USA May Need To Spend 100 Billion Dollars On Carbon Removal Annually

by | Apr 21, 2024 | Environmental News, Pollution News

Home » Environmental News » USA May Need To Spend 100 Billion Dollars On Carbon Removal Annually

 

An analysis by the Rhodium Group suggests that the USA may need to spend 100 Billion dollars on carbon removal. It needs to be done annually by 2050 in order to mitigate the impacts of climate change.

USA may need to spend 100 billion dollars on carbon removal

This substantial figure, estimated by Rhodium, is twenty times more than what had been previously committed by lawmakers in landmark climate bills aimed at jump-starting the development of carbon removal technologies and industries. To put this in perspective, $100 billion is roughly equivalent to the entire budget of the Department of Agriculture.

Climate Policy and Budget Realignment

The report arrives at a critical juncture amidst a contentious political environment where the future of U.S. climate policy is at stake. The Republican Party, particularly aligned with former President Donald Trump’s anti-Green New Deal stance, emphasizes opposition to what they term “radical left” policies.

Conversely, progressive critics view excessive government support for costly carbon dioxide removal technologies as a diversion from addressing the core challenges of climate change.

The Science and Economics of Carbon Removal

The necessity for such significant investment stems from both scientific and economic factors. Even under optimistic scenarios where carbon emissions decrease rapidly, and ecosystems like the Amazon rainforest remain intact, climate scientists project a need to remove billions of tons of CO2 from the atmosphere and oceans.

It’s necessary to prevent global temperatures from rising more than 2 degrees Celsius above pre-industrial levels. This is a critical target set by the Paris Agreement.

Recommendations for Action

Rhodium’s analysis suggests Congress should consider implementing a permanent federal carbon removal procurement program to align with the ambitious climate commitments of the Biden administration.

However, the report acknowledges the challenges of garnering political support for a procurement program with an annual budget of $100 billion. Instead, it proposes a phased approach, potentially starting with less ambitious programs to pave the way for more substantial funding in the future.

Alternative strategies include expanding carbon removal tax credits or leveraging budget reconciliation processes to facilitate increased federal spending in this critical area. The report also addresses common concerns surrounding carbon removal technologies, such as potential environmental impacts and the energy requirements of direct air capture facilities.

Despite critiques and challenges highlighted by experts like Joseph Romm, who argues for a cautious approach to carbon removal investments, Rhodium remains optimistic.

They anticipate advancements in technology that will improve energy efficiency and reduce costs associated with carbon removal over time. Ultimately, the goal is to identify and incentivize CDR solutions that maximize climate damage avoidance while minimizing costs to taxpayers.

In summary, the Rhodium Group’s analysis underscores the urgency of addressing carbon removal as a key component of U.S. climate policy. As the USA may need to spend 100 Billion dollars on carbon removal, it’s a significant move. It signifies a bold step towards mitigating the effects of climate change. Moreover, it underscores the complexity and magnitude of the challenges ahead.

Also Read: EPA urges to remove PFAS aka ‘Forever Chemicals’ from Tap Water

Author

  • Sarah Tancredi

    Sarah Tancredi is an experienced journalist and news reporter specializing in environmental and climate crisis issues. With a deep passion for the planet and a commitment to raising awareness about pressing environmental challenges, Sarah has dedicated her career to informing the public and promoting sustainable solutions. She strives to inspire individuals, communities, and policymakers to take action to safeguard our planet for future generations.

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