This week, the European Union announced its plans to launch a carbon removal system in 2022.
The new system is expected to promote regulated EU markets and help generate financial incentives to store carbon dioxide.
Among some of the possible technologies that policymakers will be supporting is direct air capture (DAC) that allows for harmful CO2 to be sucked in from the atmosphere.
Natural carbon removal, such as via trees and soil, will also be receiving more attention.
The purpose of the initiative is to offset CO2 emissions from hard-to-abbate sectors, such as heavy industry and agriculture by means of removing existing emissions from the air, which has been deemed critical to achieving net-zero emissions by 2050.
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As part of the system to certify carbon emissions, carbon emissions from individual landowners will be measured along with the amount of time throughout which those emissions can be stored.
This, in turn, will allow landowners and farmers to be rewarded for their CO2 storage with EU-approved credits that can be sold to anyone, who wishes to to offset their emissions.
Preliminary estimates are that the project will initially help remove some 5 million metric tons of CO2 every year by 2030.
Read more: Leaked EU Strategy Reveals Plans To Remove CO2 From The Air
