illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: Every day that elapses increases the necessity for carbon dioxide removal (CDR) to meet environmental goals, with the challenge of scaling up projects that are mostly in pilot or development phases worldwide
• Financial incentives, particularly in the carbon credit market, are pivotal for encouraging the development of these large-scale carbon removal initiatives

🔭 The context: The voluntary carbon market is evolving, with a shift from post-issuance credit investment to pre-issuance, signaling a growing trend towards funding future carbon removal projects
• This shift underscores the market's responsiveness to the urgent need for carbon dioxide removal, but also introduces risks related to project delivery and efficacy

🌍 Why it matters for the planet: The successful scale-up of carbon removal projects is critical for counterbalancing hard-to-eliminate emissions and those already in the atmosphere, thereby supporting global efforts to combat climate change
• Financial mechanisms like insurance and risk assessment tools are emerging to mitigate investment risks, which could accelerate the deployment of effective carbon removal technologies

⏭️ What's next: The carbon credit market is expected to grow exponentially, with insurance playing a key role in mitigating investment risks
• This growth is essential for attracting more investments into carbon removal projects, which in turn is vital for achieving global environmental targets

💬 One quote: "Demand in the voluntary carbon market has shifted over the last year, from investment in the ex-post market, where projects are already issuing credits, to the ex-ante market - in which credits are yet to be issued," (Tommy Ricketts, CEO and co-founder of BeZero Carbon)

📈 One stat: Currently, for every $1 spent in the ex-post market, roughly $4 is invested in pre-issuance credits

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