🚨🇪🇺 Breaking: European Commission to suggest a carbon removal target of 100-200M tons per year by 2050 🇪🇺🚨

📣 On February 6th, the European Commission is set to publish its Industrial Carbon Management Strategy. According to a leaked version seen by Bloomberg today, the proposal will see a strong emphasis on carbon dioxide removal (#CDR) to achieve the EU’s 2050 #netzero target.

In detail:

📉 The EU will need to achieve 90% emission reductions by 2040.

🌍 Even so, it estimates residual emissions of 450Mt of CO2 to be captured per year in the EU.

🏭 More than half of this will be achieved through point-source carbon capture and storage (#CCS).

🌲 Around 100-200Mt will need to be removed directly from the atmosphere through CDR using a variety of methods.

🌟 This is very promising news! It indicates a clear commitment to scaling up CDR across the European Union. On February 6th, we will see the final proposal alongside a first recommendation on 2040 climate targets, most likely with dedicated CDR targets (potentially even differentiated between #LULUCF and industrial CDR).

🏆 Coupled with progress on the Carbon Removal Certification Framework (#CRCF) - set to be decided on in the next months - the EU is set to become the global leader on CDR policy. Exciting times ahead

🔗 Link: https://www.bloomberg.com/news/articles/2024-01-12/eu-plans-big-scale-up-of-carbon-removals-to-reach-climate-neutrality?utm_source=website&utm_medium=share&utm_campaign=linkedin

#carbonremoval #eupolicy #carbonmarkets #climatetargets

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