New Report by University of Oxford Reveals the World Needs to Significantly Increase CO2 Removal Efforts to Meet Paris Agreement Goals
The report, led by the University of Oxford, is the first to assess how much CO2 removal the world is already achieving and how much more is needed to meet the goals set out in the Paris Agreement. The Paris Agreement aims to limit global warming to well below 2 degrees Celsius above pre-industrial temperatures, with a target of limiting the increase to 1.5 degrees Celsius. In order to achieve this goal, it is estimated that the world needs to remove around 100 billion tonnes of CO2 from the atmosphere by 2050.
The report estimates that roughly 1,300 times more carbon dioxide removal from new technologies and twice as much from trees and soils are needed by 2050 to limit temperatures to well below 2 degrees Celsius above pre-industrial temperatures. This is a significant increase from current CO2 removal efforts, which are primarily focused on reforestation and afforestation, as well as better management of soils.
To date, almost all successful CO2 removal has been achieved through measures like planting trees and better managing soils. These efforts have been able to remove around 2 billion tonnes of CO2 from the atmosphere every year, which is a small fraction of what is needed to meet the goals of the Paris Agreement. This highlights the need for new and innovative technologies that can remove CO2 from the atmosphere at a much larger scale.
From 2020 to 2022, global investment in new CO2 removal capacity totalled around $200 million, according to the report, while some $4 billion has been funnelled into publicly-funded research and development since 2010. This is a small fraction of the investment that is needed to develop and scale up CO2 removal technologies to meet the goals of the Paris Agreement.
One of the major challenges in developing and scaling up CO2 removal technologies is the lack of information and data on the effectiveness and costs of these technologies. The report notes that “there are major gaps in information” on CO2 removal technologies, which makes it difficult to make informed decisions on investment and policy.
Despite this, there is growing interested and investment in CO2 removal technologies, with many countries envisioning it as part of their strategy for reaching net zero by 2050. The U.S. Department of Energy committed $3.7 billion to finance CO2 removal projects in December 2020, and the European Union aims to capture five million tonnes of CO2 annually by 2030.
The report also highlights the need for increased international cooperation and coordination in the development and deployment of CO2 removal technologies. CO2 removal is a global challenge that requires a global effort, and countries need to work together to share information and coordinate efforts to develop and scale up these technologies.
The report co-author Jan Minx, of the Mercator Research Institute on Global Commons and Climate Change in Germany, emphasizes that while reducing emissions remains the top priority for reaching the Paris goal, “at the same time, we need to also aggressively develop and scale up CO2 removal, particularly those novel methods.”
He added that would take time as “we are still at the very start” and it is crucial that governments, businesses, and civil society organizations work together to develop and implement CO2 removal technologies. This includes investing in research and development, as well as providing the necessary funding and policy support to deploy these technologies at scale.
CO2 removal technologies are still in the early stages of development and have not yet been fully tested or proven at a large scale. But the report suggests that if we are to meet the goals of the Paris Agreement, we need to invest in these technologies now and start working on developing and scaling them up as soon as possible.
In conclusion, the report presents a clear case for the need to significantly increase the amount of carbon dioxide that is removed from the atmosphere
Prachi, an accomplished Chief-Editor at The Sustainable Brands Journal, has 15+ years of experience in Europe, the Middle East, and India, managing 90+ global sustainable brands. She’s a prolific writer in sustainability, contributing to various publications. Prachi’s unwavering passion and expertise make her a recognized authority, driving positive change and inspiring a sustainable future.
