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Swift government backing could boost domestic carbon removal capacity: McKinsey
Carbon dioxide removal is a critical tool in achieving net zero by 2050.
Governments that are quick to support the carbon dioxide removal (CDR) industry could boost their domestic removal capacity to meet their commitments with the Paris Agreement, McKinsey reported.
No less than the Intergovernmental Panel on Climate Change underscored that CDR is a critical tool to achieve net zero by 2050.
“[CDR] could enable businesses to neutralize residual carbon emissions once all emission reductions efforts have been exhausted. Thus, by 2050, CDR competency could be a core part of management responsibilities across all sectors,” the report read.
McKinsey added that countries could take advantage of solutions that suit their particular geographies best.
For instance, countries with access to low-cost renewable energy could enjoy cost advantages using energy-intensive CDR, while those with significant land-based natural assets could benefit from expanded nature-based removals.
“Supporting CDR could provide governments with opportunities to promote skill development and job creation, thereby helping to facilitate a just transition to renewable energy sources,” McKinsey also noted.
