More than 20 companies in the burgeoning carbon removal industry have launched a coalition that will lobby the U.S. government for new policies to commercialize the technology that has received a lot of private investment in recent years.
The CRA will represent companies that are working on technologies to remove carbon emissions, buyers of credits from carbon removal projects, and groups that support the development of the field, creating a unified industry voice in policy discussions with lawmakers and government officials.
For years, technologies such as direct air capture, which extracts carbon emissions from the atmosphere, had been seen as fringe ideas. After the passage of the federal infrastructure bill and the Inflation Reduction Act, investors have been pouring millions into the emerging field.
The US government has pledged to spend more than $580 billion to support the development of carbon dioxide removal technologies through grants, technical support and tax credits for start-up companies and investors as part of the bills.
The CRA said that they will work to realize the potential of the trillion-dollar carbon removal industry, including creating high-quality jobs, driving economic development, and ensuring we achieve our climate goals.
There aren't large-scale direct air-capture projects in the United States, though some projects are underway. Carbon dioxide removal involves chemical processes such as direct air capture or enhancement of existing natural processes that remove carbon from the atmosphere, such as planting trees.
As of 2021, carbon removal companies have only permanently stored fewer than 10,000 tons of carbon dioxide, a number that is less than the billions needed to be removed and stored to keep the world on track to limit global warming to no more than 1.5 C above pre-industrial levels, a level that scientists say can stave off severe climate disruptions.
Giana Amador, founder of the Carbon 180 carbon removal company, will head up the CRA. Members include DAC start-ups Sustaera, Climeworks and Heirloom.