How to Address the Climate Crisis — One Tonne of Carbon at a Time

May 31, 2024

Here’s the low-down on carbon dioxide removal credits, what they do and why they’re a vital tool in the fight against climate change.

Carbon dioxide removal (CDR) technologies are critical in addressing the climate crisis, alongside reducing emissions. MaRS Discovery District has purchased $60,000 worth of CDR credits from five Canadian startups using various methods like direct air capture, deacidification of rivers/oceans, and accelerating mineralization of mine tailings to permanently store carbon.

Key Points:

    • Reducing emissions alone is insufficient; CDR technologies are needed to remove excess carbon already in the atmosphere and from hard-to-abate sectors like industry and agriculture.
    • MaRS aims to kickstart the CDR market in Canada by purchasing credits, offsetting emissions from their climate conference, and showing that CDR credits are accessible to NGOs and small businesses.
    • It is important to understand carbon credits, the different CDR methods used by the startups, criteria for evaluating CDR projects (scalability, cost, verifiability, additionality, community engagement), and the importance of rigorous third-party verification.
    • It is equally important to understand the current state of the CDR market, pricing factors, Canada’s potential for CDR due to its geography, the need for policy support and financing to scale up the industry, and the importance of highlighting non-carbon benefits like biodiversity improvement.
    • CDR is not a silver bullet solution and should not be treated as greenwashing; it must complement deep emissions cuts, and corporations have significant work to do in reducing their own emissions.

Continue reading on MaRS