Is carbon removal critical to save the planet, or just hot air?

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

🗞️ Driving the news: The UNFCCC's May briefing seemingly ruling out the role of carbon removal technologies, like direct air capture (DAC) and bioenergy with carbon capture and storage (BECCS), sent shockwaves through the carbon removal sector
• Critics argue these technologies are unproven, expensive, and pose unknown risks

🔭 The context: Despite criticism, major players like Microsoft and Shopify are heavily investing in carbon dioxide removal (CDR) technologies
• While there's growing support, questions linger about the scalability and effectiveness of CDR technologies

🌍 Why it matters for the planet: CDR technologies are seen by some as crucial for achieving global climate goals
• Supporters argue that, alongside emission reduction efforts, these technologies can play a role in addressing historical emissions and lowering atmospheric CO2 levels

⏭️ What's next: Sales of carbon removals have surged by 437% in the first half of 2023, with major corporations making significant commitments
• However, the actual impact is minute, representing less than 0.05% of the progress needed to meet IPCC targets

💬 One quote: "Carbon removals need to be de-risked because companies aren’t going to want to spend money on carbon credits that aren’t ultimately delivered," (Stacy Kauk, Head of Sustainability at Shopify)

📈 One stat: Sales of carbon removals have soared, with over $200 million committed by JPMorgan Chase and Microsoft pledging to buy over 2.7 million tons of carbon removals

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