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🗞️ Driving the news: Humanity needs to quadruple its current CO2 removal efforts by 2050 to limit global warming below 2°C, according to a new report from the University of Oxford
• Presently, most carbon removal happens through reforestation, but scaling up new technologies like direct air capture (DACCS) remains uncertain
• Governments are urged to create supportive policies to boost the carbon capture industry
🔭 The context: The report highlights the need to capture 7-9 billion tonnes of CO2 annually by 2050, compared to the current 2 billion tonnes
• While reforestation is the main method today, it competes with land for food and biofuel production
• The report acknowledges the increasing interest and investment in carbon removal technologies but warns of a recent slowdown due to political and funding challenges
🌍 Why it matters for the planet: Effective carbon capture is essential to meet the Paris Agreement targets alongside rapid emission reductions
• Over-reliance on technological solutions could detract from necessary fossil fuel phase-out efforts
• Balancing carbon removal with environmental and food security concerns is crucial to avoid negative impacts
⏭️ What's next: To achieve the required scale of carbon removal, substantial investment and innovation in carbon capture technologies are needed
• Only the United States has announced significant funding, with $3.5 billion dedicated to carbon capture
• Continued political support and public funding will be essential to meet future targets
💬 One quote: "A failure to strongly reduce emissions from fossil fuels and from deforestation will put the Paris temperature goal out of reach, even if we have strong action on carbon removal," said William Lamb, a report author
📈 One stat: Climeworks' facilities in Iceland currently capture and store 10,000 tonnes of CO2 per year, but scaling to 1 million tonnes will require several billion euros in funding
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