The ocean plays a central role in regulating the climate globally. It is the largest carbon storage sink on Earth, stores 45 times more carbon than the atmosphere, and 20 times more than land plants and soil combined. The ocean has already absorbed 40 per cent of fossil fuel emissions and 90 per cent of excess heat, and is continuing to absorb 30 per cent of excess carbon dioxide emissions annually.
This is what marine carbon dioxide removal (mCDR) entails. It is a suite of methods that either amplify or accelerate the ocean’s natural processes – be it biological, physical, or chemical, to reduce carbon in the atmosphere and safely store it in the ocean. Examples of mCDR approaches include ocean alkalinity enhancement, iron fertilization, artificial downwelling and upwelling, and electrochemical techniques.
It won’t come as a surprise that Canada – with the largest coastline in the world, a deep pedigree in ocean science, research, and technology development, mature marine infrastructure, and a vibrant innovation ecosystem – is well positioned to harness the potential of mCDR. But what is the opportunity? That is the question that a recent study led by Canada’s Ocean Supercluster and co-funded by a consortium of organizations across Canada, answers.
The opportunity comes from two levers: climate change mitigation and economic growth.
Climate Change Mitigation
The study estimates that mCDR has the potential to remove 130 metric tons of carbon from the atmosphere per year by 2050. To put this number into context, it represents about 15 per cent of Canada’s current carbon emissions, and 40 per cent of durable carbon removal capacity that Canada will need to be in line with the Paris Agreement’s 1.5-degree goal. In addition, if removals are allowed to be included in Nationally Determined Contributions (NDCs) – that is, commitments made by Canada to reduce greenhouse gas emissions – then mCDR can significantly help Canada meet those commitments. Beyond emission reductions, some mCDR approaches could also help Canada realize other benefits, such as reduction in acidification of its oceans, protecting marine habitats, and supporting coastal resiliency.
Thus, mCDR can significantly help Canada with its climate mitigation goals by reducing net emissions, developing scaled carbon removal capacity, meeting its international climate commitments, and significantly aiding Canada’s transition to a low carbon economy.
Economic Growth
mCDR also offers a meaningful contribution to Canada’s economic growth prospects via job creation, GDP growth, capital investment, and transitioning of workforce. The study estimates that by 2050 mCDR could:
- Create 90,000 new direct permanent jobs across Canada, with indirect job creation likely double of that – this amounts to about a third of Canada’s current total employment in the cleantech sector;
- Increase Canada’s GDP by $16B – about a third of Canada’s current ocean economy;
- Attract upwards of $30B of domestic and foreign capital investment; and
- Contribute to the creation of new investment and export opportunities.
To put the economic projections of mCDR into perspective, Canada’s electricity utility sector currently employs approximately 100,000 people throughout Canada, attracts more than $22 billion in capital investment, and contributes $35 billion to Canada’s GDP – numbers similar to mCDR projections for 2050. Thus, the mCDR sector in Canada in 2050 could be as big as the electricity utility sector is today.
In short, mCDR is not only well-aligned for Canada, but can also significantly contribute to Canada’s strategic objectives of climate competitiveness, transition to a low carbon economy, and economic growth, and should be actively nurtured in a responsible and equitable manner.
mCDR is still in its nascent stage and requires catalytic action from government, private sector, and communities to transform Canada’s starting advantage to be a global leader in mCDR into a lasting advantage.
By: Akash Rastogi, Chief Capital Strategy Officer, Canada’s Ocean Supercluster