June 12, 2024 11:29 AM
-
publishing@email.mckinsey.com
Carbon removals are vital to a net-zero future
Discussion on the emerging market for carbon removals, its current challenges, potential growth, and McKinsey's involvement in boosting this industry.
The market for carbon removals could be significant
June 12, 2024 11:29 AM
-
publishing@email.mckinsey.com
Carbon removals are vital to a net-zero future
Discussion on the emerging market for carbon removals, its current challenges, potential growth, and McKinsey's involvement in boosting this industry.
The market for carbon removals could be significant
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max-height:0px; overflow:hidden; width:0; height:0"><table role="presentation" border="0" cellpadding="0" cellspacing="0"><tbody><tr><td class="mobile_show" style="display:none"><a href="#" data-managed-link="mobile_link_url" target="_blank" data-link-id="a352adf227d711ed9f5a45d7f4b30eea"><img src="http://images.harmony.epsilon.com/ContentHandler/images?id=b05fbed0-53ba-11ec-8601-2d4a547ad7e5" alt="Re:think" width="480" height="auto" border="0" class="wrap" style="display:block"></a> </td></tr></tbody></table></div></td></tr></tbody></table></td></tr></tbody></table></div></td></tr><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td valign="top" align="left"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap"><tbody><tr><td align="center" class="pad20rl match" style="padding:0px 20px 32px 20px"><p data-richtext="p1_text" data-groupid="p1" class="mobile_p2" style="font-size:14px; line-height:150%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#333333; font-family:Helvetica,Arial,sans-serif"><span style="font-size:16px; color:#757575; line-height:150%">FRESH TAKES ON BIG IDEAS<br></span></p></td></tr></tbody></table></td></tr></tbody></table></div></td></tr><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td valign="top" align="left"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap"><tbody><tr><td align="center" data-groupid="scaled" style="padding:0px 0px 20px 0px"><img src="http://images.harmony.epsilon.com/ContentHandler/images?id=92014dd0-ff8e-11eb-89c1-1f2ca2f6c9a5" alt="" width="640" height="auto" border="0" class="wrap" style="display:block; vertical-align:top"></td></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></td></tr><tr><td><table role="presentation" bgcolor="#FFFFFF" width="640" border="0" align="center" cellpadding="0" cellspacing="0" class="wrap"><tbody><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td valign="top" align="left"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="left" valign="top" style="padding:20px 0px px 0px"><table dir="ltr" role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><th width="50%" align="center" valign="top" data-groupid="image" class="colsplit pad20b topstack" style="font-weight:normal; padding:0px; vertical-align:top"><table role="presentation" border="0" cellspacing="0" cellpadding="0" width="100%"><tbody><tr><td align="left" valign="top" data-groupid="image" style="padding:0px"><img src="http://images.harmony.epsilon.com/ContentHandler/images?id=804b8a50-273c-11ef-b53a-e5c668c4b33b" alt="A drawing of Mark Patel" width="320" height="auto" border="0" class="wrap" style="display:block; border-radius:0px"></td></tr></tbody></table></th><th width="50%" align="left" valign="top" class="colsplit pad20b botstack" style="font-weight:normal; padding:0px; vertical-align:top"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="left" valign="top"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td dir="ltr" align="left" valign="top" class="match pad20rl wrap" style="padding:0px 5px 0px 5px"><h4 data-richtext="col1_h4_text" data-groupid="col1_h4" class="mobile_match" style="font-size:14px; line-height:110%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#000000; font-family:Georgia,Cambria,Times,Times New Roman,serif"><span style="font-size:16px; line-height:110%"><strong><br><span style="font-size:14px; font-family:Arial,Helvetica,sans-serif; color:rgb(0,0,0); line-height:110%"><br></span><span style="font-family:Arial,Helvetica,sans-serif; line-height:110%">ON CARBON REMOVALS<br></span><span style="font-size:39px; line-height:110%"><span style="font-family:Georgia,Times,serif; line-height:110%"><span style="font-size:32px; line-height:110%">Why more businesses are counting on carbon removals<br><br></span></span></span></strong></span></h4></td></tr></tbody></table></td></tr><tr><td align="left" valign="top"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td dir="ltr" align="left" valign="top" class="match pad20rl wrap" style="padding:0px 20px 0px 20px"><p data-richtext="col1_p1_text" data-groupid="col1_p1" class="mobile_match" style="font-size:14px; line-height:150%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#333333; font-family:Helvetica,Arial,sans-serif"><em>Mark Patel<br></em></p></td></tr></tbody></table></td></tr><tr><td align="left" valign="top"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td dir="ltr" align="left" valign="top" class="match pad20rl wrap" style="padding:0px 20px 0px 20px"><p data-richtext="col1_p2_text" data-groupid="col1_p2" class="mobile_match" style="font-size:14px; line-height:150%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#757575; font-family:Helvetica,Arial,sans-serif"><br data-mce-bogus="1"></p></td></tr></tbody></table></td></tr><tr><td align="left" valign="top"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td dir="ltr" align="left" valign="top" class="match pad20rl wrap" style="padding:0px 20px 10px 20px"><p data-richtext="col1_p3_text" data-groupid="col1_p3" class="mobile_match" style="font-size:14px; line-height:150%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#000000; font-family:Helvetica,Arial,sans-serif"><br data-mce-bogus="1"></p></td></tr></tbody></table></td></tr></tbody></table></th></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></td></tr><tr><td><table role="presentation" bgcolor="#FFFFFF" width="640" border="0" align="center" cellpadding="0" cellspacing="0" class="wrap"><tbody><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td valign="top" align="left"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap"><tbody><tr><td align="left" class="pad20rl match" style="padding:0px 20px 16px 20px"><p data-richtext="p1_text" data-groupid="p1" class="mobile_match" style="font-size:14px; line-height:150%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#333333; font-family:Helvetica,Arial,sans-serif"><span style="font-size:16px; color:#333333; line-height:150%"><a href="#" target="_blank" rel="noopener" data-link-id="375ef3c0273e11ef953abdcdda209bb1" style="color:rgb(51,51,51); font-weight:inherit; background:none; text-decoration:none">Reducing carbon emissions is fundamental to reaching net-zero targets. There’s no dispute about that. But, to date, there aren’t enough solutions at scale to reduce emissions fast enough. That’s why carbon removal has emerged as a vital way to help meet climate targets, to bridge the gap between emissions reduction and a net-zero future. A look at companies that have been transparent about their path to decarbonization shows that <span style="text-decoration:underline; line-height:150%; color:rgb(34,81,255)">an increasing number are relying on negative emissions</span></a>.<br> <br><a href="#" target="_blank" rel="noopener" data-link-id="41d77b00282011ef964ea7671270e430" style="color:rgb(51,51,51); font-weight:inherit; background:none; text-decoration:none">Carbon removal entails <span style="text-decoration:underline; line-height:150%; color:rgb(34,81,255)">removing CO<sub class="sub" style="vertical-align:bottom; line-height:0.9em; font-size:60%">2</sub> from the atmosphere</span> and storing it somewhere environmentally safe, such as in oceans or in the ground. There are both nature-based and technology-based solutions to do this.</a> <a href="#" target="_blank" rel="noopener" data-link-id="2fac92a0282311ef9c9fbf01dc942df6" style="color:rgb(51,51,51); font-weight:inherit; background:none; text-decoration:none">Many of these solutions have great potential, from agricultural practices that enhance CO<sub class="sub" style="vertical-align:bottom; line-height:0.9em; font-size:60%">2</sub> uptake into soils to <span style="text-decoration:underline; line-height:150%; color:rgb(34,81,255)">direct air capture</span>, which draws CO<sub class="sub" style="vertical-align:bottom; line-height:0.9em; font-size:60%">2</sub> directly from the atmosphere. However, these solutions are not yet available at scale. Today, although the world might be removing thousands of tons of CO<sub class="sub" style="vertical-align:bottom; line-height:0.9em; font-size:60%">2</sub> per year, to make a real impact on climate change, the world needs to remove gigatons (billions of tons) of CO<sub class="sub" style="vertical-align:bottom; line-height:0.9em; font-size:60%">2</sub> per year.</a><br><br><a href="#" target="_blank" rel="noopener" data-link-id="1b471180273f11ef953abdcdda209bb1" style="color:rgb(51,51,51); font-weight:inherit; background:none; text-decoration:none">Scaling the carbon removals industry is going to be an enormous task. For example, the supply side requires significant investment in innovation, technology, and infrastructure to drive down costs and support project development. Our analysis estimates that, to meet net-zero targets by 2050, cumulative investment in carbon removals would have to reach $6 trillion to $16 trillion. The demand side is also quite nascent, and there’s a lot of uncertainty. <span style="text-decoration:underline; line-height:150%; color:rgb(34,81,255)">Voluntary carbon credit markets</span> create a mechanism for purchasing removals, but the reality is that the big purchases of removals are being funded by a relatively small number of companies. </a><br><br>However, the carbon removal industry presents a significant opportunity for businesses. Our research indicates that the market for carbon removals could be worth up to $1.2 trillion by 2050. Early buyers of carbon removals could have an opportunity to solidify a supply of reliable, high-quality carbon removal credits as demand takes off.</span><span style="font-size:16px; color:#333333; line-height:150%"><br></span></p></td></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></td></tr><tr><td><table role="presentation" bgcolor="#FFFFFF" width="640" border="0" align="center" cellpadding="0" cellspacing="0" class="wrap"><tbody><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td align="center" valign="top" class="pad20rl" style="padding:0px 20px 20px 20px"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap" bgcolor="#000000"><tbody><tr><td align="center" valign="top" style="line-height:1px!important"><img src="https://images.harmony.epsilon.com/ContentHandler/images?id=3f67ada7-a01e-4c02-ab71-8b46fd3106ae" height="1" border="0" alt="" style="display:block"></td></tr></tbody></table></td></tr></tbody></table></div></td></tr><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td valign="top" align="left"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap"><tbody><tr><td align="center" class="pad20rl match" style="padding:0px 20px 20px 20px"><h2 data-richtext="h2_text" data-groupid="h2" class="mobile_match" style="font-size:14px; line-height:120%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#000000; font-family:Georgia,Cambria,Times,Times New Roman,serif"><span style="font-size:26px; line-height:120%">“Our research indicates that the market for carbon removals could be worth up to $1.2 trillion by 2050.”</span></h2></td></tr></tbody></table></td></tr></tbody></table></div></td></tr><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td align="center" valign="top" class="pad20rl" style="padding:0px 20px 20px 20px"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap" bgcolor="#000000"><tbody><tr><td align="center" valign="top" style="line-height:1px!important"><img src="https://images.harmony.epsilon.com/ContentHandler/images?id=3f67ada7-a01e-4c02-ab71-8b46fd3106ae" height="1" border="0" alt="" style="display:block"></td></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></td></tr><tr><td><table role="presentation" bgcolor="#FFFFFF" width="640" border="0" align="center" cellpadding="0" cellspacing="0" class="wrap"><tbody><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td valign="top" align="left"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap"><tbody><tr><td align="left" class="pad20rl match" style="padding:0px 20px 16px 20px"><p data-richtext="p1_text" data-groupid="p1" class="mobile_match" style="font-size:14px; line-height:150%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#333333; font-family:Helvetica,Arial,sans-serif"><span style="font-size:16px; color:#333333; line-height:150%">There are supplier companies that have the capabilities, technologies, or infrastructure to find value in scaling up removals. According to our analysis, suppliers—businesses that generate carbon credits based on removals—could earn 70 to 80 percent of the expected $300 billion to $1.2 trillion in market revenues. That’s roughly $200 billion to $950 billion by 2050. There are also companies that can reduce their carbon footprints by deploying removal technologies. For example, one removal approach is called enhanced weathering, where rock dust is spread onto fields, capturing CO<sub class="sub" style="vertical-align:bottom; line-height:0.9em; font-size:60%">2</sub> as it weathers. For agriculture or consumer goods companies in the food value chain, this activity could help reduce their net emissions.<br><br><a href="#" target="_blank" rel="noopener" data-link-id="620bad10273f11ef953abdcdda209bb1" style="color:rgb(51,51,51); font-weight:inherit; background:none; text-decoration:none">For the carbon removal industry to scale, a few things need to happen. For one, there are practical limitations on how quickly companies can prove their technology works at scale. And then there’s the challenge of convincing investors and other sources of capital to fund nascent technologies. <span style="text-decoration:underline; line-height:150%; color:rgb(34,81,255)">Advanced market commitments</span> are a way for buyers to purchase future carbon removals and help solidify demand for suppliers, so they have a line of sight to their end customers while they scale. Governments can also stimulate carbon removal markets, such as with tax credits, as in the United States. This kind of support can help fund R&D, move carbon removal technologies down the cost curve, and encourage more investment. </a><br><br>It’s still early days for the carbon removal industry. Understanding of the technologies and market potential is low across most sectors. How carbon removal fits alongside other decarbonization activities is also not well understood. But given the net-zero commitments that companies and governments have already made—not even factoring in future commitments—the market for carbon removals is likely going to exist, and it could be big. There’s always a chance that market sentiment, regulation, and voluntary corporate behavior alter the course of things. But if companies play forward today’s trends, carbon removals could be an industrial segment in its own right.<br></span></p></td></tr></tbody></table></td></tr></tbody></table></div></td></tr><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF" class="wrap"><tbody><tr><td align="left"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap" bgcolor="#FFFFFF"><tbody><tr><td align="center" valign="top" style="padding:0px 20px 20px 20px"><table role="presentation" width="" border="0" cellpadding="0" cellspacing="0"><tbody><tr><th align="left" valign="middle" style="padding-right:12px; font-weight:normal"><p data-richtext="col1_p1_text" data-groupid="p1" class="mobile_match" style="font-size:14px; line-height:150%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#333333; font-family:Helvetica,Arial,sans-serif"><span style="font-size:14px; line-height:150%"><strong>Share Mark Patel’s insights</strong></span></p></th><th align="right" valign="top" style="padding:0px; 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line-height:150%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:uppercase; color:#000000; font-family:Helvetica,Arial,sans-serif"><strong><span style="font-size:12px; line-height:150%">ABOUT THIS AUTHOR<br></span></strong></p></td></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></td></tr><tr><td><table role="presentation" bgcolor="#FFFFFF" width="640" border="0" align="center" cellpadding="0" cellspacing="0" class="wrap"><tbody><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td valign="top" align="left"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap"><tbody><tr><td align="left" class="pad20rl match" style="padding:0px 20px 16px 20px"><p data-richtext="p1_text" data-groupid="p1" class="mobile_match" style="font-size:14px; line-height:150%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#333333; font-family:Helvetica,Arial,sans-serif"><span style="font-size:16px; line-height:150%"><a href="#" target="_blank" rel="noopener" data-link-id="4df74a900ee011ef9b1d97aaac982e98" style="color:rgb(51,51,51); font-weight:inherit; background:none; text-decoration:none"><span style="color:rgb(34,81,255); line-height:150%"><strong><span style="text-decoration:underline; line-height:150%">Mark Patel</span></strong></span></a> is a senior partner in McKinsey’s Bay Area office.</span></p></td></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></td></tr><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td align="center" valign="top" class="pad20rl" style="padding:16px 20px 16px 20px"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap" bgcolor="#000000"><tbody><tr><td align="center" valign="top" style="line-height:1px!important"><img src="https://images.harmony.epsilon.com/ContentHandler/images?id=3f67ada7-a01e-4c02-ab71-8b46fd3106ae" height="1" border="0" alt="" style="display:block"></td></tr></tbody></table></td></tr></tbody></table></div></td></tr><tr><td><table role="presentation" bgcolor="#FFFFFF" width="640" border="0" align="center" cellpadding="0" cellspacing="0" class="wrap"><tbody><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td valign="top" align="left"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap"><tbody><tr><td align="left" class="pad20rl match" style="padding:0px 20px 20px 20px"><p data-richtext="p3_text" data-groupid="p3" class="mobile_match" style="font-size:14px; 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line-height:120%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#000000; font-family:Helevtica,Arial,sans-serif"><a href="#" target="_blank" rel="noopener" data-link-id="4e0788a127d411edbab1f97892be5f3b" style="color:rgb(0,0,0); font-weight:inherit; background-image:none; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; text-decoration:none"><span style="font-size:18px; line-height:120%"><strong>Carbon removals: How to scale a new gigaton industry</strong></span></a></h2></td></tr></tbody></table></td></tr><tr><td valign="top"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap"><tbody><tr><td align="left" valign="top" class="match" style="padding:0px 0px 16px 0px"><p data-richtext="col1_p1_text" data-groupid="col1_p1" class="mobile_p1" style="font-size:14px; line-height:120%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#000000; font-family:Helvetica,Arial,sans-serif"><a href="#" target="_blank" rel="noopener" data-link-id="93ce9b80622f11eeb171137862ab92d3" style="color:rgb(0,0,0); font-weight:inherit; background-image:none; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; text-decoration:none"><span style="font-size:14px; line-height:120%">CO<sub class="sub" style="vertical-align:bottom; line-height:0.9em; font-size:60%">2</sub> removal (CDR) capacity is far from the gigaton scale needed to round out businesses’ net-zero efforts by 2050. We explore a mature CDR market’s potential and possible first-mover advantages.</span></a></p></td></tr></tbody></table></td></tr><tr><td valign="top"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap"><tbody><tr><td align="left" valign="top" class="match" style="padding:0px 0px 16px 0px"><p data-richtext="col1_p3_text" data-groupid="col1_p3" class="mobile_p1" style="font-size:14px; line-height:150%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#000000; font-family:Arial,Helvetica,sans-serif"><a href="#" target="_blank" rel="noopener" data-link-id="4e0788a227d411edbab1f97892be5f3b" style="color:rgb(0,0,0); font-weight:inherit; background-image:none; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; text-decoration:none"><span style="font-size:14px; line-height:150%"><strong>More</strong></span> <img src="http://images.harmony.epsilon.com/ContentHandler/images?id=cd761513-936e-4a05-8196-6fb668e6a87c" alt="" width="20" border="0" data-mce-src="http://images.harmony.epsilon.com/ContentHandler/images?id=cd761513-936e-4a05-8196-6fb668e6a87c" style="font-size:2px; color:#000000; line-height:0px; margin:0"></a></p></td></tr></tbody></table></td></tr></tbody></table></th><th width="3.333333%" align="left" valign="top" class="colsplit" style="font-weight:normal; padding:0px; vertical-align:top"><img class="}" src="http://images.harmony.epsilon.com/ContentHandler/images?id=3f67ada7-a01e-4c02-ab71-8b46fd3106ae" width="20" height="20" border="0" alt="" style="display:block"></th><th width="48.333333%" align="left" valign="top" bgcolor="#FFFFFF" class="colsplit" style="font-weight:normal; padding:0px 0px 0px 0px"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF" class="wrap"><tbody><tr><td align="left" valign="top"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class=""><tbody><tr><td style="padding:0"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap"><tbody><tr><td align="center" valign="top" data-groupid="right_img" style="padding:0px 0px 16px 0px"><a href="#" data-managed-link="col2_link_url" target="_blank" data-link-id="4e0788a027d411edbab1f97892be5f3b"><img src="https://www.mckinsey.com/~/media/mckinsey/business%20functions/sustainability/our%20insights/co2%20removal%20solutions%20a%20buyers%20perspective/co2-removal-solutions-520678304-thumb-1536x1536.jpg?mw=768&car=16:9" alt="An image linking to the web page “CO2 removal solutions: A buyer’s perspective” on McKinsey.com." width="290" height="auto" class="wrap" border="0" style="display:block"></a> </td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td valign="top"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap"><tbody><tr><td align="left" valign="top" class="match" style="padding:0px 0px 16px 0px"><h2 data-richtext="col2_h2_text" data-groupid="col2_h2" class="mobile_h4" style="font-size:14px; line-height:120%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#000000; font-family:Helevtica,Arial,sans-serif"><a href="#" target="_blank" rel="noopener" data-link-id="4e0788a327d411edbab1f97892be5f3b" style="color:rgb(0,0,0); font-weight:inherit; background-image:none; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; text-decoration:none"><span style="font-size:18px; line-height:120%"><strong>CO<sub class="sub" style="vertical-align:bottom; line-height:0.9em; font-size:60%">2</sub> removal solutions: A buyer’s perspective</strong></span></a></h2></td></tr></tbody></table></td></tr><tr><td valign="top"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap"><tbody><tr><td align="left" valign="top" class="match" style="padding:0px 0px 16px 0px"><p data-richtext="col2_p1_text" data-groupid="col2_p1" class="mobile_p1" style="font-size:14px; line-height:120%; margin:0px; font-weight:normal; letter-spacing:0px; text-transform:none; color:#000000; font-family:Helvetica,Arial,sans-serif"><a href="#" target="_blank" rel="noopener" data-link-id="ba90f0b0622f11eeb171137862ab92d3" style="color:rgb(0,0,0); font-weight:inherit; background-image:none; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; text-decoration:none"><span style="font-size:14px; line-height:120%">As climate change impact becomes increasingly apparent, the adoption of decarbonization commitments is accelerating. 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These are the times when leaders need to be the boldest and bravest.</span></h3></td></tr></tbody></table></td></tr></tbody></table></div></td></tr><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td><table role="presentation" width="100%" border="0" cellspacing="0"><tbody><tr><td height="20" align="left" valign="top" bgcolor="#FFFFFF" style="line-height:0px; padding:0px"><img src="https://images.harmony.epsilon.com/ContentHandler/images?id=3f67ada7-a01e-4c02-ab71-8b46fd3106ae" height="20" border="0" alt="" style="display:block; height:20px"></td></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></td></tr><tr><td><table role="presentation" bgcolor="#FFFFFF" width="640" border="0" align="center" cellpadding="0" cellspacing="0" class="wrap"><tbody><tr><td bgcolor="#FFFFFF"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFFFF"><tbody><tr><td align="center" valign="top" class="pad20rl" style="padding:0px 20px 20px 20px"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" class="wrap" bgcolor="#000000"><tbody><tr><td align="center" valign="top" style="line-height:1px!important"><img src="https://images.harmony.epsilon.com/ContentHandler/images?id=3f67ada7-a01e-4c02-ab71-8b46fd3106ae" height="1" border="0" alt="" style="display:block"></td></tr></tbody></table></td></tr></tbody></table></div></td></tr><tr><td bgcolor="#ffffff"><div><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#ffffff" class="wrap"><tbody><tr><td><table role="presentation" align="center" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" bgcolor="#ffffff" class="pad20r pad15l" style="vertical-align:top; 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