New report outlines potential billion dollar marine carbon dioxide removal opportunity for Canada
A new report based on a study led by Canada’s Ocean Supercluster (OSC) outlines Canada’s potential to be a global leader in the nascent marine carbon dioxide removal (mCDR) industry. mCDR refers to a suite of scientific approaches that aim to enhance the ocean’s natural ability to absorb carbon dioxide from the atmosphere. Identified as a high-potential climate pathway by leading scientists and governments, mCDR may also lessen the negative impact of ocean acidification and improve coastal climate resilience.
Canada is uniquely positioned to lead in this area, given its geographic positioning, and leadership in scientific and marine innovation. According to the report, with more research and investment, the mCDR industry could create 90,000 permanent jobs by 2050, increasing Canada’s GDP by $16 billion, and may attract investment greater than $30 billion through workforce upskilling and increased exports.
The new report highlights areas that Canada can build on, including its decarbonization and sustainable economy efforts, environmental and economic advantages, and incentives for Canada to support mCDR approaches as part of Government’s climate competitiveness strategy.
While Canada has already made significant advances in reducing emissions, mCDR has the potential to reduce net carbon emissions in Canada by approximately 15 per cent by 2050; roughly 40 per cent of the carbon removal capacity needed to meet national and global climate goals, if advanced responsibly and equitably.
Though Canada is poised to lead, efforts to support research and development and
advance regulatory clarity for mCDR are already underway in other regions, including in the
European Union, China, and Singapore. These examples underscore the need for Canadian
government and private sector investments to catalyze efficient and responsible
development of mCDR as a promising ocean-climate solution