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illuminem summarizes for you the essential news of the day. Read the full piece on Phys.org or enjoy below:
🗞️ Driving the news: A new study by the Mercator Research Institute on Global Commons and Climate Change (MCC) and the Potsdam Institute for Climate Impact Research examines the European Union's strategy for achieving "climate neutrality by 2050."
• It highlights the essential role of carbon removal alongside emissions reduction, exploring economic and governance strategies to enhance carbon removal efforts
🔭 The context: The EU has implemented measures to cap and reduce emissions across various sectors
• However, achieving climate neutrality also requires scaling up carbon removal, which remains a challenge due to its high projected costs and technological complexities
🌍 Why it matters for the planet: Carbon removal is pivotal for mitigating climate change impacts and achieving global climate goals
• The EU's approach to integrating carbon removal into its climate policy could serve as a model for other regions, highlighting the importance of both emissions reduction and removal in addressing climate change
⏭️ What's next: The study suggests establishing a European Carbon Central Bank and other authorities to oversee the regulation and financing of carbon removal
• This governance structure aims to ensure the permanence of carbon removals and stimulate innovation in the field, setting a precedent for global climate policy development
💬 One quote: "Carbon removals as the second pillar of climate protection will be very costly in the second half of the century," says Ottmar Edenhofer, Director of MCC and PIK.
📈 One stat: The study estimates that carbon removal could cost between 0.3% to 3% of global economic output in the latter half of the century.
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