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Representatives from Google, the U.S. Department of Energy, HSBC, and CUR8 took the stage in our webinar, The Business Case for Carbon Removals, to share experiences, strategies, and thoughts on this timely topic. The panel was chaired by Dr. Gabrielle Walker, Co-founder and Chief Scientist at CUR8. She was joined by the fantastic:

• Randy Spock - Carbon Credits and Removals Lead at Google
• Noah Deich - Senior Advisor at U.S. Department of Energy (DOE)
• Kash Burchett - Global Head of Carbon Removal Technologies at HSBC
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‍Key Takeaways

1. Carbon Removals are a Strategic Priority: Removals are critical for achieving net-zero emissions. Government leaders at the DOE, technology leaders at Google, and financial giants like HSBC are all beginning to integrate removals into their climate strategies.
2. Corporate Commitment is Here: Google’s commitment to purchasing removals marks an essential milestone in climate action. HSBC is also emphasising the crucial role of removals in their broader environmental strategy.
3. Government Initiatives are Key: Government-led incentives aimed at encouraging the purchase of removals credits are essential for developing a robust market. The DOE is leading by example in this way.
4. The Importance of Target-Setting: Get clear on your organisation's net-zero targets and decarbonisation pathway. The panellists mentioned the importance of setting ambitious yet achievable climate targets. Both interim goals and a final destination of net-zero emissions are vital to managing progress and maintaining momentum.
5. Visibility in Carbon Removal: Institutions are providing visibility into the costs, durability, and impact of removal technologies. At the same time, we cannot wait for perfect measurement and reporting in order to act: both need to occur in tandem.
6. Pilot Carbon Removal Projects: It’s important to start small with pilot projects to understand the market dynamics better and build a robust business case for removals.
7. Act Now: Initiating removals now and learning along the way is crucial. Being resilient and practical is vital in navigating this relatively uncharted path. Thankfully, many trusted leaders are already charting the way forward.
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The Business Case for Carbon Removals

It is critical for businesses to understand the importance of carbon removals, by setting targets for reducing emissions and taking action in this space. Organisations can develop a clear decarbonisation pathway for integration of removals into wider corporate strategies. HSBC is committed to their net-zero targets, and sees removals as an integral part of that action plan. 

Google is highly engaged in the field; the tech giant has made a pledge to buy removals, and this move has created a significant positive wave in the industry. Randy advocated for immediate action, regardless of plan size, highlighting that “small steps are valuable, and gaining experience is crucial.” He advised grounding carbon removal programmes in solid principles to withstand market changes.

In evaluating carbon removal initiatives, we discussed the principles of certainty and scale. A balanced portfolio approach is imperative, which includes supporting both nascent and established projects. Kash shared that “for nearly everyone out there, this portfolio is going to be a living document, you're going to be rotating things in and out over time. There are options here to change it up according to how things evolve, what your priorities are, and how costs emerge.” Maintaining a portfolio approach is common in these initiatives. It's an ongoing evolution— not a one-time decision. 

Furthermore, it’s important to have globally accepted standards for measuring, reporting, and verifying removals, as they are critical to ecosystem integrity. Companies should still act now, as continued action is necessary in order for this aspect of the field to develop.
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Financing and De-risking Carbon Removals

Another key element of the carbon removals discussion is financing and de-risking projects. HSBC is exploring innovative financing options to support removals projects. Insurance can also play a role in building the business case for removals, along with contract structure and transparency to mitigate possible risks. Understanding different levels of risk is essential for moving forward. You can start with pilot projects to help understand market dynamics.

Noah also highlighted that "you don’t need to go out and buy all of your residual emissions today…the field is not ready to scale that fast. Small volume purchases at a high price are more valuable than large volume purchases at a low price."
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Getting Started in Carbon Removals Today

It is imperative to commence with carbon removals strategies today. One, because it’s the right thing to do, and two, it can also be a safeguard against future compliance regulations. The panel converged on the importance of taking initial steps and implementing removals strategies right now to differentiate as climate leaders. For sustainability leaders, grounding removals programmes in principles that prioritise the atmosphere, ensure impact certainty, and have the opportunity to scale are important to enable organisational action today.

Noah summed up the importance of action, demonstrating that there's much to be learned and achieved from taking the first steps towards removals: "Compliance is coming for this. Voluntary carbon markets enable early movers to get a head start on what will ultimately be compliance if we ever want to meet our climate goals. Doing this now enables companies to have insight into the market." Even small steps will be celebrated and gaining experience will be useful in the longer run.
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Conclusion

In summary, it was a fruitful dialogue emphasising the urgency, need, and the business case for carbon removals. The consensus from the discussion is clear: action on carbon removals is urgent. No matter the size of your plan or action, get started. There are resources and guidance available, including through CUR8. The journey of carbon removals and net-zero emissions might be challenging, but it is a rewarding venture and critical for future generations. In conclusion, we’ll share the closing advice from each of the panellists:

Kash says: “Goal-setting is absolutely crucial. There's still an awful lot of firms out there who might have an ambition, but have not really begun to dig into what that means— how they're going to go about addressing their emissions. I don't mean goal-setting in terms of, ‘we're going to buy a certain amount of credits or we're going to spend a certain amount of money’— it doesn't have to be done like that, but have a clear pathway as to what your decarbonisation route looks like. How you're going to get to net-zero.”

Randy says: “Get started. Come on in, the water’s fine. In the near term, folks are going to make sure that you get celebrated for whatever you can do, even if it's just the first step. And in the long term, your organisation will have experience with what is going on in this field— that will only become more relevant over time. Five years from now you'll look back at this moment, and be far more likely to think ‘ah thank goodness I finally figured that stuff out and started doing something,’ than ‘oh I'm glad I just sort of waited and didn't didn't do much.’ Get started.”

Noah concluded, “The only way to fail on this is to do nothing. I think the biggest thing that I've learned is that folks are so generous with their time, folks who are buying carbon removals. Today it's not a rivalry where people have their top-secret hedge fund carbon removal strategy. No, everyone wants everyone else doing it, and so if folks are uncertain about what to do, the short answer is: just reach out. I think all of us around this call would be eager to talk to folks who are ready to buy carbon removal and are just unsure about exactly what to do. I think the imperative for action here is the right takeaway from everything we've said today.”‍

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About CUR8: We're a team of global experts on carbon removals, building scalable technology and unlocking finance. We combine this scientific expertise to help organisations act with confidence when removing carbon from the atmosphere. To learn more about how CUR8 helps organisations build a business case for carbon removals, connect with us here.

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