Regional Revenue to Manage Carbon Could Reach Hundreds of Billions of Dollars
A combination of natural features and engineering innovations are among the reasons the Great Lakes St. Lawrence region is uniquely positioned to become a global hub for carbon capture, a landmark report finds.
The new report, conducted by the University of Michigan’s Global CO2 Initiative, finds 52 gigatons (a gigaton equals one billion tons) of environmentally sound, high-quality carbon storage is possible regionwide by 2050. This storage capacity could generate US$783 billion for the region due to the demands of the global carbon markets. Captured carbon can be used to manufacture many types of products from building materials to fuel, or it can be stored in underground geologic formations.
The region’s abundant forests, agricultural lands and industrial sector have long been drivers of the regional and national economies. Significant geologic formations, combined with trees and other natural climate solutions, make the region a potential global hub for carbon management and high-quality carbon offsets as well as products that utilize waste carbon as a feedstock.
Globally, governments, corporations and others may seek up to 10 gigatons of carbon removal every year through 2050, and 20 gigatons annually from 2050 to 2100. The Great Lakes St. Lawrence region produces approximately 1.5 gigatons of carbon emissions annually, which means that 100% of the region’s emissions can be stored locally, and there is additional storage potential that could create new regional revenues and positive environmental benefits through global carbon markets. The report includes recommendations to maximize this opportunity for economic growth and innovation in the region. Click here to watch a webinar highlighting the report’s findings.