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Donald Trump on climate as a key focus of their broader agenda, technological CDR could become a major part of the Party's climate platform. III. Implications and Analysis Scientists and other climate experts agree that the world needs to raise its ambition quickly in order to remove CO2 and other greenhouse gases and avert deep climate crises in the future. As part of a global strategy, accelerated deployment of CDR technology is critical. The IPCC has recognized the need to be proactive in order to limit warming to 1.5 degrees Celsius above pre-industrial levels. CDR technology for climate management will grow in importance over the years and decades as the effects of climate change worsen and the technology is adopted by more actors. The scale at which this technology is deployed and its ultimate impact on the economy and meeting climate challenges will remain highly uncertain for some time. In the United States, technological approaches using man-made methods to remove CO2 from industrial facilities and the atmosphere have become part of the climate conversation and may be on the cusp of becoming economic on a wide scale. Provisions to accelerate the use of CDR technology can satisfy both political parties, environmentalists, heavy emitters, investors, entrepreneurs and the general public. Environmental advocate NGOs and Democrats can continue to back CDR technology given its importance in long-term climate management. Republicans are excited that new technologies can reduce the climate footprint of heavy emitters such as oil and gas companies at a reasonable cost. This bipartisan consensus can continue to achieve positive developments in the CDR space. To take advantage of the current environment, the U.S. government could do the following to help meet U.S. climate goals and foster the commerciality of CDR: • Extend the 45Q tax credit beyond January 1, 2024 to broaden the number of actors that can apply for the credit. By expanding the time window, Congress would provide greater certainty to industry and investors so they can advance projects. • Regulators should develop standards and safeguards for industry and government to follow. Given that CDR technologies carry various economic, environmental, logistical and land-use risks, the U.S. government will need to provide vigorous safety studies, and the Environmental Protection Agency (EPA) and the Department of Interior (DOI) should develop rules for industry to follow. At the same time, companies will need to establish a set of guardrails and norms to gain public trust and consistency. • Invest in continued research, development, and demonstration of CDR technologies so they can be deployed as soon as possible. R&D funding for a wide array of technology, which NAS stressed is critical, can improve performance, decrease risks for investors, lower costs, and spur innovation. • Collaborate with industry. Public-private partnerships are essentially risk-sharing agreements that can help industry players find support before they develop viable business models. National labs, universities and research institutions have the ability to provide capital and expertise to private industry. Collaboration allows for public leadership in fighting climate change while also emboldening private companies to be part of the solution while gaining financial rewards. 21PDF Image | Carbon Removal Final Report
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