NEW YORK – The market for carbon removal is expanding rapidly, and private money is pouring in from tech companies seeking to help early-stage carbon capture and storage startups scale up and bring costs down.
The wave of funding comes as reports from the Intergovernmental Panel on Climate Change double down on the need to remove billions of tons of carbon dioxide from the air, emphasizing that emissions-reductions efforts alone are not be enough.
“We have to do emissions reduction at a massive scale, at a massive pace period. Full stop. Unfortunately, because we’ve done such a poor job with that to date, we are now also going to have to do carbon removal,” said Nan Ransohoff, head of Climate at Stripe, an online payments company that’s invested millions in carbon removal technologies.
Carbon removal amounts to a process of storing carbon dioxide that’s already been emitted. That’s different than capturing emissions from a smokestack or recycling carbon to make temporary products like carbonated beverages, plastics or fuels. Planting trees is one way to go about it, but experts say that’s not enough to address climate change.
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