Money Is Pouring Into Carbon Capture Tech, But Challenges Remain
The IPCC has acknowledged that in order to meet the 1.5 degree target, we must remove legacy carbon dioxide from the air. This is a new realization and has the world grappling with what this means, how we do it and has also led to big investments and commitments from the largest companies around the world.
However, there is still much to learn when it comes to responsible carbon removal. The market is still in its infancy and enabling mechanisms through finance and policy still need to be developed. Creating this ecosystem is exactly what the Global Carbon Removal Partnership Task Force is focusing on - a multi-stakeholder partnership aimed at catalyzing innovations in carbon removal. The Task Force will aim at developing incentives such as a buyers alliance, carbon removal pledge and reward, UN resolution, local and national partnerships, harmonized certification and case studies.
This video, produced by CNBC, provides an excellent perspective on the progress, challenges and opportunities with developing carbon removal solutions at scale. Several members of the GCRP Task force are featured in this video.