As the World Plans for Overshoot, Europe Sets the Pace on Carbon Removal
The world is now on track to pass 1.5°C of warming, and the UN's latest assessment places carbon removal at the center of any path to reverse temperature rise. Europe is where much of the market to deliver a successful carbon removal market is being built, through new certification rules and public purchasing proposals. Decisions made in Brussels will help shape where projects get financed and the suppliers that can sell into the European carbon market.
Carbon Unbound Europe, held in London on October 20 and 21, brings buyers, investors, developers and policymakers together in the weeks between Climate Week NYC and COP31 to discuss the shape of the carbon removal market. The Carbon Business Council is proud to partner with Carbon Unbound on this year's summit, as we discuss moving the industry from pilot to scale, and pushing for delivery alongside ambition.
Europe's Carbon Removal Policy Takes Shape
Europe has spent the past year turning carbon removal from a line in climate plans into something it can measure, certify and buy. Earlier this year the EU adopted its first official rules for certifying permanent carbon removal. Eight independent standards bodies have since applied to certify projects under those rules, and their approval would give buyers an EU-backed mark of quality for the first time.
More rules are on the way for carbon stored in farmland and in building materials. A review due by the end of the year will also look at how certified removals count toward corporate climate goals, a question buyers in Europe and North America are already asking.
The biggest shift may come from Europe's carbon market, which puts a price on emissions from power plants, factories and airlines. In July the European Commission proposed selling 250 million additional pollution permits between 2031 and 2040 and using the proceeds to buy a matching volume of permanent carbon removal. If adopted, the plan would make Europe one of the largest buyers of durable carbon removal anywhere. Lawmakers aim to agree on a final version by early 2027, and the Carbon Business Council is urging them to include the full range of carbon removal approaches.
The global picture
In September the UN's environment agency concluded the world will pass 1.5°C of warming. Its new report lays out the best remaining path, in which temperatures overshoot, peak and then come back down. Bringing them back down depends on cutting emissions to near zero by mid-century while also removing large amounts of CO₂ already in the atmosphere.
Countries outside Europe are watching closely, including Canada, which announced plans in late September to let its carbon removal companies sell credits abroad as it looks to finance around 11 million tonnes of planned capacity. For Canadian developers, as well as suppliers in Latin America, Africa and Asia, European demand and standards will in part help decide which projects get built.
Conversations to Watch at Carbon Unbound Europe
This year's program focuses on what it will take for carbon removal to grow into a scalable, long-term market. We’re watching the below themes closely:
Turning policy into purchases. Sessions on public procurement will explore how quickly governments, starting in Europe, can become reliable buyers of carbon removal.
Moving companies from pledges to purchases. Thousands of companies have net-zero commitments, yet only a portion have purchased carbon removal. Our recent polling results found corporate buying hinges on policy clarity.
Getting projects built. A program track on setbacks and bottlenecks reflects an industry ready to talk openly about financing projects, building them and delivering tonnes on schedule.
New demand from new places. Aviation, heavy industry and data centers are emerging as major buyers, while sessions on Africa, Latin America and Asia explore how developers there can attract long-term investment, building on themes from our Latin America Carbon Removal Investment Roadmap.
Member Discount
Carbon Business Council members save 10% on Carbon Unbound Europe passes with the code CBC10. Register here to join the buyers, investors, developers and policymakers shaping Europe's carbon removal market.
