In a landmark motion, the Goverment of Canada to invest at least $7M in CDR credits

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🗞️ Driving the news: The Government of Canada announced plans to invest at least C$10 million (about $7 million) in purchasing carbon dioxide removal (CDR) credits, becoming the first national government to launch a dedicated procurement program for carbon removal

🔭 The context: Through a Request for Standing Offer, federal departments will be able to purchase CDR credits generated within Canada•
Eligible technologies include Direct Air Carbon Capture and Storage, Bioenergy with Carbon Capture and Storage, biochar, biomass carbon removal and storage (BiCRS), and enhanced mineralization
• Projects will compete on both technical merit and price, with contracts potentially running until March 31, 2029

🌍 Why it matters for the planet: Carbon dioxide removal is considered essential for reaching global net-zero targets, especially to offset emissions from sectors that are difficult to decarbonize
• Government procurement programs can help accelerate the scaling of these technologies by providing early market demand and investor confidence

⏭️ What’s next: The procurement program will evaluate competing CDR projects across several technology pathways
• If successful, Canada’s initiative could serve as a model for other governments looking to stimulate carbon removal markets and support emerging climate technologies

💬 One quote: “By purchasing high-integrity credits for carbon dioxide removal, the federal government will provide catalytic support to projects happening across Canada and incentivize innovation.” — Ben Rubin

📈 One stat: Carbon dioxide removal is projected to become a $1 trillion global industry as countries scale solutions to meet climate targets

See on illuminem's Data Hub™ the sustainability performance — carbon credit purchases, total emissions, and climate targets of thousands of companies

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