New report highlights crucial role of carbon dioxide removal in meeting 2050 climate goals

The B.C. Centre for Innovation and Clean Energy (CICE) and Innovative Breakthrough Energy Technologies (IBET Climate) have unveiled a new report that sheds light on the crucial role of carbon dioxide removal (CDR) in combating global warming.

The “Catalyzing Carbon Dioxide Removal at Scale” report delves into the techno-economic aspects of achieving multi-gigatonne scale CDR, an essential component in reaching net-zero emissions by 2050 and limiting global warming to 1.5°C, it said.

The report highlights the urgency of developing large-scale carbon removal strategies, a need underscored by Canada’s recent wildfire season, which released over 2.3 gigatonnes of carbon dioxide — triple the nation’s annual emissions.

“The need for large scale carbon removal is undeniable worldwide,” said Ron Dizy, CEO of IBET Climate. He emphasized the importance of the report in identifying viable CDR pathways, aligning with IBET Climate’s mission to significantly reduce global carbon emissions.

10 gigatonnes of CO2 need to be removed annually

Todd Sayers, COO of CICE, pointed out the report’s role in shaping the organization’s investment strategy and fostering the adoption of innovative carbon removal technologies.

The analysis underscores the impossibility of achieving net-zero emissions and limiting global warming without substantial CDR efforts. It estimates that at least 10 gigatonnes of CO2 need to be removed annually by 2025, with much higher volumes required if global warming exceeds the 1.5°C target.

The report identifies land-based approaches, particularly through forest management and bioenergy with carbon capture and storage, as the most mature and near-term scalable options. It also highlights the potential of Ocean Alkalinity Enhancement (OAE) as a primary method for achieving significant CO2 removal in regions like British Columbia, which boasts extensive coastline and ocean science capabilities.

Reducing wildfire emissions

Moreover, the analysis reveals that a 40% reduction in B.C.’s wildfire emissions could prevent over 140 million tonnes of CO2 equivalent annually, based on 2023’s data. Nature-based CDR approaches are noted for their cost-effectiveness, with some methods estimated to cost as low as $10-$20 per tonne of CO2.

The report is a call to action for innovators, industry leaders, investors, and policymakers to engage in the scalable deployment of carbon removal technologies. CICE and IBET Climate invite interested parties to learn more about their findings in the upcoming webinar, “Catalyzing Carbon Removal at Scale: Key Findings Unveiled,” scheduled for March 6th, 2024.

Through collaborative efforts and strategic investments, CICE and its partners aim to accelerate the transition to a net-negative emissions future, leveraging British Columbia’s clean energy potential to create sustainable economic prosperity and combat climate change effectively.