New report: US should be paying $100b per year for carbon removal

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

🗞️ Driving the news: A new report from the Rhodium Group suggests the US needs to increase its annual spending on carbon removal to $100 billion by 2050 to combat climate change effectively
•The current government investment is under $1 billion annually, significantly less than the suggested amount

🔭 The context: The report, 'The Landscape of Carbon Dioxide Removal and US Policies to Scale Solutions,' emphasizes that without substantial investment in carbon dioxide removal (CDR), achieving a net-zero emission goal by 2050 will be unattainable
• It highlights a stark discrepancy between current funding and what is necessary for effective climate action

🌍 Why it matters for the planet: Carbon removal is crucial for offsetting emissions that cannot be eliminated through other decarbonization measures
• The report indicates that a 20-fold increase in CDR—from the current 5 million metric tons to 1 billion metric tons annually by 2050—is essential to meet climate targets

⏭️ What's next: The Rhodium Group calls for a strategic overhaul in policy and public funding to scale up carbon removal technologies
• This includes expanding federal programs, boosting R&D, and offering more robust financial incentives like loan guarantees and tax credits to foster technological innovation and deployment

💬 One quote: "The current level of policy support is nowhere near what's needed for CDR," stated Jonathan Larsen, a report author

📈 One stat: The report estimates that the US needs to increase its CDR capabilities to 1 billion metric tons by 2050, a 20-fold increase from current policies

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