Shaping Carbon Removal Policy: Blog
Shaping Carbon Removal Policy- Carbon Business Council Responds to Government Calls for Input
By Ben Rubin & Isabella Corpora
The Carbon Business Council and our 70+ member companies have been informing public policy by responding to a series of requests for information since our launch. From implementation of the 45Q tax credit to domestic and international oversight of voluntary carbon markets, our responses call for responsibly scaling carbon management solutions with a technology-neutral approach. As scientists from around the world continue to underscore the need for gigatons worth of carbon removal in their climate abatement scenarios, innovators will be key to scaling solutions. Our responses are focused on unleashing this innovation.
Below, we link to five recent public responses. We’re grateful to our members for their thoughtful input in shaping these responses:
Implementation of 45Q Tax Credit: The Carbon Business Council, in partnership with The OpenAir Collective and AirMiners, provided responses to a request for public comments from the IRS on how to expand the 45Q tax credit for carbon management.
US Federal Oversight of Voluntary Carbon Markets: The US Commodity Futures Trading Commission (CFTC) issued a request for information about if and how the federal government should approach climate-related financial risk, including oversight of voluntary carbon markets. We provided information on the ways that the CFTC could help fill a gap by providing guidelines for removals credits within VCMs.
Furthering Greenhouse Gas Removals Research in the UK: The UK Department for Business, Energy, and Industrial Strategy (BEIS) conducted an open consultation for greenhouse gas removals (GGR) business models that we participated in, advocating for further research and incorporation of carbon removal approaches into policy. We also provided pathways that the government could take to strengthen its partnerships with growing businesses, like startups, in this burgeoning field.
Carbon Removals under the Article 6.4 Mechanism: The United Nations Framework Convention on Climate Change (UNFCCC) offered a call for input on activities involving removals under the Article 6.4 mechanism of the Paris Agreement. This provided an opportunity to reinforce the differences between removals and offsets credits, as elaborated in our September white paper.
Updating Core Principles in the Voluntary Carbon Market: The Integrity Council for the Voluntary Carbon Market (IC-VCM) held a request for comments on their core principles assessment framework regarding the voluntary carbon market. Referencing our white paper, we provided policy and market recommendations on how to strengthen the VCM for removals.
Through each of these letters we’ve advocated for the importance of a portfolio approach to carbon management, recognizing we need many solutions on the table as the world continues to work towards a 1.5ºC future. The Carbon Business Council will continue to provide input on open requests in 2023 and beyond about the importance of responsible and innovative carbon management.
