15 December 2022

Removals for growth

Ted Christie-Miller

Head of Carbon Removal

Victoria Harvey

Research Associate

11 min

The carbon removal market needs to be worth trillions by 2050 if we are to have any hope of limiting temperature rises to 1.5°C above pre-industrial levels. The UK is well placed to become a key exporter of this emerging industry, with world-leading research centres and the largest tech hub in Europe.

This new market can help level up opportunities across the UK as most of these projects will be based in the Midlands, North and Scotland.

To unlock the growth potential of this new market, HM Government needs to show strong leadership, provide meaningful economic support and set up a Carbon Removal Accelerator.

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Key Takeaways:

1. Carbon removal is set to be responsible for one sixth of the UK’s emissions reductions. Three quarters of abatement from carbon capture and carbon removal technologies will come from the Midlands, North and Scotland.

2. Delivering this industry could give the UK access to a potential trillion-pound market. However, huge public funding commitments under the US Inflation Reduction Act means talent and innovations could cross the pond.

3. Solutions include: a Task Force for Scaling Carbon Removals; economic support through the UK Infrastructure Bank; and, the formation of a regulated Carbon Removal Accelerator.

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