· 2 min read
Illuminem summarizes for you the essential news of the day. Read the full piece on MIT Technology Review or enjoy below:
🗞️ Driving the news: The US is investing $3.5 billion in carbon removal projects through the Regional Direct Air Capture Hubs program, but experts warn that market demand for carbon credits is insufficient to sustain these efforts
• Industry observers urge the Department of Energy (DOE) to allocate more funds toward purchasing removed carbon to boost the sector's viability
🔭 The context: Direct air capture (DAC) technology removes carbon dioxide from the air and stores it underground, but demand largely depends on companies voluntarily buying carbon credits
• Without stronger government support, some fear these projects could fail, undermining the US’s climate goals
🌍 Why it matters for the planet: Carbon removal is crucial to meeting global climate targets, but scaling it will require sustained market demand
• Without a robust market, the industry risks stalling, potentially delaying climate action
⏭️ What's next: Calls are growing for the US government to buy more carbon removal or offer greater subsidies to maintain market growth
• Experts argue that a balance between public and corporate investment is key to scaling DAC projects
💬 One quote: "We’re producing a waste management service that no one currently has to pay for, and that makes commercializing this particularly difficult" – Giana Amador, Carbon Removal Alliance
📈 One stat: The DOE has committed over $1 billion to two projects capable of capturing 1 million tons of CO2 per year, with additional funds for smaller-scale projects
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