Advance Carbon Removal Coalition Launches to Raise $100M for Climate Action
Aims to raise $100M for carbon removal by 2030.
Founding members include federal government, Royal Bank of Canada, Bank of Montreal, and Shopify Inc.
Supports industrial carbon pricing and investment tax credits.
Serves as platform to connect buyers and developers for carbon removal projects.
$75M committed by SHOP-T and Vancity.
Current CDR capacity: 107,000 tonnes/year.
Planned projects will reach 10.9M tonnes/year.
Proponents say CDR helps slow climate change.
Critics argue projects are energy-intensive and costly.
McKinsey estimates market could reach $1.2T by 2050.
16 hours ago