UN Climate Conference Blogs

In light of unmistakable signs of climate change – ranging from droughts and floods to rising temperatures – we find ourselves compelled to acknowledge its undeniable presence. Eight years ago, representatives from 195 nations committed to a binding treaty, commonly known as the Paris Agreement, aiming to restrict the global mean temperature increase to below 2 °C. Unfortunately, recent data reveals a significant deviation from the intended path. The agreement, however, lacks substantial enforcement measures, with no penalties or international body to ensure compliance, potentially contributing to our current divergence from the set goals.

As we stand at a crucial juncture marked by extreme weather events and increasing public demand for more ambitious climate actions, various innovative technologies are being proposed to steer us back on course to achieve the 1.5 °C target. The Intergovernmental Panel on Climate Change (IPCC), tasked with conveying the current scientific understanding of climate change caused by human activities, releases assessment reports (AR6) every six to seven years. The Synthesis Report (SR), a comprehensive document consolidating findings from the preceding AR6 reports, is based on the collaborative efforts of numerous scientists. This report offers a deep insight into the current state, consequences and potential solutions for global climate change.

What is Carbon Dioxide Removal (CDR)?

In the latest IPCC report of 2023, carbon dioxide removal (CDR) emerges as one of the many scalable solutions to align with the Paris Agreement targets. CDR involves the anthropogenic removal of carbon dioxide from the atmosphere, storing it durably in geological, terrestrial or ocean reservoirs or products. This report underscores effective ways to reduce global warming while showcasing viable approaches to mitigate its impacts. A variety of methods fall under the umbrella of CDR, including durable storage connected to direct air capture (DAC), carbon sequestration in soil, removal and storage of carbon from biomass, increased mineralization and ocean-based CDR. Here we will be exploring two technologies that have gained significant attention and are regarded as the most “promising” options. 

DAC is a technology that functions like an incredibly powerful sponge. Its purpose is to draw air inside and employ specific materials to grasp and accumulate the CO₂ present in the air. To put it simply, DAC operates as a colossal filter that has the capability of directly capturing carbon dioxide from the atmosphere. After the capture of CO₂, it is important to find a suitable location to store it. This process involves securely placing the captured CO₂ in specific geological formations or underground. Big oil such as Shell and ExxonMobil have a particular interest in developing, investing in and deploying such technologies. What prompts oil and gas companies to invest in technologies that are still in their early stages and may not provide a guaranteed return?

The answer lies in understanding Enhanced Oil Recovery (EOR). This is a technique employed to extract more oil from reservoirs that conventional methods leave behind. After the initial extraction of easily accessible oil, EOR involves injecting substances like water, gas or chemicals into the reservoir to enhance the flow of remaining oil, making it more recoverable. Apart from contributing to the increased production of oil, DAC would require 1,200 kilowatt-hours to capture 1 ton of carbon (For reference, 1 ton of carbon is roughly equivalent to the carbon emissions from a roundtrip flight from New York to Los Angeles). This would mean utilizing energy equivalent to approximately 20,000 hours of a 60-watt light bulb being continuously on. The most concerning drawbacks of this technology come from studies that indicate that large-scale geologic storage of carbon dioxide could potentially trigger earthquakes, contaminate groundwater, and eventually leak carbon back into the atmosphere.

Ocean-based CDR

The ocean, often overlooked, is one of the largest carbon sinks on Earth. It absorbs about 31% of CO₂ emissions released into the atmosphere. Plant-like organisms, known as phytoplankton, undertake photosynthesis to absorb carbon dioxide from the ocean. Carbon dioxide also dissolves in water, which contributes to its absorption by the ocean through simple chemistry. So why not scale up this process to help us achieve our “net zero” targets? That’s precisely the idea startups such as Running Tide, Planetary Technologies and Gigablue have.

Ocean fertilization, one of the many ocean-based CDR solutions, involves adding nutrients, often iron, to specific ocean areas to promote the growth of phytoplankton. Promoting the growth of these plant-like organisms will increase the amount of carbon dioxide absorbed by the ocean and reduce the carbon in our atmosphere. Excessive algae growth can trigger the creation of dead zones in the ocean. This grim phenomenon transpires when these marine plants sink to the seafloor, undergoing decomposition by bacteria. Despite the free oxygen flow through the aquatic ecosystem, the decomposition process consumes nearly all of it, resulting in regions where very little can survive. This includes various fish species, krill and other marine fauna. The ripple effects extend to megafauna, whose food sources may dwindle. This also poses economic threats to small and large-scale fisheries.

Moreover, the proposed execution of this process is to be carried out in the subarctic Northern Pacific, Eastern Equatorial Pacific, and Southern Ocean – characterized as high-nutrient, low-chlorophyll regions – which presents challenges due to iron scarcity limiting phytoplankton growth. This strategy may have far-reaching implications for numerous countries, including those in the global South. For instance, fishermen in Chile have voiced concerns over plans for an iron fertilization experiment by Oceaneos Environmental Solutions.

CDR at the 28th meeting of the Conference of the Parties (COP28)

As of 2022, the global Carbon Dioxide Removal (CDR) market size and share approximate a value of USD 532.1 Million, as indicated by the latest research study. Projections indicate an anticipated escalation of the market value to approximately USD 2,115.5 Million by the year 2032. Climate change is evidently evolving into a burgeoning business model, with startups heavily focusing on CDR technologies. While commerce can undoubtedly serve as a catalyst for global action, it is paramount to underscore the concurrent imperative for scientific and governance frameworks to regulate innovation. Notwithstanding the burgeoning prominence of CDR technologies, their progression appears to outpace both scientific understanding and regulatory frameworks. This was notably evident at COP28, where more than 50 carbon removal events were hosted, allowing the opportunity to attend a select few. A recurrent observation was the glaring omission in addressing CDR's environmental, social, and economic impacts. This serves as a testament to the embryonic stage of removal technologies, with their large-scale deployment potentially harboring yet undisclosed consequences.