Energy Monitor
Summary
Five years ago, carbon removal technology would have been uttered in the same breath as pie-in-sky climate solutions such as solar geo-engineering – i.e. artificially dimming the sun. Today, the scientific community sees carbon removal markets as necessary and scalable. They will be key to the world’s ambition of limiting global warming to a just-about-manageable 1.5°C. According to the Intergovernmental Panel on Climate Change’s (IPCC) latest report, “reaching net zero GHG emissions primarily requires deep reductions in CO₂, methane, and other GHG emissions, and implies net-negative CO₂ emissions. Carbon dioxide removal will be necessary to achieve net-negative CO₂ emissions”.
In May, Microsoft had agreed to purchase a whopping 2.76 million tonnes of carbon removal over 11 years from Ørsted’s Asnæs Power Station – officially the world’s largest carbon removal offtake agreement by volume. The project involves installing carbon capture technology at Ørsted’s wood chip-fired Asnæs Power Station in the Danish city of Kalundborg in western Zealand. The combined heat and power plant will start to capture and store biogenic carbon in 2025 and will capture and store around 430,000t of biogenic CO₂ every year from the start of 2026.
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