![]() ![]() ![]() As a result, more companies are now looking to enter the CDR market as buyers. It’s likely to grow further as voluntary commitments strengthen and proliferate and as more organizations realize the contributions that CDR solutions can make toward meeting their targets. ).īecause of those trends, the demand for CDR solutions has been growing rapidly. In addition to helping achieve net zero, CDR could help with other climate goals (for example, Microsoft’s stated aim to become carbon negative 5 Official Microsoft Blog, “Microsoft will be carbon negative by 2030,” blog entry by Brad Smith, January 16, 2020. Such companies will need CDR solutions to neutralize the residual emissions and achieve their net-zero targets. 4 It’s paramount for the development of a sustainable and inclusive economy that companies back any sustainability-related claims they make with genuine actions. However, even after aggressive decarbonization efforts, many will be left with residual emissions that can’t be reduced, because of economic, operational, or procedural limitations. If companies are to achieve such targets, they need to treat decarbonization as a top priority. 3 Science-based net zero: Scaling urgent corporate climate action worldwide, version 1.2, Science Based Targets, June 2022 Target Dashboard, Science Based Targets, January 18, 2023. In addition, companies have set science-based climate targets to reach net-zero emissions, with the number taking action on such corporate targets quadrupling since 2020-to more than 4,000 in January 2023, from approximately 1,000 in 2020. The Intergovernmental Panel on Climate Change (IPCC) has said ramping up CDR volumes-up to six metric gigatons of CO 2 per year-is “unavoidable if net zero emissions are to be achieved.” 2 “Summary for policymakers,” in Climate Change 2022: Mitigation of climate change, Intergovernmental Panel on Climate Change, April 4, 2022. 1 Sustainability Blog, “Carbon removals at the forefront of McKinsey’s inaugural Green Business Building Summit in Stockholm,” blog entry by Emma Gibbs, Mark Patel, Giulia Siccardo, and Shreya Vora, McKinsey, September 21, 2022. In a blog post, McKinsey experts said CDR solutions would be a crucial part of the effort to achieve net-zero emissions. This article is a collaborative effort by Shruti Badri, Martin Bohmert, Stuart Evans, Emma Gibbs, Thomas Kansy, Peter Mannion, and Mark Patel, representing views from McKinsey Sustainability. ![]()
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