Evero responds to the 7th Carbon Budget

“Whilst Evero welcome the CCC’s recommendation to finalise business models for engineered removals, including the need for clear guidance on near-term funding pathways and the division of responsibilities between the public and private sectors, we were surprised to see that the CCC has recommended reducing greenhouse gas removal (GGRs) from 58 Mtpa in Carbon Budget 6 to 36 Mtpa by 2050 in Carbon Budget 7.

Forecasts indicate that the international market for carbon removals could be worth $1.2 trillion by 2050 and with the UK’s abundant geological storage and well-developed plans for clean power by 2030, the country is well positioned to become a global hub for the carbon removals sector. Rather than pulling back, we urge the government to set ambitious GGR targets that unlock this potential and drive export-led economic growth and investment in real infrastructure."

There is already an advancing market for GGRs, with committed commercial buyers lined up, here in the UK. By supporting the GGR sector during the Comprehensive Spending Review, we can start tapping into the country’s full potential.”