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Canada pledges $135M to carbon removal in eco-forward budget

Canada has taken a bold step in its environmental commitment by earmarking $135 million for carbon removal technologies in its 2024 budget. The update, which was subtly noted in a footnote of the federal budget document, marks a significant enhancement to the existing Low-Carbon Fuel Procurement Program.

Canada pledges $135M to carbon removal in eco-forward budget_View of Boreal forest, the largest forested area in Canada_visual 1View of Boreal forest, the largest forested area in Canada. AI generated picture.

Na’im Merchant, an Executive Director at Carbon Removal Canada, highlighted the importance of this update, calling it a ‘historic step forward’ for the nation's environmental strategy. He pointed out that the details were easily overlooked in the lengthy budget document.

Read more: Germany streamlines corporate sustainability rules: CSRD implementation welcomed

The allocation extends over eight years starting from 2024–2025 and integrates unspent funds from the prior year into the new initiatives. This shift not only increases the programme's budget but also its scope—previously focused solely on low-carbon fuels, it now includes funding for permanent carbon removal solutions.

This development is part of a broader effort by the Canadian government to reduce emissions within its transportation fleet, aligning with the Greening Government Strategy. The strategy aims to incorporate carbon dioxide removal services to meet climate targets more effectively.

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The inclusion of carbon removal in the procurement programme is aligned with Canada’s ambition to be a leader in global environmental action. The government recognises that achieving net-zero emissions by 2050 will involve significant reliance on carbon removal technologies, underscoring the critical need for strategic investments and policies in this area.

Carbon Removal Canada lauded the move, noting that such strategic funding is crucial for turning Canada's net-zero goals into tangible outcomes. 

As interest and demand in carbon credits intensify, DGB Group's dedication to delivering high-quality and effective solutions establishes our pivotal role in assisting companies to adapt to the dynamic field of environmental finance. Through our projects, products, and services, we help businesses understand and commit to environmental enhancement, evaluate their environmental impact, devise strategies for environmental solutions, and transparently report their sustainability advancements.

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