Chan-Zuckerberg Initiative invests $44 million in carbon removal

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Last week, Mark Zuckerberg and Pricilla Chan announced their second large set of charitable gifts into the carbon removal field in the last six months. Specifically, the Chan-Zuckerberg Initiative announced $44 million in grants towards CDR. Combined with the $23 million they gave in October of 2021, the couple has given $67 million to support carbon removal in the last five months.

They join other billionaires like Jeremy Grantham and Elon Musk, whose giving has shown they also see CDR as an important part of the climate fight.

While a few foundations, such as CZI, have the resources to look deeply at supporting the carbon removal industry, many corporations rely on net-zero plans that lack full detail about carbon accounting and emissions reductions plans. A report released earlier this month by the New Climate Institute and Carbon Market Watch found that the net-zero plans of 25 of the world’s most valuable companies are not specific and don’t explain how they’ll reduce emissions by 2050.

A new coalition announced last week aims to fill this alleged gap in credibility between corporate plans and real action. Microsoft and the Climateworks Foundation announced “Carbon Call,” a partnership between 20 corporates, non-profits, and research organizations. In a statement to Axios, the group is building what they call “a carbon ledger…a global dashboard that tells you what exactly is happening in terms of emissions,” in a statement . Signatories include Deloitte, GlaxoSmithKline, and the UN Environment Program.

The coalition will use their pooled resources and expertise to improve the carbon accounting methodologies used in corporate emissions reporting. Ultimately, they hope this will allow corporate and national emission data to be accurate and directly comparable.

In this week’s business episode, hosts Radhika Moolgavkar, Susan Su, and Na’im Merchant discuss the CZI gifts, how Carbon Call aims to improve corporate emissions accounting, and the short supply of quality carbon removal available to meet the skyrocketing demand.

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