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FRONT MATTER 02 REPORT IN BRIEF Carbon removal is a critical but missing piece of the climate solutions portfolio. Achieving the long-term goal of the U.N. Paris Agreement will not only require dras- tic emissions reductions, but will also likely require efforts to clean up excess CO2 from the atmosphere. Although these carbon removal (or “negative emissions”) strategies can also offer myriad co-benefits in addi- tion to meeting climate targets — from new opportunities for growth in a low-carbon economy to enhanced ecosystem services and climate resiliency for communities around the world — governments and busi- nesses have provided negligible support for the carbon removal field to date. The lack of policy and industry support for carbon removal opens the door for philanthropies to ignite the development of the field. In the past, philanthropies have been suc- cessful in catalyzing greater public and private sector support for important, un- der-the-radar issues — exactly what the carbon removal field needs today. Yet, high technology costs and uncertainties, alongside an exclusive focus on emission reduction goals, have historically driven philanthropic funders away from carbon removal projects. While our research shows that less than one percent of climate-related grant-making has supported carbon removal solutions over the past decade, interviews conducted with 50 climate and philanthropy experts show that the climate philanthro- py community has begun to recognize the increased urgency for developing carbon removal solutions. How can philanthropy move beyond carbon neutrality? 1) elevate the issue, 2) spur science and innovation, 3) build markets and policies to foster commercialization. More information and conversation on carbon removal are needed to enable gov- ernment and industry leaders to foster the commercialization of carbon removal solutions in not only swift, but also equi- table, sustainable, and economically viable manner. As philanthropies begin to support carbon removal projects, targeted grants to support industry- and policy-relevant re- search, events, and communication efforts can have high leverage by unlocking orders of magnitude more funding from govern- ments, NGOs, and corporations around the world. This report explores in detail how near-term philanthropic grants can catalyze the development of carbon removal solutions and make our long-term climate goals a reality.PDF Image | Philanthropy Final Report
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