On October 9, 2024, we launched our latest research report in Ottawa at the Alma Duncan Salon in the Ottawa Art Gallery. This event brought together around 80 attendees, including Members of Parliament, Senators, and officials from across the federal government, demonstrating the growing momentum behind carbon removal as a critical climate solution.
The report covers Canada’s opportunity to shape the carbon removal market through procurement. You can read it here.
$10M carbon removal procurement by the Canadian Government
A major highlight of the event was the announcement by Minister Anita Anand, President of the Treasury Board of Canada Secretariat and Minister of Transportation, of a $10 million investment in carbon removal by the Government of Canada as part of the Low-carbon Fuel Procurement Program. This initiative represents one of the world’s first formal commitments to purchasing permanent carbon removal, setting a precedent for other nations and sectors. The program aims to help meet net-zero targets and stimulate the growing carbon removal market.
Minister Anand joined Clean Prosperity’s Michael Bernstein for a fireside chat on how public procurement can accelerate the path to net-zero. Minister Anand emphasised that procurement has the potential to create immediate demand for carbon removal services, helping scale these solutions that will be essential to achieving Canada’s climate goals.
Carbon Removal Canada’s latest report: Key insights
The event marked the official launch of Carbon Removal Canada’s third major research report, ‘Procuring with Purpose’. The report focuses on the critical role of procurement in driving demand for carbon removal. It outlines one of the industry’s most pressing challenges: without sufficient demand, the carbon removal market cannot scale quickly enough to make a meaningful contribution to climate mitigation.
Public and private collaboration is essential
The report’s key message is clear: both the public and private sectors need to help scale carbon removal. Collaboration is essential, and procurement represents a unique opportunity to stimulate short-term demand while creating pathways for longer-term market development through carbon markets and regulatory frameworks.
Designing effective procurement programs
‘Procuring with Purpose’ provides a detailed rationale for why procurement is a timely tool to grow the carbon removal industry. It also offers important design considerations for public and private sector procurement programs, highlighting how these initiatives can maximise their positive impact. These recommendations aim to help governments and corporations design their procurement programs to foster industry growth and ensure transparency, inclusivity, and sustained demand over time.
What’s next?
The momentum around carbon removal procurement is just beginning, and this event underscored its potential to be a game-changer for the industry. As Canada takes a leadership role in this space, we look forward to seeing how other sectors, provinces, and nations can learn from and build upon this model.
The launch of our report signals a significant opportunity for both policymakers and industry leaders to engage with carbon removal in a meaningful way. As procurement becomes a bridge to sustained demand within carbon markets, collaboration will be key to ensuring these efforts are as impactful as possible.
Stay tuned as we continue to lead these important conversations and work towards scaling Canada’s carbon removal sector.
