“Capitalizing on Climate: How US Retreat on Climate Action Opens Doors for European and UK Innovations in Carbon Dioxide Removal” – Grantham Research Institute on Climate Change and the Environment

The United States may be losing its edge in carbon dioxide removal (CDR) technology, creating opportunities for countries like the UK and those in Europe. A recent report from the Grantham Research Institute highlights concerns about U.S. policies that could hinder innovation and investment in CDR.

Historically, the U.S. has been a leader in creating and implementing technologies for CDR, especially in bioenergy and direct air capture. However, recent shifts in government policy, like dismantling climate departments and reducing subsidies, could push companies to invest elsewhere. The report points out that countries like France, Germany, and the Netherlands have specialized knowledge in geological CDR, making them strong competitors.

Carbon removal is essential for achieving global climate targets. It’s estimated that the market for CDR could exceed $40 billion by 2030 and grow to over $300 billion by 2050. Past data shows that countries with experience in oil and gas are better positioned to innovate in this area. Notably, the UK has the potential to become a leader in CDR due to its geological storage capacity and a skilled workforce.

Interestingly, the UK ranks as the third most specialized innovator in direct air capture globally. This surpasses its performance in most other clean technologies, including hydrogen and nuclear energy.

Experts underline the importance of well-targeted policies to support carbon removal. Esin Serin from the Grantham Research Institute notes that while the U.S. has been a significant player, its current uncertainty gives others a chance to fill the gap. Siyu Feng from the University of Oxford adds that countries with established oil and gas sectors can excel in CDR if public investment prioritizes these initiatives.

In summary, as the push for climate action grows, the future of carbon dioxide removal will largely depend on how governments manage their policies and investments. With the right strategies, the UK and Europe could take the lead, benefiting both their economies and global climate efforts.

For more insights, you can refer to the Grantham Research Institute’s full report here.

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