TORONTO--(BUSINESS WIRE)--Carbon Removal Canada today released data detailing the economic benefits and climate imperative of responsibly scaling up Canada’s nascent carbon dioxide removal (CDR) industry in its first report, ‘Ready for Removal: A Decisive Decade for Canadian Leadership in Carbon Dioxide Removal’.
CDR, the intentional process of removing CO2 from the earth’s atmosphere and permanently storing it, is essential to reach Canada’s climate goals. Carbon Removal Canada’s inaugural report, which includes analysis from Navius Research Inc., estimates that scaling up this emerging industry could create more than 300,000 green jobs and add $143 billion to Canada’s GDP by 2050.
"By scaling up Canada's carbon removal industry, we can create hundreds of thousands of good jobs across the country, grow the economy, and contribute to achieving global climate targets," said Na'im Merchant, Co-Founder and Executive Director of Carbon Removal Canada. "Our new report shows how Canada is well positioned to be a CDR leader, and details the policies we need to make it happen."
Canada already has a diverse CDR ecosystem that includes early- and late-stage start-ups focused on technologies such as direct air capture, enhanced rock weathering, ocean alkalinity enhancement and more. To meet the scale of the challenge presented by climate change, Carbon Removal Canada’s report argues that Canada needs policy and regulatory frameworks that will enable Canadian CDR companies to compete on the world stage. Smart policy can create a robust demand signal; accelerate technology supply and advancement; as well as enable rapid and responsible deployment of CDR projects in Canada.
"There's a big piece missing from global efforts to address climate change — a large-scale effort to remove CO2 from the atmosphere,” said Michael Bernstein, Carbon Removal Canada’s Co-Founder and Advisory Board Chair. “If we get the right policies in place, Canada can become a world leader in carbon dioxide removal. A large-scale Canadian carbon removal industry can deliver massive economic and employment benefits, and help achieve global climate targets.”
Carbon Removal Canada is a project of the Clean Prosperity Foundation and was founded in early 2023 to shape policies that will enable Canada to rapidly and responsibly scale CDR to meet national climate goals. ‘Ready for Removal: A Decisive Decade for Canadian Leadership in Carbon Dioxide Removal’ is the independent policy initiative’s first published research report.
To learn more about Carbon Removal Canada, please visit carbonremoval.ca.
About Carbon Removal Canada:
Carbon Removal Canada (CRC) is an independent policy initiative focused on the rapid and responsible scaleup of carbon removal, to meet Canada’s climate goals and help the world achieve net-negative emissions by 2050. Based in Toronto, CRC is a project of the Clean Prosperity Foundation and the first group in Canada dedicated to shaping policies and strengthening systems to build an innovative and inclusive carbon removal sector.
