Carbon Removal Canada released a new policy report, “Procuring with Purpose: Canada’s Opportunity to Shape the Carbon Removal Market,” advising 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.
“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,” said Na’im Merchant, co-founder and executive director of Carbon Removal Canada. “Government procurement is a strategic and targeted way to crowd in private-sector capital and scale this critical climate solution.”
Some key 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.
Anita Anand, president of the Treasury Board and Minister of Transport, speaking with Michael Bernstein, executive director of Clean Prosperity speaking at Carbon Removal Canada’s “Procuring with Purpose” event to launch the report. (Credit: Grace Manalili Photography for Carbon Removal Canada)
“Demand creation for carbon removal services is among the most pressing challenges facing the industry,” said Tim Bushman, director of Policy & Research of Carbon Removal Canada and author of the report.
“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.”
Carbon Removal Canada is an independent think tank focused on the rapid and responsible scale-up 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.
Featured image credit: Getty Images
