Report: Two billion tonnes of global carbon dioxide removed annually

An independent report, led by the University of Oxfordreleased on Thursday estimates that over two billion tonnes of carbon dioxide are removed from the atmosphere annually, but despite increasing expenditures in new technology, this is mostly done by trees.

The reportis the first to evaluate the amount of CO2 reduction the world has actually accomplished and the amount still needed.

To keep temperatures below twodegrees Celsius above pre-industrial levels, as mandated by the Paris Agreement, it is estimated that by 2050, 1,300 times more carbon dioxide removal through new technologies—as well as twice as much from trees and soils—will be required.

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"CO2 removal is rapidly moving up agendas," said report co-author Steve Smith, a climate scientist at the University of Oxford who spoke to Reuters.But he said that despite growing interest and investment, "there are major gaps in information."

Up until now, practically all efficient CO2 removal has been accomplished by actions like soil improvement and tree planting.

According to the report, from 2020 to 2022, the world invested about $200 million in new CO2 removal rate, and since 2010, the public has invested about $4 billion in research and development.

Although most nations do not currently plan to employ CO2 removal to achieve their 2030 short-term climate goals, many see it as an integral element of their 2050 net-zero approach.

(With inputs from agencies)

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