Canada’s Marine Carbon Removal Opportunities Could Be Worth Billions

Today, a new report was released based on a study led by Canada’s Ocean Supercluster (OSC), assessing that Canada, with the world’s largest coastline, is positioned to be a global leader in the nascent marine carbon dioxide removal (mCDR) industry. With more research and investment, the industry could create 90,000 permanent jobs by 2050, increasing Canada’s GDP by $16 billion. The report also finds that the fast-growing mCDR industry could attract potential investment greater than $30 billion and support economic goals such as workforce upskilling and boosting exports.

mCDR refers to a suite of scientific approaches that aim to enhance the ocean’s natural ability to absorb carbon dioxide from the atmosphere. Identified as a high-potential climate pathway by leading scientists and governments, mCDR may also lessen the negative impact of ocean acidification and improve coastal climate resilience. The report emphasizes the environmental and economic advantages and incentives for Canada to support mCDR approaches as part of the government’s forthcoming climate competitiveness strategy. 

Canada is uniquely positioned to pursue mCDR with access to the Atlantic, Pacific, and Arctic Oceans, with both coastal provinces of British Columbia and Nova Scotia already being home to mCDR companies. The report offers an assessment of what is possible when leveraging these attributes, in order to set aspirations and highlight opportunities and co-benefits available.

“If advanced safely and responsibly, mCDR can play a leading role in addressing today’s climate challenge,” said Kendra MacDonald, Chief Executive Officer of Canada’s Ocean Supercluster. “Canada has the opportunity to lead the transition to a low carbon economy, reducing our own footprint while generating economic activity.”

While Canada has already made significant progress in reducing emissions, the report finds that mCDR can play a key role in a portfolio approach to further reduce carbon emissions, boost sustainable economic activity, and protect important marine ecosystems. According to the report, mCDR has the potential to reduce net carbon emissions in Canada by approximately 15 percent by 2050. This is roughly 40 percent of the carbon removal capacity the country is estimated to need to meet national and global climate goals. As warming waters and increased acidification threaten Canada’s oceans and the communities and industries that rely on them, mCDR may be able to directly counteract these threats.

The report also highlights efforts to support research and development and build regulatory clarity for mCDR in other geographies, including the European Union, China, and Singapore — and how Canada can learn from these models. It also draws on lessons from Canada’s recent actions to incubate and scale other clean tech solutions. These examples underscore the need for government investment to catalyze efficient and responsible development of mCDR as a promising ocean-climate solution.

Co-funders of the report include Carbon to Sea, the Atlantic Canada Opportunities Agency (ACOA), Invest Nova Scotia, and the Centre for Ocean Applied Sustainable Technologies (COAST), with additional support from the Ocean Frontier Institute (OFI), and COVE. 

To read the executive summary for the report, visit Canada’s Ocean Supercluster’s website HERE.