A new report by Boston Consulting Group and the non-profit French Association for Negative Emissions (AFEN) outlines pathways for reaching the full potential of carbon dioxide removal (CDR) in France and the European Union.
Stemming from the fact that CDR, paired with emissions reductions, will play a key role in achieving climate targets, the report points out that developing this sector presents a major economic opportunity for the EU and France in particular, highlighting advantages that can be used as a lever for advancing carbon removal development.
CDR is projected to become a global industry worth more than a trillion dollars (almost a trillion euros). As 2050 net-zero targets ramp up CDR demand, France could tap into a market worth $54 billion (€50 billion) per year in 2050, generating nearly 130,000 jobs.
This projection takes into account the country’s vast natural resources like forests and agricultural land, as well as its substantial maritime domain, coupled with a private sector that is pursuing decarbonization in line with the Science Based Targets initiative (SBTi), a diversified low-carbon electricity, and a booming community of experts and industry leaders.
If put to use properly, these assets would position France as a vital player in catalyzing CDR growth.
To realize this vision, France needs to focus on scaling nature-based CDR solutions, like forest management and agriculture, benefiting from their short- and medium-term impact.
Simultaneously, the country needs to dedicate efforts towards advancing tech solutions such as biochar, DACCS, or BECCS, while employing its high-tech research centers and maritime domain to explore ocean-based CDR possibilities.
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The report underscores that this scenario will require a coordinated effort on behalf of policymakers, industry, buyers, and investors.
On the administrative side, a national strategy and financial incentives would provide a much-needed foundation for CDR development, while CDR producers would need to invest in further research and improved monitoring systems.
Buyers, on the other hand, are encouraged to pursue diverse, long-term CDR, while investors can stimulate the creation of novel financing mechanisms that would help facilitate large-scale CDR deployment.
Read more: Arbonics Brings High-Quality CDR From European Forests To The Market
