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The newly introduced Carbon Dioxide Removal (CDR) Leadership Act Of 2024 will call on the U.S. Department of…
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Introduced by U.S. Representatives Paul D. Tonko (NY-20) and Scott Peters (CA-52) and U.S. Senators Chris Coons (DE) and Sheldon Whitehouse (RI), the legislation would require that DOE apply technological solutions, such as direct air capture (DAC). The CDR Leadership Act outlines the maximum costs of carbon removal per metric ton of CO2 year by year up to 2035 and beyond, as well as the amounts of carbon emissions needed to be removed on an annual basis, in order to reach climate goals and effectively limit global warming. Starting from 2024, the price of CDR goes down from a maximum of $750 per ton of CO2 to a maximum of $150 per ton in the year 2035 and thereafter. On the contrary, the amount of carbon removals mandated by the proposed legislation increases exponentially over the years, as DAC and other technologies are expected to scale, starting at 50,000 tons per year and reaching an annual CDR rate of 10 million tons in 2035. Relevant: CDR.fyi Releases Carbon Removal Buyers And Suppliers Surveys’ ResultsThis adds up to a potential total investment of up to $750 billion over the next decade, which will likely be facilitated by long-term contracts that will help create an initial market and inspire further investment in CDR.As the United States emits over 65 million tons of CO2e per year, placing it among the largest emitters worldwide, it is imperative that the Federal government double down on its support for the nascent sector or carbon removal. Read more: Carbon Removal Prices To Continue Going Down According To Report From AlliedOffsets And Carbon Herald 0 0 0 carbon removalCDRCDR Leadership Act of 2024Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment *Name * Email * Website Save my name, email, and website in this browser for the next time I comment. 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