneering report explores carbon dioxide removal (CDR) as a vital tool in achieving net-zero.
The Carbon Business Council, in partnership with the Carbon Business Development Council, unveiled “Utilities and Carbon Removal: A Gigaton Scale Opportunity.” The report highlights the substantial benefits CDR offers to utilities, making it a strategic investment.
It also demonstrates how utilities can play a pivotal role in scaling up the carbon removal industry, and is made possible by the support of Breakthrough Energy.
“There’s a gigaton scale opportunity that can happen by utilities and carbon removal companies working more closely together. From the skillset of utilities as project developers to powering carbon removal with clean energy, this alliance delivers a win for utilities, ratepayers, communities, and the climate,” said Ben Rubin, Executive Director of the Carbon Business Council.
The report outlines the numerous connections between utilities and carbon removal, emphasizing the potential for CDR to contribute significantly to climate goals.
Relevant: Less Than Half of U.S. Utilities Make Decarbonization Efforts
Utilities represent a vast market worth over $1 trillion in the U.S., while CDR is poised to become a trillion-dollar industry. The report pinpoints opportunities and considerations for utilities and carbon removal companies to join forces and presents recommendations for accelerating carbon removal and achieving climate targets.
Scientists worldwide agree that the world must remove and manage gigatons of carbon dioxide from the atmosphere to meet the Paris Agreement’s objectives. The concept of “twin targets” emphasizes the need for CDR to complement emissions reduction efforts.
The report highlights the potential for collaboration between utilities and CDR industry. Utilities possess assets like land and infrastructure that can be used for CDR projects, leading to environmental benefits and cost savings for ratepayers.
Relevant: Wyoming Allows Utilities To Charge Customers For Carbon Capture
Regulatory support can help advance CDR projects, ensuring they align with broader climate goals. To power CDR, clean energy can be paired with CDR technologies, especially those with higher energy requirements, which can reduce costs and improve environmental outcomes.
By working together, utilities and CDR can contribute to achieving net-zero emissions and addressing climate challenges.
The report is published by the Carbon Business Development Council, in collaboration with the Carbon Business Council, which provided content and editorial assistance. The authors include Nick Pappas and Jon Martindill of NP Energy and Ben Rubin – who is also the publisher of the Carbon Herald – and Isabella Corpora.
The full report is available here.
