As carbon removal technologies are urgently needed to make a dent in the overwhelmingly high amount of emissions humanity has released, a new report is shedding light on how companies in the market for buying carbon removals can enter the space. The World Economic Forum released a white paper in January called Carbon Dioxide Removal: Best-Practice Guidelines; What Companies Can Learn from First Movers that examines the new carbon removal technologies and explains why is it essential to support them.
The paper goes through why carbon dioxide removal is important for achieving the Paris Agreement goal, provides a thorough overview of the technologies and their quality features, and answers important questions that buyers are bringing forward such as why they should engage in the space now rather than wait and see if the prices will come down.
What is most importantly, it explains purchasers how to access the nascent market and what questions need to be answered before that. Its goal is to guide sustainability professionals who are in the process of adding carbon dioxide removal to their companies’ climate strategy.
It makes the case particularly for engineered CDR solutions and seeks to lower the entry barriers to the nascent removals market. It shares lessons learned by members of the World Economic Forum’s First Movers Coalition – an initiative launched at the 2021 United Nations Climate Change Conference (COP26) in November 2021, for members to leverage their purchasing power to advance the most critical, emerging climate technologies.
The purpose of the Coalition is to contract for at least $25 million worth of durable, scalable net carbon removal by the end of 2030. The paper also shares use cases from leading corporate carbon removal buyers such as Swiss Re, BCG, Salesforce, Microsoft and others.
The sophisticated and apprehensible report presents the case for every company to make its own commitment into the carbon dioxide removal sector and explains how based on real-world examples. It sometimes requires higher risk appetite, however, entering the sector now and buying carbon removals is a necessary step for the whole industry to reach the gigatons scale needed to make a dent in global emissions.