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Executive summary Around the world, governments, businesses and citizens face a twin challenge: how to reverse global warming and, simultaneously, deliver economic prosperity for a rapidly expanding global population. Addressing this twin challenge requires a radical shift in the way we use carbon to create economic value. We must transition from an economy powered by fossil fuels to one powered by clean energy and carbon drawn down from the atmosphere — and do so quickly. This paper is principally about how we can do this. It explores the mindset shifts required around carbon, arguing that we must learn to see it not only as a source of existential risk, but also as a source of immense opportunity. It reviews the status of relevant R&D, as well as corporate action across three key value nexuses: cities, materials and food. Our conclusions: many elements of a new carbon economy are already in place; pathways to scale are emergent; the opportunities for those who move fast — and in the right direction — are huge; and, crucially, the moment for courageous leadership is now. This paper builds on work published by the Carbon Productivity Consortium in 2017 (for more, see www.carbonproductivity.com) in addition to dozens of conversations with senior business executives, and experts on carbon and climate change. We are immensely grateful to the individuals and organisations who have informed the ideas in this paper by sharing their expertise and experience with us. An early draft was shared with participants at a New Carbon Economy Workshop hosted by Volans and the Center for Carbon Removal in London in May 2018 — and we warmly thank those who provided feedback. This paper is dedicated to the memory of Richard Northcote, without whose vision and encouragement it would not exist. The paper’s principal authors are Lorraine Smith and Richard Roberts of Volans. If you have any comments or questions, please contact Richard at r.roberts@volans.com. 22PDF Image | Our Carbon Future White Paper
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