LONDON - The global market for carbon dioxide removal credits could reach up to $100 billion a year between 2030 and 2035 from $2.7 billion last year if barriers to its growth are addressed, a report by management consultancy Oliver Wyman said on Thursday.
Barriers to growing the market include a lack of universally agreed standards on CO2 removal credits and a lack of guidance on how removals can be used to help meet climate targets. Globally, $32 billion has been invested in carbon dioxide removal projects to date, with $21 billion of this in engineered solutions, such as direct air capture projects which suck CO2 from the atmosphere and $11 billion in nature-based solutions such as planting trees, the report said.