2023 is proving to be a year of climate and weather extremes. Record-busting global air and ocean temperatures, unprecedented low levels of Antarctic sea ice, and devastating fires and floods have been reported across the world.
—which directly removes CO₂ from the air and stores it in geological formations.
Another problem is that the current carbon offset market offers a flat rate, no matter the quality or effectiveness of the CO₂ removal method. There is an urgent need for a tiered market that values high-quality, proven CO₂ removal methods. This will provide an incentive to fast-track their use.is a stumbling block. The price for offsetting a ton of CO₂ is in the range US$10–100. Cheaper avoidance strategies, such as not clearing forests, heavily influence this price.
The prevailing metric, simplifying everything to"one ton of carbon," doesn't consider the complexities of CO₂ removal. Each method has its own specifics about how long it can store carbon, how reliably it can be verified and the potential risks or side effects. Shoehorning such a varied field into a single metric stifles innovation in CO₂ removal.
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