Wood Mackenzie – Carbon Removals, Sep 2024

The "Carbon Removals: The 'Net' in Net Zero" report by Wood Mackenzie, published in September 2024, examines the critical role of carbon removal technologies in achieving global net-zero emissions targets. This report highlights the necessity of carbon removals—the extraction and durable storage of CO₂ already emitted—to bridge the gap between current emission levels and net-zero goals. It emphasizes that while absolute zero emissions may be unattainable, net zero is achievable through significant advancements in carbon removal projects. The report identifies a substantial disparity between the current pace of carbon removal project development and the capacity required to meet net-zero objectives. It calls for a concerted global effort to accelerate investment in carbon removal technologies, noting that today's cost range of $30 to $1000 per ton of CO₂ removed presents a significant financial challenge. However, the report suggests that inaction could limit potential cost reductions from technological advancements, underscoring the urgency for immediate action.