Exponential Roadmap Initiative and partners have launched a proposal for companies to integrate carbon removals into their climate action efforts. Johan Falk, CEO and Co-founder, Claire Wigg, Head of Climate Performance practice and Gabrielle Walker of Rethinking Removals presented the work done together with Oxford Net Zero at a session from the We Don’t Have Time Climate Hub during Climate Week NYC. The proposal comes at a time where it is becoming ever clearer that carbon removal efforts are urgently needed to supplement efforts to reduce emissions, with scientists and experts speaking of a carbon removals gap. Gabriella Walker:
One thing about the carbon removal story is that it’s not just about having to remove carbon from the atmosphere so we can get down to net zero quickly enough. It’s also about continuing and actually reversing climate change and clearing up a mess.
Although the private sector is well aware of the need to reduce residual carbon emissions, the potential of carbon removal solutions remains largely untapped. If the technology exists and the solutions are developed, what’s needed to accelerate their implementation?
A proposal for companies to integrate carbon dioxide removals into their climate action
This work is designed to support the scaling up of carbon removal solutions and guide businesses on how diverse and robust carbon removal portfolios could put them at the forefront of the emerging green economy.
Sustainability leaders worldwide are seeking guidance on how to make carbon removal solutions a viable business case, as many executives appear reluctant to act before seeing proof of widespread adoption and return on investment. However, it is clear that in order to reach the net-zero target by 2050, the vast amounts of carbon dioxide that need to be removed must be addressed immediately. Walker:
At the moment, almost no carbon removals are happening. All high durability cover removals that have ever been bought, in the whole history of humans, is about 11 million tonnes. Of those about 3% have been delivered. However, by 2050, we need to get to removal levels of somewhere between 5 and 10 billion [tonnes]
However, there is a path forward, and the panel outlined a narrative to present to hesitant boardrooms.
How to make the business case for carbon removals
Firstly, carbon removal solutions already align with current standards. Companies that have committed to a net zero target have, by default, also committed to offsetting their residual emissions with removals and recent policies and frameworks formulate this more explicitly. For instance, the new European CSR directive requires companies to report on any removals they enable, whether within or outside their value chains.
Secondly, investment security could be achieved through a portfolio approach. Trees are a natural carbon removal solution that many companies already invest in, but there are hundreds of other solutions, both organic and technological, that offer significant potential at different price points, levels of durability, and risk. By creating a diverse portfolio of solutions and gradually scaling up the proportion of durable, high-return options, companies can develop immediate, yet robust, removal strategies. Wigg described it as a “buffet of choices,” signalling an optimistic outlook.
Thirdly, and central to ERI’s approach, these solutions must scale exponentially, unlocking a promising market and business opportunity for companies keen to capitalise on this space. Businesses can either develop new technologies or invest in currently small-scale innovations. The purchasing power of the private sector is essential to triggering these exponential tipping points.
In some industries, carbon removal solutions could even be integrated into the company’s own value chain, supporting their reduction strategies at the same time. Wigg:
I think one of the first questions companies need to ask themselves is whether they are going to do removals within their value chain or outside it. For the climate, and globally, this makes no difference. We need removals wherever they happen.
But some companies, especially in food and construction, will have opportunities to do removals within their value chains, and they need to innovate and make that happen. Some are already planning for this. For example, big food companies are working towards having regenerative agriculture in their supply chains, which can draw down carbon dioxide from the atmosphere.
Finally, and crucially, most of the hard work has already been done. The technologies are developed, and implementing them presents straightforward opportunities for businesses willing to lead. Falk:
Our principles fit on one page. The thing is to solve one piece of the puzzle based on holistic thinking, but focus on one piece at a time and get it out there. Start implementing it, get feedback, and then work with other organisations to see how we can scale it. So, by design, we kept this first document really simple but sharp.
Watch the session (30 minutes):
