Climate-focused public policy is like oxygen to our carbon dioxide removal (CDR) business. With it, we can thrive and grow; without it, we would quickly suffocate. Today, our business model relies on private buyers’ willingness to invest in a pure public good. Put differently, every ton of carbon dioxide (CO2) we remove for a private buyer’s benefit, also benefits everyone else on the planet.
Effective climate policy can ensure fairness and sustainability for both CDR buyers and developers by distributing the costs of carbon removal equitably among those responsible for excess CO2 emissions. Currently, only a small fraction of companies are voluntarily paying for CDR, while the majority continue to emit harmful CO2 without being held accountable for making the planet more livable.
When all emitters are equally required to protect the atmosphere, both the planet and CDR companies can thrive on a level playing field. That’s why we are unwavering in our support for SB308, a bill that will help California meet its 2045 climate targets while also catalyzing the growth of CDR businesses.
For more on this, continue reading our Q&A with Matt Bright, Director of External Affairs at CarbonCapture Inc.
What is SB308?
MB: SB308, the Carbon Dioxide Removal Market Development Act, will create the first CDR compliance market in the world by requiring the state of California to use CDR to counterbalance the CO2 that emitters in the state continue to put into the atmosphere. In short, the bill would use CDR as the enforcement mechanism to ensure that the state meets its net-zero goals by 2045. Beginning in 2030, CDR would be used to remove at least 1% of the state’s remaining emissions before scaling to 100% of the state’s remaining emissions by 2045. To give an example, if California’s emissions are equivalent to 300 million tons of CO2 in 2030 (they were 381 million in 2021), the state would be required to offset at least 3 million tons with CDR. If California has 75 million tons of CO2 equivalent remaining in 2045, it would be required to use CDR to remove at least 75 million tons to cover all remaining emissions.
Why is SB308 important to CarbonCapture Inc.?
MB: SB308 creates a certain demand for CDR in perpetuity in the world’s 5th largest economy. Right now, the only demand for CDR is from voluntary purchases by companies with net zero strategies, but SB308 would make sure that all emitting companies in California would be included in the CDR enterprise. This kind of market certainty enables us, and other growing companies, to attract the type of long-term investment that allows our team to do the work of making our world more sustainable while lowering the cost-per-ton of CDR as quickly as possible.
Why should people care about SB308?
MB: Without a thriving CDR industry in California undergirded by supportive public policy, the state cannot meet its net zero targets. Missing these critical targets will put the state in jeopardy for the worst effects of climate change. Further, SB308 will make the state the foremost leader in the CDR industry, attracting investment, jobs, and growing new businesses that exist to make a better world for everyone.
What is SB308’s status?
MB: SB308 has been passed by the Senate and is making its way through the Assembly. The bill was passed out of the Assembly Natural Resources Committee in July with a 9-2 vote and now goes through the Appropriations Committee before an expected vote by the entire Assembly floor in late August.
What can people do to help pass SB308?
MB: If you’re a California resident, get involved with the Open Air Collective, and call your CA State Assemblymember to tell them to support SB308 today! And tell your friends to do the same! If you’re a fan of supportive CDR policy, you can draw attention to this bill and encourage other states and even the federal government to support legislation like this.
What is the future of CDR without supportive public policy like SB308?
MB: In classical economics, climate change is a manifestation of the Tragedy of the Commons where our atmosphere is the commons. At present, voluntary carbon markets (VCMs) are doing their very best to drive the CDR industry forward to help reverse climate change, and we need VCMs. But we are also very aware that without climate-forward public policy, like SB308, that creates certain demand for the pure public good that CDR provides, the entire CDR industry will struggle to scale to the level that CA needs to meet its statewide targets, let alone the CDR needed to meet national and global targets.
About Matt Bright 
Matt leads CarbonCapture’s public policy initiatives, where he is dedicated to ensuring a thriving future for the carbon dioxide removal (CDR) industry by advocating for supportive climate legislation. Prior to his time at our company, he worked in two think tanks—Third Way and the Global CCS Institute—an environmental advocacy organization—Clean Air Task Force—and on Capitol Hill for a Representative from Illinois. Follow Matt on LinkedIn.