Carbon removal market can reach $100b
“No government has been able to understand that the IT sector can help the country earn dollars without incurring any huge import expenditures. This just shows the lack of understanding,” says Parvez Iftikhar, ICT Expert. photo: file
The global market for carbon dioxide (CO2) removal credits could reach up to $100 billion a year between 2030 and 2035 from $2.7 billion last year if barriers to its growth are addressed, a report by management consultancy Oliver Wyman said on Thursday.
Worsening climate change and inadequate efforts to cut emissions have led UN scientists to estimate billions of tons of carbon must be removed from the atmosphere annually by using nature or technology to meet global climate goals.
Demand for credits has begun to increase from sectors as diverse as technology and finance, chemicals and aviation but it’s not yet large enough to drive the scale of projects that experts say are needed, the report by Oliver Wyman, the City of London Corporation and the UK Carbon Markets Forum said.
Total sales of CO2 removals were estimated at $2.7 billion in 2023, the report said but could grow to as much as $100 billion a year by 2030-35.