![]() The potential for carbon removal lies far beyond massive carbon capture plants, Friedmann explained. ![]() "Heirloom is just getting going this year with a 1,000-ton project, but they already have a 30,000-ton project in development." "We are going to see Mammoth turn on in Iceland, Climeworks," he said of the plant expected to capture 36,000 tons of carbon each year. He listed a number of projects expected to begin operations in the new year, such as the Stratos project in Texas, expected to capture 500,000 tons of carbon from the atmosphere annually. "Direct air capture (DAC) is going to continue to grow, quickly and strenuously," Friedmann told GreenBiz. Direct air capture is expected to grow globally In the private sector, as company budgets refresh in 2024, decisions on whether to invest in carbon removal technology - for both internal company emissions and as a profit-making external investment - depend on the vitality of the sector in the coming years.Īccording to Friedmann, 2024 is poised to set a high bar. To date, global carbon removal capacity has received only $13 billion. This is one of a series of articles looking ahead to the trends, innovations, opportunities and challenges that will define the business of sustainability in 2024.īy 2030, global investment in carbon removal capacity is predicted to reach between $100 billion and $400 billion, according to a recently released McKinsey report titled "Carbon removals: How to scale a new gigaton industry." It states that to reach net zero by 2050, at least $6 trillion of investment is required, beginning with a minimum 2030 investment of half a trillion.
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