BLOOMBERG • October 25, 2023
To keep the climate within livable limits, United Nations-backed scientists say that the world will have to cut emissions dramatically while also pulling billions of tons of CO2 from the atmosphere annually by mid-century. That’s a far cry from the industry’s current capability to gather up thousands of tons of CO2 a year. Individuals have had the option to purchase carbon offsets for years, but buying removal services is different. Traditional carbon credits focus on funding renewable energy projects or financing forest protection. While several companies offer customers the chance to purchase these types of offsets, the projects they help fund often fail to deliver on their promise to reduce CO2 emissions. In comparison, carbon removal startups are promising to take CO2 from the atmosphere and permanently store it.