muh kinsee
The lowdown on carbon removal
Climate interventions. To help combat climate change, scientists are exploring technologies to manipulate the environment, such as preventing some solar radiation from reaching Earth and adding iron to oceans to move carbon dioxide to the seabed faster, although uncertainties remain about effectiveness and safety. In Iceland and Texas, massive machines aim to extract carbon from the air and store it underground—and many more such facilities are planned—the New York Times reports. [NYT]
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Small but growing market. As carbon capture technology improves and the pressure to meet climate goals ratchets up, a market for carbon removal credits is taking shape. Some experts predict demand for these credits will surge as more industries seek to offset their emissions and governments continue to provide incentives and regulatory support. Several companies are developing standards to assess carbon removal credits, aiming to increase buyer confidence. [Reuters]
By 2050, carbon dioxide removal could be a $1.2 trillion industry.
On McKinsey.com
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Economic accelerator. Carbon dioxide removal will ideally turn out to be a means of economic acceleration, as well as a critical tool in combating climate change, McKinsey senior partner Mark Patel explains on an episode of The McKinsey Podcast. Removal can play a crucial role in addressing hard-to-abate emissions from sectors reliant on fossil fuels or from activities that create emissions and are essential to daily life and economic growth, such as heating and lighting.
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Gigatons of capacity. By 2030, McKinsey estimates that the world will need to have the capacity to remove roughly 0.8 to 2.9 gigatons of carbon dioxide per year in order to meet net-zero targets by 2050, Patel says. In comparison, the planet’s estimated carbon budget is at most 600 gigatons and has likely been passed or will be soon. The long-term goal, according to Patel, is to lower the cost of carbon removal to about $150 per ton, from the current cost of about $1,000 per ton for some technologies. Learn more about the future of carbon removal.
https://www.mckinsey.com/capabilities/sustainability/our-insights/everything-you-wanted-to-know-about-carbon-removals-but-were-afraid-to-ask