UK-headed carbon removals and renewable energy company, Drax Group, has announced that it has joined the Carbon Business Council (CO2BC), an international organization comprised of more than 100 leading carbon management growth companies working to reverse climate change.
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As a Cornerstone Member, Drax will work with the Carbon Business Council to accelerate the scaling of carbon removal technologies and build a network of leaders within the carbon dioxide removal (CDR) space.
Drax aims to be a global leader in CDRs through the implementation of bioenergy with carbon capture and storage (BECCS) technology.
Help shape global CDR policy
The Carbon Business Council (CO2BC) is a non-profit international trade association of companies and organizations that have come together to responsibly restore the climate, and which now represent combined carbon management assets of more than US$16.5 billion.
Drax’s expertise will assist the Carbon Business Council in developing CDR policy, building awareness of why carbon removals are an essential pillar of climate action, and fostering community within the CDR industry.
Nearly all pathways to limit global warming to 1.5C require carbon removals like those delivered by bioenergy with carbon capture and storage. At Drax, we want to become global leaders in carbon dioxide removals and are thrilled to be joining the Carbon Business Council as a Cornerstone member to further accelerate the development of the nascent CDR industry, said Ross McKenzie, Group Director of Corporate Affairs at Drax Group.
In joining, Drax has signed the Ethical Oath to Restore the Earth, which calls for the responsible delivery of carbon removals, including the importance of removals working in tandem with emissions reductions.
From the printing press to penicillin, entrepreneurs have a history of approaching challenges with a problem-solving set of eyes. Because reversing climate change will require multiple solutions coming from both innovators and policymakers, it’s important to have market leaders like Drax at the policy table, said Ben Rubin, Executive Director and Co-Founder of the Carbon Business Council.
Invest in global carbon removals
Carbon removals are used by organizations to balance their hard-to-abate carbon emissions, achieve a net zero, and, in some cases, a carbon-negative status. Longer-lasting and lower-risk carbon credits, such as the types generated by carbon removal technologies, are increasing in demand as more organizations look to hit their decarbonization targets.
Drax hopes to invest billions over the coming years in global carbon removals and renewable energy projects, with the aim of capturing 14 million tonnes of carbon removals a year by 2030.
Scientists at the UN’s Intergovernmental Panel on Climate Change (IPCC) have reached a consensus that the world needs to remove and manage gigatons of carbon dioxide (CO2) in order to meet the goals of the Paris Agreement.