Denmark is making a historic new bet on carbon removal.
What’s happening:
- The government of Denmark has announced the largest subsidy ever for durable carbon dioxide removal
By the numbers:
- The new funding from the government of Denmark is worth approximately $166M USD
- Denmark will buy 1.1M tons of durable carbon removal from 3 different companies
- The carbon dioxide removal made possible by Denmark’s new funding is equivalent to the annual absorption of 16,000 hectares of forest
Why it matters:
- Denmark’s new funding commitment is the latest move from global governments to lower emissions amidst a push towards net zero, which has seen countries explore everything from electric vehicle battery manufacturing to new nuclear energy infrastructure
Going deeper:
- As part of the new funding project, all the carbon dioxide removed from the atmosphere is to be permanently locked away in storage sites located within Denmark
The intrigue:
- Denmark, Sweden, Norway, Belgium and the Netherlands recently signed an agreement for the transport and storage of carbon dioxide in the North Sea in an effort to accelerate permanent carbon storage within Europe
