The Intergovernmental Panel on Climate Change emphasizes the critical role of large-scale CDR alongside emission reductions. To achieve this, innovative funding instruments are essential. Government procurement programs, like the U.S.’s CDR Purchase Pilot Prize, are leading the charge, offering cash awards and purchasing agreements for qualifying projects.

Canada, too, can pioneer in this space by establishing a federal CDR procurement program. Here’s a glimpse of what such a program could entail:

🎯 Target Setting: Committing to purchasing CDR to fill emission gaps, with clear targets for 2030 and 2050.
🔄 Intergovernmental Coordination: Collaboration across federal, provincial, and territorial levels for holistic climate action.
🏆 Program Design: Clear frameworks, outcomes, and standards ensuring transparency and project quality.
💰 Funding Mechanisms: Revenue-neutral approaches and public-private partnerships to maximize impact.

By leveraging government procurement, we can accelerate the development and deployment of high-quality CDR projects, contributing significantly to our climate goals. For more information, click here!
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