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CO2 Removal Market to Surge

CO2 Removal Market to Reach $100B

Posted on July 1, 2024
Writer: James Miller

According to a recent report by Oliver Wyman, the global market for carbon dioxide (CO2) removal credits could potentially reach $100 billion annually between 2030 and 2035, up from $2.7 billion in 2023. 

The report highlights increasing demand across sectors like technology, finance, chemicals, and aviation.

Key barriers identified include the absence of universally agreed standards on CO2 removal credits and unclear guidance on integrating removals into climate strategies. 

The report underscores that current growth rates project a market size of $10 billion annually by 2030 to 2035 if conditions remain unchanged.

To foster market expansion, the report recommends integrating removals into emissions trading systems, establishing financial frameworks, and promoting their use in corporate net-zero strategies. 

To date, $32 billion has been invested globally in CO2 removal projects, with $21 billion in engineered solutions like direct air capture and $11 billion in nature-based solutions such as reforestation.

Critics caution that over-reliance on carbon removals could divert focus from essential emission reductions. For more details, read the full article on Reuters.

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