Over 20 companies from the emerging carbon removal industry have established an alliance aimed at promoting policies that will foster and support its growth. Among the founders are companies like Climeworks, Heirloom, Living Carbon and Running Tide to name a few.
Тhe new organization is headed by Giana Amador, who joins the Carbon Removal Alliance (CRA) from Carbon 180, one of the most prominent NGO’s in the sector, which she co-founded in 2015.
The CRA will work towards the goal of commercializing and scaling the different types of carbon removal technologies that many believe will be needed to extract CO2 emissions from the atmosphere.
The founding member companies have different profiles. From startups that have emerged in recent years, to carbon credit buyers and investment funds.
Companies focused on carbon removal have been buoyed by several pieces of federal legislation in 2022. The Inflation Reduction Act and the federal infrastructure bill are set to unleash billions over the coming years through various programs.
The influx (and prospect) of investment has seen companies in all carbon removal technology groups rise rapidly – direct air capture, biomass sinking, enhanced weathering and bio-oil carbon removal and sequestration.
Although its growth prospects are solid, it has lacked a unified voice. Speaking as one will potentially have more of an impact both on federal and state levels, as well as with removing roadblocks and red tape that have emerged on multiple occasions.
“Together, we will work to realize the potential of the trillion-dollar carbon removal industry — catalyzing innovation, creating high-quality jobs, driving economic development, and ensuring we achieve our climate goals,” the CRA said in a statement.
As more companies enter the space and need support on various levels, the presence and clout that the Carbon Removal Alliance can channel will be pivotal in this next phase of the industry’s development.
Read more: Top 10 Carbon Removal Marketplaces In 2023