The Exponential Roadmap Initiative, together with Rethinking Removals and Oxford Net Zero, has launched a proposal for companies to integrate carbon dioxide removals into their climate action.
Technologies and approaches that remove carbon from the atmosphere are critical to reaching net zero, both for individual companies and on a global scale. Carbon removals cannot substitute for deep reductions of greenhouse gas emissions. But certain sectors—particularly those that are harder to decarbonize—will continue to produce residual emissions. For companies with net zero goals, incorporating carbon removals is necessary to offset these unavoidable emissions.
However, removals are currently not not where they would have to be if following 1.5°C pathways. Also, scaling removals to the needed extent will be challenging unless investments into the relevant technologies and infrastructure start now.
Claire Wigg, Head of Climate Performance, Exponential Roadmap Initiative:
Integrating carbon removals into corporate strategies isn’t just a future necessity—it’s a present opportunity to ensure credible and lasting progress toward net zero.
By setting net zero targets, companies commit to balancing their remaining emissions with equivalent removals. To meet these targets, businesses must start planning now, investing in credible removal solutions that complement their efforts to reduce emissions.
Six principles to guide corporate carbon removals
The new proposal outlines six key principles to help guide companies on how to begin incorporating carbon dioxide removals into their strategies.
- Companies should start investing in carbon removals now, and the volume should rise each year t with interim milestones along the way.
- Companies can invest in a mix of different types of removals8with ranges of expected time to drawdown, storage durations and risks of reversal.
- Carbon storage durability levels in portfolios overall should rise over time so that residual emissions at net zero are counter-balanced appropriately and the net zero balance maintained
- All removals should be quantified according to robust methodologies and companies should have robust mechanisms for monitoring their removal portfolio and managing reversal risk
- Companies should report publicly the types, drawdown dates, expected durability, potential reversal risks, any co-benefits, and retirement dates of the removals they invest in.
- Companies should be recognised and celebrated for their extra commitment.
One of the partners in the proposal is Rethinking Removals, a collaborative not-for-profit organisation supportingsupport the exponential growth of the carbon removal industry.
Delia Meth-Cohn, Co-Founder, Rethinking Removals:
This recommendation addresses a key gap in corporate net zero guidance. Rather than relying on future carbon removals, companies can now incorporate them into their climate strategies today—starting small but helping to scale removals to the volumes and durability needed for net zero.
The Exponential Roadmap Initiative, Rethinking Removals, and Oxford Net Zero are planning to develop a follow-up document with more detailed guidance on how companies can begin implementing carbon removals.
The proposal is currently being socialized with our wider networks, and we welcome feedback. For more information, contact Claire Wigg at claire.wigg@exponentialroadmap.org.
More resources
- Read our Q&A with Claire Wigg, Head of Climate Performance Practice, on why companies should not delay carbon removals
- Find out more about the Oxford Offsetting Principles 2024, launched by Oxford Net Zero