🇺🇲 U.S. White House commits to advancing carbon management technologies 🇺🇲

Yesterday, President Joe Biden joined 20 other leaders in the Major Economies Forum (#MEF) to announce the Carbon Management Challenge to accelerate carbon capture, removal, use, and storage technologies. Advancing #carbonmanagement is listed as one of the four pillars necessary to keep a 1.5°C limit on warming within reach - validating that carbon dioxide removal (#CDR) is a necessary component in global netzero efforts.

Why is this important?

🎯 The White House is recognizing that full scale mitigation efforts will not be sufficient to reach the global climate targets and that CDR plays a critical role by removing legacy emissions and helping to decarbonizing the hard-to-abate residual emissions.

📉 These initial investments into CDR technologies are necessary to reduce the cost of global scale-up.

🌐 President Biden invited other countries to join the Carbon Management Challenge, with the aim of unveiling at #COP28 a suite of concrete announcements and goals that will accelerate #CCUS and #CDR internationally.

What does this mean for CDR technologies?

💵 The US is making investments into #CCUS and #CDR technologies through tax incentives through the #InflationReductionAct and $12 billion in financial investments through the #BipartisanInfrastructureLaw. However, these have been focused on the US market with IRA targeting US deployment.

🌍 It is necessary to accelerate the transition ​​internationally if we want to reach the common net-zero global goals. Hence efforts and initiatives need to take global scopes for these objectives to be reached.

⌛ Though it’s unclear what the Carbon Management Challenge will bring or who will join, the aim is to make advancements by 2030 internationally. This is a major sign which hopefully will be followed by concrete actions.

The Carbon Management Challenge is yet another bold move by the Biden administration advancing CDR and CCS. It follows the announcement of the “White House Bold Goals for U.S. Biotechnology and Biomanufacturing” just three weeks ago, focused among others on scaling Biomass with Carbon Removal and Storage (#BiCRS) to under $100/t CO2.

The Biden Administration is clearly dedicated to #carbonmanagement. I am looking forward to further action and am particularly excited to see what the White House will unveil at #COP28 this year. Let's hope this initiative leads to concrete actions and speedy advancements 🚀

What's your read on the Biden administration's leadership on carbon management? Do you believe such announcements will be followed by real action?

See here for President Biden's speech on the Carbon Management Challenge: https://lnkd.in/d6a6rxKv and here for its fact sheet: https://shorturl.at/hopDY