How to build a balanced carbon removal portfolio?

How can companies ensure they are building a balanced carbon removal portfolio that aligns with their net-zero aspirations?

On August 30 Climeworks organized a carbon catch-up starring Katharine Hayhoe, Chief Scientist at The Nature Conservancy, and Brian DiMarino, Head of Operational Sustainability at JPMorgan Chase & Co. We asked them to share insights and guidance to companies on how to select and build a diverse portfolio of climate and carbon solutions and why it is crucial to integrate technological carbon removal solutions alongside nature-based solutions.

Key takeaways:

Katharine Hayhoe emphasized that there is no “silver bullet’’ in the fight against climate change but a wide range of solutions that need to be implemented simultaneously:

Emission reductions through enhanced efficiency, transition to clean energy, sustainable land use, and carbon capture and storage.
Carbon removal via nature-based solutions and tech-based solutions (including direct air capture).
Climate Resilience: Adapt existing technologies and communities to changing climate conditions.

All entities— companies, governments, and individuals—have a role in climate action.

Brian DiMarino focused specifically on JPMorgan Chase & Co.’s experience with purchasing high-quality CDR and advised companies that want to do the same. Here are the top pieces of advice that Brian shared for every company to start their carbon removal journey:

Set bold and measurable ambitions, with separate targets for carbon reduction and removals. Understand your organizational limitations and be open with your stakeholders.
Take immediate action: not acting has its own set of risks - reputational, regulatory, consumer, commercial, and financial.
Get started with your carbon removal journey: you could start at any scale and grow your portfolio over time.
Define your own set of carbon removal criteria, such as measurability, third-party verification, additionally, and permanence.