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How can companies ensure that they are building a balanced carbon removal portfolio that aligns with their net zero aspirations?
On August 30 Climeworks organized a carbon catch-up starring Katharine Hayhoe, Chief Scientist at The Nature Conservancy, and Brian DiMarino, Head of Operational Sustainability at JPMorgan Chase & Co. We asked them to share insights and guidance to companies on how to select and build a diverse portfolio of climate and carbon solutions and why it is crucial to integrate technological carbon removal solutions alongside nature-based solutions.
Katharine Hayhoe emphasized that there is no “silver bullet’’ in the fight against climate change but a wide range of solutions that need to be implemented simultaneously:
Emission reductions through enhanced efficiency, transition to clean energy, sustainable land use, and carbon capture and storage.
Carbon removal via nature-based solutions and tech-based solutions (including direct air capture).
Climate Resilience: Adapt existing technologies and communities to changing climate conditions.
All entities— companies, governments, and individuals—have a role in climate action.
Brian DiMarino focused specifically on JPMorgan Chase & Co’s experience with purchasing high-quality CDR and gave advice to companies who want to do the same. Here are the top pieces of advice that Brian shared for every company to start their carbon removal journey:
Set bold and measurable ambitions, with separate targets for carbon reduction and removals. Understand your organizational limitations and be open with your stakeholders.
Take immediate action: not acting has its own set of risks - reputational, regulatory, consumer, commercial, financial.
Get started with your carbon removal journey: you could start at any scale and grow your portfolio over time.
Define your own set of carbon removal criteria, such as measurability, third-party verification, additionality and permanence.