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Experts warn of a critical need for carbon removal technologies to combat climate change

Written by
ClimeFi Insights
Published on
06 December 2024
Heirloom secures $150 million funding to enhance carbon removal technology

With global carbon emissions rising, experts indicate that achieving net-zero goals will require significant advancements in carbon dioxide removal technologies.

Global carbon emissions from fossil fuels have continued to rise, leading experts to predict that 2024 will likely be the warmest year on record. According to the Intergovernmental Panel on Climate Change (IPCC), effectively limiting global warming to the critical threshold of 1.5°C will necessitate significant advancements beyond current emission reduction efforts. This includes the urgent need to remove between 7 and 9 billion tonnes of carbon dioxide from the atmosphere each year.

The IPCC emphasises that carbon dioxide removal technology is a prerequisite for national and global net zero targets. The ongoing rise in greenhouse gas emissions has underscored the fact that reduced emissions alone will not suffice in averting catastrophic climate impacts. Thus, the scientific community has shifted from questioning whether carbon dioxide removal is necessary to recognising it as an imperative solution.

As detailed in recommendations by Australia's Climate Change Authority, the nation aims for net-zero emissions by 2050, although it may still have to confront residual emissions. Specifically, Australia anticipates needing to address approximately 133 million tonnes of carbon dioxide annually by the middle of the century. To meet this challenge, an extensive exploration into both conventional and novel carbon removal technologies is essential.

Conventional methods of carbon dioxide removal primarily rely on biological processes, such as afforestation and enhancing soil carbon levels. However, these natural carbon sinks are facing saturation and can be susceptible to climate-related disruptions, such as wildfires that can release previously stored carbon back into the atmosphere.

In contrast, novel technologies are emerging that could help achieve more permanent carbon removal solutions. These include methods that utilise crushed carbonate or silicate rocks, which could potentially be added to oceans or agricultural land to boost carbon sequestration. Unfortunately, such innovative approaches currently represent less than 0.1% of global carbon removal efforts.

While the market for carbon dioxide removal technologies is projected to be valued at up to US$1.1 trillion (A$1.7 trillion) by 2050, there are significant potential risks and trade-offs associated with their implementation. Overstatements of their effectiveness could undermine efforts to combat climate change, prompting the IPCC to develop robust methods for verifying carbon removal claims.

Environmental implications are another factor to consider, as some carbon removal strategies, like tree planting, compete for vital resources such as water and arable land. Additionally, technical challenges persist in methods such as direct air capture, where energy demands for CO₂ extraction remain high.

Engagement with Australia’s First Nations communities continues to be an area that requires attention, as their rights and perspectives must be incorporated into discussions surrounding carbon removal strategies. A survey across 30 countries revealed predominantly positive attitudes towards climate intervention technologies among Indigenous populations, suggesting a foundation for further dialogue.

Australia's vast land and ocean resources offer a promising capacity for carbon storage, coupled with access to renewable energy and a skilled workforce needed to develop these technologies. As underscored by the recommendations from various experts, including members of the Climate Change Commission in New Zealand, there is a pressing need for countries to act decisively in enhancing carbon reduction targets and strategies to meet the goals established by the Paris Agreement.

Overall, there is an urgent consensus within the scientific community that achieving net zero by 2050 will require a multi-faceted approach that incorporates both carbon removal technologies and deep emissions reductions. As the world grapples with the ongoing climate crisis, the development and implementation of effective carbon removal solutions will be crucial in the fight against climate change.

Source: Noah Wire Services