Responsible carbon dioxide removal (CDR) deployment organization Carbon Gap has updated its digital tool called the Carbon Removal Policy Tracker, offering a database of over 600 past and present EU CO2 removal funding opportunities.
As Europe prepares for the approaching Clean Industrial Deal (CID), Carbon Gap introduced this update in an effort to analyze the current CDR funding and policy climate in the European Union, highlighting areas for improvement for future policymakers.
The platform offers users a chance to access and compare figures from 10 EU funding programs and tens of national programs.
A recent Carbon Gap analysis revealed that the EU and its member states are currently not fully on track to establish the policies and funding mechanisms that would scale CDR at the pace necessary for reaching climate neutrality.
According to Carbon Removal Policy Tracker data, non-EU countries are ahead in early-stage CDR funding, with the UK taking the lead by allocating €194 million for research, development, and innovation (RD&I) in the years between 2020 and 2024, followed by Denmark, which dedicated €78 million, and Switzerland, which has earmarked €30 million for carbon removal so far.
Even though the EU and its member states have invested € 950 million in CDR RD&I funding in the last few decades, the Union will need to invest at least €2.6 billion into CDR projects over the next seven years in order to boost its competitiveness and advance this crucial decarbonization field.
When it comes to policies and frameworks, Carbon Removal Policy Tracker data showed that no country across Europe is completely geared to meet its carbon removal and climate targets.
Relevant: Carbon Gap Launches New Carbon Removal Policy Tracker For Europe
Looking at the progress made in this domain across nine European countries and leading economies, Denmark emerged as a leader, followed by Switzerland, which is the only country with a proper CDR strategy, and Germany, which is currently in the process of developing one.
In contrast, Italy, France, and several other countries have made little or no progress in this regard, showing a clear imbalance in national-level efforts across EU countries.
Read more: Carbon Business Council Publishes A CDR Guide For Policymakers
