This week, a group of over 40 companies called the Carbon Business Council announced its arrival to Washington D.C. to start lobbying for smaller carbon removal startups.
As shared by the co-founder and executive director Ben Rubin, the aim of the council’s move to Washington is to provide carbon dioxide removal (CDR) startups with the leverage they need to define policies that will later determine their future.
The trade group consists of both small and large businesses, including such that are still in their early stages of development and such that have received series D funding.
Furthermore, the group describes itself as ‘tech-neutral’, meaning that it features companies that use a variety of techniques to remove CO2 from the atmosphere and utilize it.
Although many efforts are currently being made to attract funding to CDR, including establishing a carbon removal market and creating major climate funds, policies are without doubt one of the keys to helping this industry scale.
And one of the crucial means of achieving that is by bringing CDR costs down to $100 per ton, which is what the Carbon Business Council will be helping startups in the field advocate for.
As it became apparent last week with the end of the Build Back Better Act, it is incredibly difficult to have decisive climate policy passed in the Senate, as long as Sen. Joe Manchin is there to oppose it.
However, Rubin is certain that there are still plenty of opportunities to come to a consensus where supporting CDR is concerned.
The existing 45Q tax credit for carbon capture and storage (CCS) is a prime example of the same, as it received support from both parties.
And as a next step, Rubin said adjusting the tax credit may help more startups get a seat at the table, which is something the council may be focusing on in the near future.