U.N. panel scoffs at climate tool the world may need

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May 24, 2023 View in browser   By Arianna Skibell Workers watch a bucket excavator remove earth from the top of coal deposits near Großräschen, Germany. | Sean Gallup/Getty Images An influential United Nations panel has cast doubt on the feasibility of sucking carbon pollution directly from the atmosphere, threatening to stymie a climate tool just beginning to gain traction. In a lengthy note released last week, the U.N. panel called carbon removal technology “unproven,” with “unknown” risks — stunning the nascent industry that many scientists say will be essential to curbing climate change as the world inches past target warming thresholds, writes Corbin Hiar. The skepticism comes as companies pursuing carbon removal technologies are set to rake in serious financing. Not only is the Biden administration preparing to sink billions of dollars into propping up the industry, but JPMorgan Chase, the world's largest investment bank, just announced a $200 million investment, writes Avery Ellfeldt. The White House did not respond to a request for comment. The U.N. panel’s position on carbon removal systems could affect the trajectory of the industry. That’s because under the 2015 Paris climate agreement, the panel is tasked with standing up a global trading system for carbon offsets, Corbin writes. If direct air capture qualifies as an offset, companies might fund the industry to counteract their greenhouse gas emissions. The industry’s supporters are calling foul at the report, maintaining it inaccurately dismisses the potential for carbon removal technology to contribute to economic development. Wil Burns, co-director of American University’s Institute for Carbon Removal Law and Policy, said part of the problem is that carbon removal companies and advocates were not well organized in sending in comments to the U.N. panel, leaving the picture of the industry incomplete. “It seems the carbon removal industry really shot themselves in the foot,” Burns said. “I’m not totally in the bag on [carbon dioxide removal],” he added. “But I do know this was a bit of a hatchet job.” The fledgling carbon removal industry is now trying to provide feedback to the United Nations before it makes any final decisions on the Paris Agreement’s emissions trading system, which could come by the end of November. Carbon dioxide removal “is a new commercial sector, and the range of potential pathways are at varying stages of discovery, development, and deployment,” Ben Rubin, the executive director of the trade group the Carbon Business Council, said Wednesday in a letter to the U.N. panel. Today, only 18 facilities worldwide suck carbon out of the atmosphere and store it underground. Altogether, they capture less than 10,000 metric tons of CO2 per year — far less than the billions of tons scientists estimate need to be removed to reach climate goals.   It's Wednesday — thank you for tuning in to POLITICO's Power Switch. I'm your host, Arianna Skibell. Power Switch is brought to you by the journalists behind E&E News and POLITICO Energy. Send your tips, comments, questions to askibell@eenews.net. Listen to today’s POLITICO Energy podcast Today in POLITICO Energy’s podcast: Kelsey Tamborrino breaks down the Biden administration's decision to not give a $200 million federal grant to Microvast, a Texas-based battery company whose connections to China had drawn criticism from Republican lawmakers.   DON’T MISS POLITICO’S HEALTH CARE SUMMIT: The Covid-19 pandemic helped spur innovation in health care, from the wide adoption of telemedicine, health apps and online pharmacies to mRNA vaccines. But what will the next health care innovations look like? Join POLITICO on Wednesday June 7 for our Health Care Summit to explore how tech and innovation are transforming care and the challenges ahead for access and delivery in the United States. REGISTER NOW.     Power Centers Susan Walsh/AP Photo (Biden); David Zalubowski/AP Photo (pump jack) Biden's oil plan is coming Biden administration officials in recent weeks hosted private listening sessions with environmental groups and oil companies ahead of the release of proposed oil and gas regulations, writes Heather Richards. The rules, expected to come out in June, could represent some of the White House’s most lasting steps on public lands to help address climate change. Stove wars House Republicans are relighting the flames of their gas stoves culture war, write Kelsey Tamborrino and Alex Guillén. GOP lawmakers are stepping up their attacks on the Biden administration’s efforts to regulate the kitchen appliances, portraying proposed efficiency standards from the Energy Department as federal overreach. Supporters say the GOP and industry are exaggerating the impact of modest efficiency requirements. Home raids On Wednesday, German police raided homes belonging to members of the so-called Last Generation climate activist group, writes Gabriel Rinaldi. Authorities are investigating allegations that a total of seven activists, aged 22 to 38, formed and supported a criminal organization. In Other News Climate displacement: Air conditioning can't stop climate migration. Electric future: Exxon Mobil is dipping its oily toe into lithium mining.   GET READY FOR GLOBAL TECH DAY: Join POLITICO Live as we launch our first Global Tech Day alongside London Tech Week on Thursday, June 15. Register now for continuing updates and to be a part of this momentous and program-packed day! From the blockchain, to AI, and autonomous vehicles, technology is changing how power is exercised around the world, so who will write the rules? REGISTER HERE.     Subscriber Zone A showcase of some of our best subscriber content. A hidden valley in the Itkillik Preserve at the Gates of the Arctic National Park and Preserve in Alaska. | Cadence Cook/National Park Service/AP Photo The Biden administration will take an additional six months to review a proposal to build a road through remote and pristine areas of Alaska to access minerals like copper, cobalt and zinc. The Energy Department has unveiled a new initiative to accelerate the development of low-carbon fuels for hard-to-abate sectors like heavy transportation and chemical production. Groups are calling on the Biden administration to address “skyrocketing” demand for electrical steel, a material in short supply that is central to numerous clean energy technologies. That's it for today, folks! Thanks for reading.   Follow us on Twitter Arianna Skibell @ariannaskibell   Follow us

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