Carbon Business Council: 2023 Highlights
Galvanized by the scientific consensus that gigatons of carbon removal are needed to meet the goals of the Paris Agreement, in tandem with the crucial work of reducing emissions, 2023 has been an exponential year of growth for removals. The Carbon Business Council summarizes our key highlights from 2023 and we look forward to building on this momentum as we head into 2024.
Driven by our belief that a rising tide raises all ships as we work collaboratively to make a gigaton-scale climate impact, the Carbon Business Council’s (CO2BC) coalition grew to more than 100 companies this year. Our coalition is strengthened by more than 20 observing organizations, including leading nonprofits, investors, and more. CO2BC is thrilled that our team has grown this year: meet our team to see who is helping to drive carbon removal forward.
CO2BC’s focus throughout 2023 has been to create an enabling environment for carbon removal to scale responsibly. CO2BC’s work has shaped public policy and broadened the general public’s understanding of carbon removal throughout the year. From COP28 to the World Economic Forum, our team has been on the ground at the defining climate events 2023 to advocate for responsible deployment and elevate the important role that innovators play in scaling removals.
—Celebrating Our Members—
We are amazed by the many accomplishments of our members throughout the year. Our members have secured some of the largest carbon removal purchases of 2023, raised hundreds of millions of dollars in new rounds of funding, won government contracts, and received major awards like the Earthshot Prize.
We’re inspired by each of our members and grateful for the collaborative approach that each company is taking to scale the ecosystem. As a tech-neutral trade association, we’re proud that our membership represents all forms of carbon removal, including new and emerging methods. Our membership is global, including several companies based in, and working in partnership with, communities in the Global South for deployment. Combined, our coalition represents more than $16.5 billion in combined assets with gigatons of potential.
—Supporting Responsible Deployment—
Achieving gigaton scale carbon removal requires unprecedented levels of community engagement to earn the social license to operate, maximize benefits, and minimize risks. CO2BC supports the responsible deployment of removals by creating resources and participating in conversations with leaders in the field.
CO2BC launched with Ethical Oath to Restore the Earth, the premier ethical standard for the carbon management industry, which invokes the ethical oath that doctors and lawyers sign with tenets for the responsible scaling of removals. Building on this oath, which now has more than 150 signatures, the Carbon Business Council launched the Carbon Dioxide Removal Responsible Deployment Training (CDR RDT) in 2023, an introductory suite of resources and trainings on the responsible deployment of carbon removal.
The online training, which is required to compete in the $100 million XPRIZE Carbon Removal competition, has already had nearly 300 users in just two months since the launch. The Carbon Business Council co-convened a two-day Symposium for Carbon Removal Deployment and is planning additional workshops in 2024.
—Driving Policy Development—
CO2BC supports a level playing field for carbon removal and we saw multiple advances in tech-neutral policy this year. Our coalition penned more than 16 letters to governments around the world in 2023, highlighting the important role that innovators play in scaling removals and the benefits of taking a method-neutral, criteria-based approach in policy making.
CO2BC convened a series of member-driven policy working groups throughout 2023, chaired by our policy advisor, Toby Bryce. The working groups resulted in a series of issue briefs on topics including: Defining Carbon Removal, Monitoring, Reporting and Verification, and the Farm Bill and Carbon Removal. CO2BC has active working groups under way and will be publishing new issue briefs in 2024. We’ve worked closely with federal agencies and Capitol Hill throughout the year and 2023 saw multiple policy wins to scale carbon removal.
—Strengthening the Ecosystem—
CO2BC is committed to supporting the carbon removal ecosystem. This includes planning and participating in dozens of carbon removal events from around the world. Highlights include COP28, Climate Week, World Economic Forum, and several more.
Convening is in our DNA. Our monthly member meeting has received a series of prominent speakers, including Members of Congress. We’ve completed our second year of running a policy coordination call among leading nonprofits. With our ecosystem-building approach, we’re also excited to have co-authored multiple white papers in 2023: Digital Infrastructure for Carbon Removal in partnership with the Climate Collective, and a report on Accelerating the Carbon Removal Market Through Corporate Leadership in partnership with the BMW Foundation - Herbert Quandt.
The Carbon Business Council appeared in multiple media articles this year to elevate what carbon removal is, responsible deployment, and the role of innovators in spurring action. Media appearances include Axios, Bloomberg, Politico, Wired, and many more. CO2BC’s Executive Director, Ben Rubin, published multiple op-eds this year, including an op-ed in Fast Company to make the case for twin targets around removals and reductions.
The Carbon Fix newsletter, a biweekly community newsletter with bite-size news on a gigaton industry, has grown to thousands of subscribers. Combined with our social media channels and website traffic, our reach has grown to tens of thousands of people. We look forward to what’s to come in 2024!
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Carbon Business Council (CO2BC), a member-driven and tech-neutral trade association of companies unified to restore the climate, is the preeminent industry voice for carbon management innovators. Together, the nonprofit coalition represents more than 100 companies and organizations across six continents with more than $16.5 billion dollars in combined assets.
