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illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:
🗞️ Driving the news: A significant shift towards focusing on carbon removal as a crucial part of achieving net zero emissions is emerging
• Recent developments, including the US Department of Energy's new plan and the EU's provisional agreement on a carbon removal certification system, spotlight the increasing governmental recognition of carbon removal's importance
🔭 The context: Despite the widespread discussion around reducing carbon emissions, the imperative of building substantial carbon removal capacity, as highlighted by the Intergovernmental Panel on Climate Change, has received comparably less attention
• This imbalance is starting to be addressed with new initiatives aimed at accelerating investment in carbon removal technologies
🌍 Why it matters for the planet: The shift towards carbon removal is critical for the planet as it tackles the existing and continuously increasing levels of carbon dioxide in the atmosphere
• This approach is vital for limiting global warming to 1.5°C, necessitating the removal of 100bn to 1,000bn tonnes of CO2 this century, according to the IPCC
⏭️ What's next: The future may see governments, especially in the EU, requiring companies to purchase carbon removal credits, pushing the voluntary carbon market towards projects that truly decrease atmospheric CO2
• This move could significantly impact corporate climate strategies and contribute to more effective carbon neutrality efforts
💬 One quote: "Voluntary purchasing of carbon removal is not going to scale to the billions [of tonnes] per year that’s necessary," - Peter Reinhardt, chief executive of Charm Industrial, highlighting the need for governmental action to scale carbon removal efforts.
📈 One stat: Carbon dioxide levels in the atmosphere are already 50% higher than before the industrial revolution, underscoring the urgency of effective carbon removal strategies.
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