Climate Insider Brief:
- The report by Carbon Removal Canada emphasizes that government and corporate procurement of carbon removal services can accelerate innovation and scale the sector, contributing significantly to Canada’s net-zero goals.
- Joint efforts between government and private entities are highlighted as essential for creating demand for carbon removal services, fostering economic growth, and establishing new business models.
- During the report’s launch, the Canadian government announced the allocation of $10 million from the Low-carbon Fuel Procurement Program (LCFPP) for carbon removal procurement, signaling strong governmental support for building the carbon removal market.
PRESS RELEASE – Ottawa, ON / October 09, 2024 – Carbon Removal Canada released a new policy report this week, “Procuring with Purpose: Canada’s Opportunity to Shape the Carbon Removal Market.”
The report shows how the government can build a robust carbon removal sector in Canada.
Following the government’s Low-carbon Fuel Procurement Program (LCFPP) announcement earlier this year, Carbon Removal Canada developed original research on how governments and corporate actors can be catalytic in developing the carbon removal sector by strategically purchasing innovative carbon removal services.
Some findings include:
- How carbon removal can help propel Canada’s net-zero ambitions
- How joint public/private sector entities can speed up innovation and contribute to economic growth through carbon removal procurement
- How governments and companies can approach designing procurement programs
“If we want to turn Canada’s global lead in carbon removal innovation into real productivity and employment gains, the sector requires new tangible business models, like procurement. Government procurement is a strategic and targeted way to crowd in private-sector capital and scale this critical climate solution.” – Na’im Merchant, Co-Founder and Executive Director of Carbon Removal Canada
“Demand creation for carbon removal services is among the most pressing challenges facing the industry. Neither the public nor private sector will be able to scale the industry alone. Procurement offers an immediate opportunity for all actors to grow the demand signal for carbon removal and can serve as a bridge to longer-term, sustained demand in the future through carbon markets and regulatory schemes. The time to act is now,” –Tim Bushman, Director of Policy & Research of Carbon Removal Canada and author of the report
Download Report
The report officially launched during a live event in Ottawa, featuring a fireside chat with the Honourable Anita Anand, President of the Treasury Board, and Michael Bernstein, Executive Director of Clean Prosperity. Their discussion highlighted the power of strategic procurement to shape the future of the carbon removal industry. In tandem with the report launch, Minister Anand announced that at least $10 million from the LCFPP will be allocated specifically for carbon removal procurement.
Download high-resolution photos here.
To learn more about Carbon Removal Canada, please visit carbonremoval.ca.
Media Contact:
Rachel Chen
Associate Director, Communications
[email protected]
About Carbon Removal Canada:
Carbon Removal Canada is an independent think tank focused on the rapid and responsible scaleup of carbon removal, to meet Canada’s climate goals and help the world achieve net-negative emissions by 2050. Based in Toronto, Carbon Removal Canada is a project of the Clean Prosperity Foundation and the first group in Canada dedicated to shaping policies and strengthening systems to build an innovative and inclusive carbon removal sector.
SOURCE: Carbon Removal Canada
Featured Image: Credit: Carbon Removal Canada
