Study: Fossil fuel sector should cover around 20% of necessary direct air carbon removal investment
“It is both fair and feasible that a portion of their windfall is used to fund technologies that will help clean up the damage they have caused.”
Fossil fuel companies should invest between US$40.5 billion and US$77.6 billion into direct air capture and storage technology (DACCS) to cover their contribution in the climate crisis, according to a scientific study.
This amounts to 16% to 31% of the total US$250 billion estimated to be needed to scale and commercialise this emerging carbon removal solution, and would be split between the 66 highest-emitting fossil fuel and cement firms.
