Full Title: Demand-Side Support for Scaling Carbon Dioxide Removal: Policy Primer
Author(s): Toby Bryce, Ben Rubin, and Isabella Corpora
Publisher(s): Carbon Business Council
Publication Date: September 23, 2024
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Description (excerpt):
The carbon dioxide removal (CDR) sector is growing rapidly — eclipsing 11 million tonnes (Mts) in cumulative sales, with total investment of $2.7 billion and an annual growth rate of over 250%. However, even under the most ambitious scenarios for global reductions in greenhouse gas (GHG) emissions, meeting the goals of the Paris Agreement will require billions of tonnes of CDR annually by 2050.
Massively scaled demand for CDR will be needed to achieve this multi-gigatonne (Gt) annual delivery target. The voluntary carbon market (VCM), along with philanthropic support, has provided an invaluable catalyst for the early development and initial deployments of CDR, but current private sector demand and funding support is not sufficient to sustain the annual growth rate needed to reach an interim delivery target of 100Mt by 2030 — potentially a $20+ billion market — much less multi-Gt annual scale by mid-century.
In this Policy Primer, a working group of Carbon Business Council member companies and partner organizations outline the rationale for implementing demand-support policy for CDR, explore a range of specific policy mechanisms, and provide a focused set of best practices for policymakers, advocates, and other CDR ecosystem actors to dramatically accelerate the global policy innovation, development, and implementation necessary to achieve multi-Gt annual scale CDR.