Last week the European Scientific Advisory Board on Climate Change (ESABCC) published its long-awaited report on carbon removals titled "Scaling up carbon dioxide removals – Recommendations for navigating opportunities and risks in the EU." This report was under discussion already a year ago when the chair of the board, Dr. Ottmar Edenhofer, visited us in Helsinki.
The report is a much-needed contribution to the removals topic, which has so far received too little attention in climate policy. The global carbon budget is shrinking rapidly, and although emission reductions should remain the priority, we need to remove carbon from the atmosphere not only to reach net zero but also to achieve net negativity. The task is not easy; to achieve global net-zero, we need markets on the same scale as the current global thermal coal markets, and even more for net-negativity. With the ongoing decline in the EU's natural carbon sinks and the slow rollout of new removal methods, a robust policy response is crucial.
In response to these needs, the ESABCC report provides the necessary European perspective. It highlights the need to distinguish between different carbon removal solutions based on their permanence, create sufficient incentives for the short, medium, and long term, and strengthen financial mechanisms, governance, and innovation capabilities.
By addressing these key areas, the ESABCC report aims to accelerate the deployment of carbon dioxide removals in the EU, driving innovation, restoring ecosystems, and creating economic opportunities while ensuring environmental and social safeguards.
"To achieve its climate targets, the EU must quickly scale up carbon dioxide removals while pursuing deep emissions cuts. With the right incentives, a dynamic policy mix can speed up innovation and strengthen the EU’s position in the global race for cleantech leadership."
Prof. Ottmar Edenhofer, Chair of the Advisory Board
At Climate Leadership Coalition, we have advocated the urgent need for market structures for removals. In January, we published a report on Nordic activity on removals, which demonstrated that there is great business interest in removal markets in all five Nordic countries.
Key messages in the ESABCC report from CLC's point of view:
- Economic potential. Carbon removals create significant economic opportunities. However, it is acknowledged that the technologies are still in the early phase, and the report even calls the current size of the market "miniscule."
- Separate Legal Targets: The field of removal technologies and solutions is diverse. To reflect this, separate targets are needed for different types of removals: permanent removals, such as DACCS, BECCS, and biochar, and temporary removals like forest and agricultural sinks. All these solutions are needed, but their costs and implementation timelines vary.
- Market incentives: Markets and robust incentives are essential to drive early demand for removals. The public sector must create a framework for a strong market and favorable conditions for initial projects, while the private sector is needed to scale solutions to a sufficient magnitude.
We at CLC continue to be a strong advocate for scaling up carbon removals and will continue our work with pricing and market structures for removals. Be in touch with Juha Turkki who leads the work if you want to join the consortium!
Further information:
Juha Turkki, Development Director, CLC, juha.turkki@clc.fi
