Over 20 companies within the carbon-removal industry have launched a coalition to lobby the United States (US) government for new policies to help commercialise carbon-removal technologies. These companies seek to create a unified industry voice to represent technology developers, buyers of credits from carbon removal projects, and groups supporting the development of the field.
This push for policy changes comes as the carbon-removal industry received a wave of private investment in recent years, especially after the passage of the Inflation Reduction Act and the federal infrastructure bill. Through these bills, the US government has committed over $580 billion to support the development of carbon dioxide removal technologies.
The Coalition for Carbon Removal Advancement (CRA) aims to realise the trillion-dollar potential of the carbon-removal industry, catalysing innovation, creating high-quality jobs, driving economic development, and ensuring climate goals are met.
The two main types of carbon dioxide removal involve chemical processes, like direct air capture, or natural processes, like planting trees. However, as of 2021, carbon-removal companies only permanently stored fewer than 10,000 tonnes of carbon dioxide.
Read more about: Carbon removal: Nature-based solutions for companies
The CRA will work to represent the growing industry's interests in policy discussions with lawmakers and government officials, creating new policies to help commercialise the nascent technology. Giana Amador, founder of carbon removal NGO, Carbon 180, will lead the CRA with member companies, including direct-air capture (DAC) start-ups Sustaera, Climeworks, and Heirloom.
With private investment and government support, the carbon-removal industry can revolutionise climate change mitigation efforts, and this coalition is taking the first steps towards realising that potential.
Companies are increasingly adopting commitments and including carbon-removal strategies in sustainability plans to reduce carbon emissions and achieve net-zero targets through nature-based solutions. DGB Group helps you explore different carbon-removal solutions, create a customised carbon-removal portfolio, and source carbon-removal credits to reach your goals. Stay updated with the latest initiatives and norms to ensure your strategies are effective and sustainable. Act now to make a real difference.
