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Leading the Charge: Technology to Scale-up Carbon Removals

SpeakerS:

Sara Kehaulani Goo, Executive Editor, Axios
Will Gardiner, Executive Chair, Elimini

With Core Programming Sponsor

“In order for biomass power generation and/or BECCS—to actually work and deliver what it says it does, as in carbon removals—it has to be done sustainably, and there are very clear rules for biomass power generation in the UK for what that means.” Will Gardiner

Key takeaways:

  • Urgent need for carbon removal technologies: Global emissions are not decreasing rapidly enough, making carbon removal solutions like bioenergy with carbon capture and storage (BECCS) crucial in combating climate change. 
  • Significant investment in carbon capture initiatives: Drax’s launch of Elimini represents a major commitment to carbon capture technology, with plans to invest $4 billion in the short term and up to $12 billion in the longer term, focusing on the southeastern United States.
  • Technological advancements will reduce costs: Improvements in carbon capture technology are expected to lower operational costs over time, reducing reliance on government subsidies and making carbon removal more economically viable.
  • Role of government policy and corporate commitment: While supportive government policies like the Inflation Reduction Act are important, corporate initiatives and voluntary carbon markets are increasingly driving climate action, aligning business success with the fight against climate change.
  • Importance of transparency and credibility in carbon markets: Ensuring transparent methodologies and verifiable reporting is essential to building trust in carbon credits and removal efforts, with Drax emphasizing open-source methodologies and third-party verification.
  • Addressing misconceptions about biomass energy: Overcoming controversies and misconceptions surrounding biomass energy and carbon credits is necessary to gain broader support for low-emissions technologies and practices.

Action items:

  • Invest in technological innovation: Support research and development in carbon capture and storage technologies to enhance efficiency and reduce costs, facilitating wider adoption.
  • Engage with policymakers: Collaborate with government entities to develop and maintain supportive policies and regulations that foster the growth of carbon removal initiatives and sustainable practices.
  • Enhance transparency and verification: Implement robust, open-source methodologies for measuring and verifying carbon removals, ensuring all emissions in the supply chain are accounted for and reported transparently.
  • Align business strategies with climate goals: Encourage companies to integrate sustainability into their core business models, aligning success with contributions to combating climate change.
  • Address and educate on misconceptions: Develop educational programs and communication strategies to inform stakeholders and the public about the benefits and realities of biomass energy and carbon capture technologies. 
  • Promote credible carbon markets: Support the development of transparent and reliable voluntary carbon markets to enable businesses to invest confidently in carbon removal solutions.

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