Carbon capture projects and carbon removal credits have received new impetus with major government support over the past year as part of the solutions to cut greenhouse gas emissions and put the world on track to reach the Paris Agreement targets.
As governments move to back carbon capture projects and corporations look to reduce their carbon footprint
In the U.K., the Spring Budget in March made up to $25 billion available for Carbon Capture, Utilization and Storage , while the U.S. Inflation Reduction Act has significantly raised the incentives for carbon capture projects, including direct air capture . in funding for early deployment of Carbon Capture, Usage and Storage to help meet the government’s climate commitments.
“The CCS market has just taken off,” Nick Cooper, CEO at carbon capture and storage developer Storegga, told the The historic legislation “builds the foundation for a budding direct air capture industry in the U.S.,” “Above all, the IRA sends a strong signal to the rest of the world that the U.S. is backing the reality of a carbon capture and removal industry,” Benjamin added.
“High-quality carbon removal must be scaled to gigaton level by 2050, and multi-year agreements like this one are a crucial lever,” said Christoph Gebald, co-founder and co-CEO of Climeworks.
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