GLG Law Newsletter:
What’s Happening with Carbon Removal?
The push to reduce carbon emissions isn’t enough. Hundreds of companies are now trying to remove carbon from the atmosphere entirely. Among the promising developments is direct air capture, a technology that absorbs and locks up CO2 from the air.
The U.S. government has drawn its support for carbon removal with the Bipartisan Infrastructure Law funding direct carbon capture hubs and programs, and the Inflation Reduction Act (IRA), including provisions to purchase carbon removal credits at $180 a cubic ton.
While the lion’s share of the capital for carbon removal comes from compliance markets and government investment, voluntary carbon credit markets are another innovation, with some of the largest purchasers being marketplaces themselves. The total volume in the voluntary market is only $1 billion a year, but that could grow to $10-$25 billion by 2030.
To better understand what’s happening with carbon removal, we spoke with Michael Blakemore, GLG Network Member and former Project Director at KBR with more than 25 years’ experience in the energy, resources, chemicals, and infrastructure sectors.
I hope you find it insightful.
Thank you,
David Solomon
GLG Law
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