Shouldn't We Give Carbon Removal the Attention It Deserves Already?
Over the years, many discussions have surfaced regarding carbon capture and its part in combating climate change. Let's delve into carbon removal, shall we?
Carbon removal is the act of extracting carbon dioxide from the atmosphere and permanently securing it for periods ranging from decades to centuries or even longer.
This process encompasses a wide array of methods, including forest planting, distributing crushed rocks over land to absorb atmospheric carbon, manufacturing charcoal and incorporating it into fields, and fostering the growth of carbon-sequestering microorganisms in soil.
Additionally, a burgeoning carbon removal credit market is emerging, but is it garnering sufficient focus?
Marta Krupinska, the co-founder and CEO of carbon removal market maker CUR8, referred to carbon removals as "the space race of the 21st century" in an interview.
She pointed out that carbon removal credits represent a new financial asset class and will play a significant role in addressing climate change. However, there remains considerable confusion surrounding carbon markets and the distinction between removal and offsets.
Carbon removal wasn't a prominent topic at the recent COP29 summit in Baku, but there was an accord on Article 6.4, known as the Paris Agreement Crediting Mechanism, which Krupinska suggested would lay the groundwork for more achievements in carbon removal at future COPs.
One of the major challenges in this field, as per Krupinska, will be meeting demand. There are estimated to be around 2,000 carbon removal projects worldwide currently, but by 2030, demand is projected to far exceed supply by at least a factor of two.
She emphasized that not all carbon credits are equal and stressed the need for thorough investigation and high-quality carbon removal portfolios for businesses to achieve net zero.
Krupinska stated, "When considering carbon removal, there are various nature-based and human-engineered solutions, and we need to invest in every avenue to confront the issue at scale."
This includes techniques like afforestation, biochar, enhanced rock weathering, and direct air capture.
Krupinska shared that London Marathon Events (LME) had signed its third agreement with CUR8, pledging to procure 1,935 tonnes of carbon removals from the global carbon removals market maker to assist in its journey towards net zero.
This was the largest carbon removal portfolio purchase from a sports event or organization to date.
Lepik, the co-founder and CEO of European carbon removal developer Arbonics, expressed the importance of discussing carbon removal and its role in tackling climate change in an interview.
He highlighted that while there are various ways to store carbon, trees and forests have proven effectiveness as a three-and-a-half-billion-year-old technology, capable of absorbing more carbon from the atmosphere.
He also underscored Europe's significant untapped potential for carbon removal through effective forest management. If Europe utilized its abandoned land or land unsuitable for agriculture for afforestation, it could eliminate around 9.3 million tonnes of CO2 from the atmosphere every year, according to Lepik.
Arbonics already boasts afforestation and improved forest management projects in several European countries and intends to expand into Sweden, Poland, Austria, France, and the United Kingdom by 2025.
The organization has developed an innovative "digital twin" technology, which creates a precise digital representation of each plot of land. Collaborating with leading scientists, this system integrates over 50 data layers, enabling comprehensive monitoring and reporting throughout a project's lifecycle.
Lepik concluded, "Nature is incredibly logical. We aim to create data and scientific models for every acre of land, allowing us to determine the optimal use of that land and improve its carbon removal potential."
Carbon removal credits, like those provided by CUR8, could potentially be utilized in events or organizations aiming for net zero, as demonstrated by London Marathon Events purchasing carbon removals. Forestation, a nature-based solution for carbon removal, is a crucial method that has proved effective for over three billion years, as highlighted by the CEO of European carbon removal developer Arbonics.
Carbon removal methods, including afforestation and enhanced rock weathering, are gaining attention in London as well as Europe, with numerous projects being developed to increase carbon sequestration and mitigate climate change.
