The critical moment for carbon removal in Canada is now

Let’s be honest: Canada will likely miss its net-zero target at our current trajectory. In 2022, Canada’s greenhouse gas emissions rose by two per cent to an estimated 685 million tonnes. Emissions are projected to be even higher in 2023. Just reducing greenhouse gas emissions isn’t going to cut it when it comes to our climate goals—we need to use more tools in the toolbox. The United Nations agrees that carbon removal—extracting carbon dioxide directly from the atmosphere—is now crucial to achieving net-zero emissions. Climate models suggest that globally, we will need five billion tonnes of carbon removal annually by 2050. Boston Consulting Group estimates the global market value for permanently removing CO2 from the atmosphere could be US$40-billion by 2030, and as high as US$135-billion by 2040. The United States, European Union, and the United Kingdom have invested significantly in carbon-removal innovation programs, recognizing their necessity and potential. Without similar strategic investments, Canada risks falling behind. Carbon removal techniques include several novel approaches, from using giant fans to separate CO2 from the air, spreading soil-enhancing rocks across agricultural fields that absorb CO2, and using our oceans to soak up CO2 while potentially reducing ocean acidity levels. Na’im Merchant is the executive director of Carbon Removal Canada. Photograph courtesy of Carbon Removal Canada Recognizing the necessity of removing CO2 from the atmosphere, the federal government recently launched the Carbon Management Strategy, urging investments in carbon removal technologies. Canada is ideally positioned to become a global leader in carbon removal. With our vast lands, coastlines, carbon storage resources, culture of innovation, and skilled labour force, we have the perfect conditions for hosting major carbon removal projects. To realise this potential, we must implement the Carbon Management Strategy, and invest thoughtfully in this emerging suite of climate solutions. At Carbon Removal Canada, the independent think tank I lead, we have met with more than 100 carbon-removal companies, climate experts, government representatives, industry stakeholders, and community leaders from across the country to discuss Canadian leadership in carbon removal. We think Canada should aim for five million tonnes of carbon removal capacity deployed by 2030. After that, we need to quickly ramp up the most effective technologies, removing hundreds of millions of tonnes by 2050. Building an industry equivalent in scale to today’s oil and gas sector, but operating in reverse, will not happen instantaneously. Despite having more than 70 Canadian businesses directly or indirectly contributing to carbon removal today, almost all operate at a research or pilot scale. We’re effectively starting from scratch. That’s why Carbon Removal Canada is pushing for a government-funded innovation challenge; a $50-million, three-year program could get the ball rolling on carbon removal solutions, moving them from testing to demonstration-ready projects, after which new policies, like a carbon removal procurement program, or existing complementary policies like the recent investment tax credits, can get them to full commercial scale. A comparable initiative in British Columbia, spanning multiple climate technologies, has demonstrated that every public dollar unlocks $6 in private investment. Once this industry is off the ground, its potential is limitless. We envision Canadian carbon removal project developers selling high-quality, independently verified carbon removal credits that companies and governments can use to address hard-to-abate emissions in steel, cement, or even Canada’s military. This is in addition to selling into domestic and international compliance markets, wherein polluters pay for emissions too costly to mitigate with existing technologies. These markets are valued at more than $800-billion today. A thriving carbon removal industry is not only critical to reaching net zero, it is also beneficial to the economy. Our commissioned economic analysis suggests that a mature carbon removal industry by 2050 could create 89,000 permanent jobs, contribute $140-billion to our economy, and generate significant demand for Canadian manufacturing and construction. At Carbon Removal Canada, we are committed to ensuring that these economic benefits reach rural and Indigenous communities across the country. We all know the heavy lift here is making deep emissions cuts across our economy, but without carbon removal, we don’t have a net-zero target; we have a zero-emissions target. Carbon removal has a major role to play in getting us to net zero, but we cannot expect to have an at-scale carbon-removal industry ready to help reach our climate goals unless we start building it today. Na’im Merchant is the executive director of Carbon Removal Canada, an independent policy initiative focused on the rapid and responsible scale-up of carbon removal solutions needed to meet Canada’s climate goals and help catalyze a net-negative emissions world this century. The Hill Times