Sharing our insights on the DAC+S and CDR industry.
Scientists, policy experts, and business leaders reiterated that emissions reductions must be complemented with high-quality carbon dioxide removal (CDR) to maximize our chances of limiting global warming to 1.5°C.
Fast deployment will accelerate the creation of a structured supply chain and a decrease in costs, which would need to and could reach below USD 300 for direct air capture (DAC) in 2050 at gigaton scale.
Companies have a responsibility to take action on CDR today as part of a diversified portfolio of solutions, shaping the market and industry, while building up a competitive advantage over those who fail to act.
Through robust monitoring, reporting and verification (MRV), CDR solutions need to demonstrate accountability and drive trust. Governments have a clear role to play as market shapers, regulators, and with their expected future procurement of CDR.
A holistic approach to understanding the needs, experiences and skills of local stakeholders underpins the creation of a just and global industry that CDR is set to become.
The fourth edition of the Climeworks Direct Air Capture Summit made it clear that CDR, and DAC in particular, is not just a concept, but a tangible industry with tremendous potential for growth, supported by policy-shapers and exemplified by a more mature business model for CDR as a service. However, a business-as-usual approach will not enable the cost trajectory and action across all stakeholders that is required and urgent. This was reinforced by Rich Lesser, Global Chair of the Boston Consulting Group (BCG) on stage and is covered in this dedicated article.
Deployment-led innovation – operating in the field and maximizing real-world learnings in the shortest possible amount of time - is the most robust approach to successfully scale up. Fast deployment of DAC and other technological solutions is therefore indispensable to achieve gigaton scale removal capacities by 2050, the scale at which climate science confirms the industry should operate to meet climate goals.
Bringing together the insights from 32 speakers and moderators, as well as Climeworks' own research and experience, the highlights of the 2023 edition of the Direct Air Capture Summit outline what it takes to advance high-quality CDR solutions.
To watch the panel discussions and keynotes, find here the recordings of the Direct Air Capture Summit 2023.
The slides of the opening keynote given by our co-CEOs and co-founders Christoph Gebald and Jan Wurzbacher can be found here.