A report by the University of Michigan in Ann Arbor says a combination of natural features and engineering innovations are among the reasons the Great Lakes St. Lawrence region is “uniquely positioned to become a global hub for carbon capture, utilization, and storage.”
The report, conducted by U-M’s Global CO2 Initiative, finds 52 gigatons (a gigaton equals 1 billion tons) of environmentally sound, high-quality carbon storage is possible region-wide by 2050, which could generate $783 billion for the region due to the demands of the global carbon markets through voluntary carbon offset programs.
It goes on to say that captured carbon can be used to manufacture many types of products from building materials to fuel, or it can be stored in underground geologic formations.
Commissioned by the Conference of Great Lakes and St. Lawrence Governors and Premiers, “Positioning the Great Lakes Region as a Leader in the Voluntary Carbon Offset Market” reminds that the region’s abundant forests, agricultural lands, and industrial sector have long been drivers of the regional and national economies.
Significant geologic formations, combined with trees and other natural climate solutions, make the region a potential global hub for carbon management and high-quality carbon offsets as well as products that utilize waste carbon dioxide as a feedstock.
The Great Lakes St. Lawrence region produces approximately 1.5 gigatons of carbon emissions annually, which means that 100 percent of the region’s emissions can be stored locally, and there is additional storage potential that could create new regional revenues and positive environmental benefits through global carbon markets.
“The global market for carbon storage and offsets is growing quickly,” says David Naftzger, executive director of the Conference of Great Lakes St. Lawrence Governors and Premiers. “This report explains the scale of this opportunity for our region — equating to hundreds of billions of dollars. We look forward to using the findings of this report to benefit our region and our people.”
Globally, governments, corporations, and others may seek up to 10 gigatons of carbon removal every year through 2050, and 20 gigatons annually from 2050 to 2100.
The U-M report, which can be viewed here, includes recommendations to maximize this opportunity for economic growth and innovation in the Great Lakes St. Lawrence region.
“The Global CO2 Initiative identified and quantified options for the Great Lakes region to bolster the voluntary carbon markets,” says Volker Sick, director of the Global CO2 Initiative at U-M. “An interdisciplinary team assessed nature-based solutions like planting trees and explored engineered solutions including concrete and biochar with exciting conclusions for the amount of CO2 that can be stored and the potential for new revenues.
“To solve the climate problem, we need to explore every option. Making our region a go-to for additional highly verified carbon offsets will have positive environmental outcomes and a positive impact on jobs.”
