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BEYOND CARBON NEUTRALITY 55 5.1 THINKING BEYOND NEUTRALITY The grant-making approaches that philanthro- pies have pursued in the past are likely insuf- ficient to support the development of carbon removal solutions in the future. First, continuing to judge carbon removal projects against more mature climate mitigation solutions can lead to under-investment in carbon removal. The gap in costs and uncertainties between leading CO2 abatement and carbon removal solutions will grow as long as funding only supports CO2 abate- ment projects. This can lead to a self-reinforcing cycle in which carbon removal solutions will not get the support they need until most CO2 emissions abatement options have been exhausted. If this sit- uation occurs, carbon removal systems will struggle to reach scale as quickly as needed to protect from budget overshoot. Second, a continued focus on funding carbon removal projects based solely or primarily on their co-benefits is likely insufficient to catalyze growth in the field. The co-benefit-focused approaches neglect some of the larger-scale carbon removal solutions that have fewer co-benefits but could still offer larger climate change mitigation potential. In addition, co-benefit driven projects tend to focus less on lifecycle CO2 accounting, making it difficult to understand the true carbon impacts of these projects. Finally, continuing to focus only on fossil CCS is likely insufficient to build the political coalitions needed to support carbon-negative energy systems in the future. CCS is likely to remain conflated with the idea of prolonging “business-as-usual” energy systems until CCS project developers clearly com- mit to a transition to negative-emissions CCS in the future. Ways to credibly commit to this trajectory include policies to promote co-firing biomass at fossil energy CCS projects and/or developing dedi- cated bioenergy with CCS and/or direct air capture and sequestration projects as part of a larger port- folio of CCS projects.PDF Image | Philanthropy Final Report
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