A new report evaluates the potential of the Great Lakes St. Lawrence region of becoming a leader in carbon capture utilization and storage. The report is titled “Positioning the Great Lakes Region as a Leader in the Voluntary Carbon Offset Market,” and estimates that carbon storage capacity could generate $783 billion for the area due to the demands for voluntary carbon offset programs.
It is conducted by the University of Michigan’s Global CO2 Initiative – a global organization that spreads CO2 capture as a climate solution pathway. Its goal is also to capture and transform 4 gigatons per year of CO2 into products.
According to the analysis, the Great Lakes St. Lawrence region combines natural resources to store CO2 with engineering innovations which makes it a great location for carbon capture, utilization and storage hubs.
The region has abundant forests, agricultural lands and industrial sectors that are already drivers of the local and national economies. Its forests could represent a natural carbon sink solution and provide carbon offsets and its geologic formations could make it a potential global hub for carbon storage.
One of the findings of the report is that the area possesses 52 gigatons of environmentally sound, high-quality carbon storage. As the Great Lakes St. Lawrence region produces approximately 1.5 gigatons of carbon emissions annually, 100% of them can be stored locally, and there is additional storage capacity left that could create new regional revenues.
The report includes recommendations on how to maximize these opportunities for economic growth and innovation.