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illuminem summarizes for you the essential news of the day. Read the full piece on World Economic Forum or enjoy below:
🗞️ Driving the news: As climate action accelerates, experts propose a "carbon removal budget" alongside a carbon budget
• This framework would establish limits on how much carbon can be removed from the atmosphere, addressing the finite nature of removal methods and resources
🔭 The context: While cutting emissions is vital, removing residual carbon will be necessary to achieve net zero, especially for hard-to-abate sectors
• However, carbon removal methods face technical, financial, and environmental limitations, requiring a strategic allocation of resources
🌍 Why it matters for the planet: A dedicated removal budget could promote equitable access to carbon removal, prevent ecological strain, and safeguard food security, all while supporting climate justice for lower-income regions
⏭️ What's next: A global carbon removal budget could inform climate policies, ensuring resources are managed carefully and fairly
• As countries meet at COP29, the framework may be crucial in shaping future net-zero commitments
💬 One quote: “Embedding a carbon removal budget into decision-making is a necessary development in our response to climate change,” - Ben Caldecott, Oxford Sustainable Finance Group
📈 One stat: Durable carbon removal currently costs up to 100 times more than typical carbon credits that focus on avoiding future emissions
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