Why Carbon Removal?
Real net zero requires
Carbon Removal
Fact 02
More than 90% of credits from the leading carbon standard’s rainforest protection scheme – among the most commonly used by companies – are likely to be “phantom credits” and do not represent genuine carbon reductions.
Fact 03
The evidence is clear. The use of both reduction strategies and carbon removal are necessary to reach net zero by 2050.
Carbon Removal versus Carbon Avoidance
Carbon Removal
Carbon removal methods actively remove greenhouse gases from the atmosphere, resulting in negative emissions when making footprint calculations. The different types of carbon removal that exist today can be nature-based, technological, or consist of hybrid solutions.
Carbon Avoidance
Methods within this category avoid the emission of greenhouse gases that would otherwise contribute to climate change. The most common forms of avoidance are renewable energy projects, such as wind and solar, as well as energy-saving activities such as providing clean cookstoves or boilers.
These methods result in a net reduction in the amount of CO₂ being emitted in the future.
Removal
Long term impact
The majority of carbon removal methods have a permanence of at least 100 years which targets the negative externalities of existing emissions.
Avoidance
Fails to address existing emissions
Emissions released impact the climate for tens to hundreds of years. Using avoidance credits does nothing to address this challenge.
Removal
Additionality
Removal methods are evidently equipped with proof that the commercialisation of their credits would not have happened otherwise (e.g. Direct air capture).
Avoidance
Lacking proof of additionality
Avoidance methods lack impact and ROI as many projects would have happened otherwise without the commercialisation of their credits.
Removal
In line with supranational institutions and expected regulations
SBTi currently requires the use of long-term removal to support net zero claims.
Avoidance
Not in line with upcoming regulation
Based on the expected direction of regulations, avoidance credits will not fulfill claims of carbon neutrality and net zero (e.g. EU Certification Framework).
The business case for Carbon Removal
First mover advantage
Secure access today and tomorrow
Carbon removal supply is scarce today, a challenge that will be exponentially harder for companies to overcome as demand continues to explode (Bloomberg).
Build knowledge base and establish supplier knowledge
Understanding the nascent carbon removal market and establishing early supplier relations are keys to success in the era of Sustainability (BeZero Carbon).
Climate leader
Talent
- 67% more employees willing to apply and 68% more likely to accept job offers (IBM).
- 65% said they would be more likely to work for a company with robust environmental policies (Forbes).
Customers
A recent survey of over 1,000 US adults revealed striking evidence that two-thirds (66%) are willing to pay more for sustainable products. (Sustainable Brands). In addition, companies are increasingly including carbon in RFPs as a measure to decrease their own footprint.