Carbon removals are again on the negotiating table at COP28 in Dubai. And, again, the text is inadequate.
Today’s vote at the European Parliament paves the way to interinstitutional negotiations on the Carbon Removals Certification Framework. The EU institutions urgently need to hammer out the many imperfections of the CRCF to ensure that carbon removals become an effective climate action tool.
Carbon Market Watch calls on organisations, businesses and academics to join its open call for the EU to explicitly separate its targets and policies for emissions reductions, carbon sequestration in the land sector and permanent removals in its post-2030 climate framework.
The European Union is starting the long process towards establishing the bloc’s post-2030 climate policy framework and Carbon Market Watch wants to make sure that slashing emissions is the absolute priority.
The European Parliament has raised the bar on the proposed legislation for regulating carbon removals but the EU is still far away from a framework that would truly benefit the climate.
The International Energy Agency (IEA) confirms that delayed emissions cuts will leave us overly dependent on the panacea of carbon removals, which will deepen the climate crisis and make it costlier to humanity.
Policymakers must break the magnetism between carbon markets and carbon removals by putting in place non-market incentives. This requires a rethinking of the EU’s Carbon Removals Certification Framework process and setting the right targets for 2040.
A recent report by Carbon Market Watch of 20 global, EU, national and sub-national climate policy frameworks shows that not one governs carbon removals in an environmentally sound way.
American fossil fuel companies are tapping taxpayer money to invest heavily in energy-guzzling Direct Air Carbon Capture and Storage (DACCS), all to continue pumping out oil. This has serious ramifications for the climate and global efforts to decarbonise.
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