Carbon Removal Canada – the non-profit organization dedicated to advancing policies and innovations for scaling carbon dioxide removal (CDR) in the country, has released its first report “Ready for Removal: A Decisive Decade for Canadian Leadership in Carbon Dioxide Removal”.
The organization was established in March 2023 and hosted its official launch event in Ottawa, Canada on November 8, 2023 where it presented its new report. It contains analysis from Navius Research Inc. and data detailing the economic benefits and climate imperative of responsibly scaling up Canada’s nascent carbon dioxide removal (CDR) industry.
Apart from the economic benefits that will be realized once Canada unlocks its potential to scale carbon removal projects and position itself as a major player in the industry, the report also recommends what policymakers should do to maximize this opportunity.
According to the findings, Canada will require megaton-scale CDR that quickly rises from tens to hundreds of millions of metric tons of CO2 per year over the coming decades to help meet national and global climate goals.
Some of the benefits for the country from accelerating this emerging industry would be the creation of more than 300,000 green jobs to the economy and around $143 billion added to Canada’s GDP by 2050.
“There’s a big piece missing from global efforts to address climate change – a large-scale effort to remove CO2 from the atmosphere… If we get the right policies in place, Canada can become a world leader in carbon dioxide removal. A large-scale Canadian carbon removal industry can deliver massive economic and employment benefits, and help achieve global climate targets,” commented Michael Bernstein, Carbon Removal Canada’s Co-Founder and Advisory Board Chair.
Canada has an abundance of land, extensive coastlines, and large geologic storage potential that is fitting the development of technologies like direct air capture, enhanced rock weathering, ocean alkalinity enhancement and more. It also can provide a clean energy supply, skilled workforce, traditional knowledge systems and a culture of innovation that is vital for the creation of a robust CDR sector.
As the report states, if policymakers make targeted action to lead the creation of this critical industry now, they can mobilize Canada’s innovation ecosystem to support the carbon removal sector and capture a major economic opportunity.