Sep 24, 2019

A $10.7 billion carbon removal jump start

Reproduced from Energy Futures Initiative; Chart: Axios Visuals

The nonprofit Energy Futures Initiative — led by former Energy Secretary Ernest Moniz — released a proposed 10-year, $10.7 billion plan for how federal agencies can spur large-scale use of tech that pulls CO2 from the atmosphere.

Why it matters: Carbon removal, or negative emissions, is getting more attention as the window is quickly closing for CO2 cuts steep enough to avoid high warming levels.

  • "[A]chieving global net-zero emissions is simply not credible without major carbon-negative contributions at considerable scale," the report notes.
  • It floats a multi-agency research, development and demonstration pathway aimed at bringing the technologies to "commercial readiness."

Quick take: This kind of proposal could inform a future White House and Congress, especially because there will be intense pressure for new climate steps if a Democrat wins the presidency next year.

The big picture: The 10-agency plan would explore a suite of methods, including direct air capture, soil and forestry techniques, and ocean absorption methods. It states...

"[Carbon dioxide removal] provides optionality and flexibility to compensate for difficult-to-decarbonize sectors and can reduce atmospheric CO2 concentrations from past emissions."

Go deeper: Carbon removal tech is having a moment

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The IMF wants major carbon taxes to fight climate change

IMF managing director Kristalina Georgieva. Photo: Mark Wilson/Getty Images

The International Monetary Fund is calling on major greenhouse gas-emitting countries to implement carbon taxes that reach $75-per-ton by 2030 to bolster today's "inadequate" responses to climate change.

Why it matters: Their new report says the window for keeping temperature rise to manageable levels is "closing rapidly" and that "limiting global warming to 2°C or less requires policy measures on an ambitious scale."

Go deeperArrowOct 11, 2019

Making sense of Chevron's new climate pledge

Illustration: Aïda Amer/Axios

Chevron's pledged this week to cut emissions intensity — that is, emissions per unit of energy produced — from its oil and gas production.

Why it matters: The oil giant hasn't been as aggressive on climate change as European-based oil majors like Shell.

Go deeperArrowOct 4, 2019

Why the Northeast's carbon pricing system matters

Data: Regional Greenhouse Gas Initiative; Chart: Axios Visuals

The consortium of Northeast and mid-Atlantic states that have a carbon pricing system for power plants is out with a new report that shows there the money raised is going.

Where it stands: States that belong to the Regional Greenhouse Gas Initiative (RGGI), which auctions pollution "allowances" under its cap-and-trade system, have steered a total of $2.4 billion into those areas since the program launched in 2009, the report shows.

Go deeperArrowOct 10, 2019