💚 Largest-Ever ($1.2bn) Carbon Removal Deal 🌀

💚 Largest-Ever ($1.2bn) Carbon Removal Deal 🌀

By
Dennis Kamprad

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Stay impactful,

Happy Tuesday 👋

Here are the impactful insights that I have for you today:

  • The US is supercharging carbon removal efforts ☀️
  • Solar panel installations soar by 49% 🏘️
  • Renewed conservation efforts for the endangered red wolf 🐺
  • And more… 💚

Imagine if we could simply suck out CO2 from the air to reduce climate change…

I have to admit that the first time I heard about it, it sounded a bit like an idea coming from an old science-fiction movie 🙈

But the more I investigated this technology—and the more it evolved over the past couple of years—the more promising it has become.

And while these “direct carbon removal technologies” are certainly not (yet) the holy grail in the fight against climate change, they have the potential to play a crucial part in it.

That’s why I’m super excited about the latest news from the US Department of Energy, massively stepping up the carbon removal game!

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🌀 Why the Largest-Ever Investment in Carbon Removal is a Big Deal

1️⃣ The big picture: The US Department of Energy has announced a groundbreaking investment of up to $1.2 billion in two projects aimed at directly removing carbon dioxide from the atmosphere. These direct air capture projects, which can be likened to massive vacuum cleaners, extract carbon dioxide from the atmosphere. Once captured, this CO2 is either stored underground or utilized in industrial materials, such as cement. The two projects, named Project Cypress and South Texas DAC, are set to be established in Louisiana and Texas, respectively.

2️⃣ Why is this good news: This initiative marks a monumental stride in the fight against climate change. Once operational, these projects are anticipated to extract over 2 million metric tons of carbon dioxide annually, equivalent to taking nearly half a million gasoline cars off the roads. While transitioning away from fossil fuels remains crucial, the scale of the climate challenge necessitates multiple approaches. And as these projects get underway, they are also expected to generate 5,000 jobs, benefiting local communities and those previously engaged in the fossil fuel sector.

3️⃣ What’s next: These projects represent the dawn of the direct air capture industry in the US, with the potential to boost global capacity for this technology by a staggering 400 times. Termed as “engineered carbon removal,” this direct air capture process is still in its early stages. If successfully scaled up and made economical, it could be a pivotal solution in the fight against climate change.

👉 Related: You could also already offset your personal carbon emissions with this same technology! We’ve compiled a list for you here, about the 10 Best Direct Carbon/Air Capture Offsets

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📢 More Good News…

🇮🇳 India slashes carbon emissions by 33% in 14 years: India is on track to reach their commitment to the United Nations Convention on Climate Change (UNFCCC) to reduce greenhouse emissions by 45% by 2030. This drop is faster than expected thanks to continued efforts to increase forest cover and invest in renewable energy sources. Renewables now account for 25.3% of India’s total power generation.  

🏘️ Solar panel installations have soared by 49% in one year: Global solar power now generates enough electricity to power 57% of the EU’s needs. The increase to 118 billion gigawatts of power, is enough to power 36 million more homes than in 2022. The entire solar power industry grew by 45% to reach 1.2 trillion watts. This is the 10th year in a row that the solar industry has surpassed its annual record.

🐺 Renewed conservation efforts for the endangered red wolf: After a long-running conservation dispute, the U.S. Fish and Wildlife Service (FWS) has finally pledged to continue releasing captive-bred red wolves over the next eight years to boost the only remaining population of the species in the wild. Red wolves were once widespread across the Southern States but hunting and habitat loss have caused a dramatic decline. Today, there are estimated to be just 34 individuals left in the wild.   

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🧑‍🤝‍🧑Event of the Week: US National Nonprofit Day

👉 Did you know that this Thursday, August 17, is US National Nonprofit Day? This event is celebrated every year to commemorate the amazing efforts of charities that support their local communities. 

1️⃣ The big picture: Whether they are helping to combat illiteracy, or support new moms, nonprofits are the backbone of many communities. First created in 2017 by Sherita J. Herring, US National Nonprofit Day established a tax exemption for nonprofit organizations. Since then, this day has been utilized to raise awareness of the efforts of nonprofit organizations to make our world a better place and to encourage donations and volunteering. 

2️⃣ Why is this important: There are estimated to be over 1.5 million nonprofit organizations in the US alone. All are dedicated to their cause, but their work is often hindered because they are underfunded and not given enough support. Charitable organizations have taken great strides to raise awareness of global issues such as conservation, homelessness, and disparities in education. So, we must continue to support their vital work. 

3️⃣ How can you get involved: Perhaps the best way you can get involved in US National Nonprofit Day is to raise the profile of a local charity in your area. You can do this by spreading the word to friends and family or using the #NationalNonprofitDay hashtag on your social media accounts. You can also consider donating to a local nonprofit or, if you have some spare time, you can also volunteer. 

Check out the organizations below that fight to protect vulnerable communities:

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📜 This Week in History

🏅 August 16, 1954: The first issue of Sports Illustrated magazine was released in an attempt to diversify publications. This soon became the leading sports magazine in the US. 

🖤 August 17, 1968: The first Miss Black America pageant was held. Phillip H. Savage, director of the Tri-State Conference of Idaho, Nevada, and Utah (NAACP), helped to promote the controversial event that aimed to promote an important message; Black is beautiful too.  

📝 August 18, 1920: The 19th Amendment became official, granting American women the right to vote. This landmark achievement ended over a century of protest.

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💭 Quote of the Day

“Courage calls to courage everywhere, and its voice cannot be denied.”

— Millicent Fawcett, Suffragist

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Share the news with your friends to make a bigger positive impact on the world and society together!

Stay impactful 💚

Dennis

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