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🗞️ Driving the news: The global biochar market achieved a remarkable milestone in 2023, with a market value of $600 million and a 91% Compound Annual Growth Rate (CAGR) from 2021, according to a report by the International Biochar Initiative (IBI) and the US Biochar Initiative (USBI)
🔭 The context: Biochar is a stable form of carbon produced from organic materials, endorsed by the IPCC as a crucial carbon dioxide removal (CDR) technology
• The technology's scalability and readiness make it a key player in the effort to combat climate change, with the potential to remove up to 6% of global emissions annually
🌍 Why it matters for the planet: In 2023, biochar contributed to over 90% of delivered carbon credits, showing significant potential in global efforts to mitigate climate change
• It's poised to reach a gigaton of carbon removal by 2040, underlining its importance in achieving climate goals
⏭️ What's next: The biochar industry faces the dual challenge of developing high-volume, high-value markets and navigating voluntary carbon markets' complexities
• Success in these areas could enhance biochar's carbon removal impact and ensure its economic sustainability
💬 One quote: Lucia Brusegan, IBI Board of Directors Chair, describes biochar as a “system,” highlighting the interconnectivity between market demand, carbon credits, and biochar's physical benefits.
📈 One stat: The global biochar market is projected to reach nearly $3.3 billion by 2025, signaling not only economic success but also a significant step toward environmental sustainability and climate resilience.
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