Key findings
- Credible estimates report that the CDR market could eventually be worth anywhere from hundreds of billions of dollars (Rhodium Group) to over a trillion dollars (McKinsey) by 2050.
- The National Oceanic and Atmospheric Administration (NOAA) predicts a total of 300,000 new CDR jobs in the U.S. alone by 2050.
- If mCDR proves to be a viable option, it could be the most effective tool we have to remove carbon from the atmosphere while developing new industries for coastal communities.
Executive summary
Marine carbon dioxide removal (mCDR) will help preserve coastal livelihoods by creating well-paying jobs in scientific research, construction, and operations. Jobs and opportunities will not be limited to the coasts — with manufacturing and supply chain, technology development, and mineral procurement job growth across the country. Many of these roles will not require four-year college degrees and will be important pathways for students at trade and vocational schools. Developing the industry will make the U.S. a global leader in carbon management, while maintaining a strong market-driven approach. The U.S. has the opportunity to lead the global charge and harness the economic reward that this technology could provide. Comparatively, mCDR has been underexplored and underinvested — though there’s arguably more potential in the industry. If mCDR is going to be part of the global carbon removal effort, the private and public sectors will need to work together. Stakeholders are already investing in technology and scientific studies to help us better understand the economic potential of various mCDR pathways.
mCDR has huge economic potential.
Marine carbon dioxide removal (mCDR) will help preserve coastal livelihoods by creating well-paying jobs in scientific research, construction, and operations. Jobs and opportunities will not be limited to the coasts — with manufacturing and supply chain, technology development, and mineral procurement job growth across the country. Many of these roles will not require four-year college degrees and will be important pathways for students at trade and vocational schools. Developing the industry will make the U.S. a global leader in carbon management, while maintaining a strong market-driven approach.
Economic Potential of CDR
Carbon dioxide removal (CDR) is a burgeoning industry full of untapped economic potential. Credible estimates report that the CDR market could eventually be worth anywhere from hundreds of billions of dollars (Rhodium Group) to over a trillion dollars (McKinsey) by 2050.
Major companies such as Microsoft and Stripe have already begun investing in this technology.
The U.S. has the opportunity to lead the global charge and harness the economic reward that this technology could provide. The National Oceanic and Atmospheric Administration (NOAA) predicts a total of 300,000 new CDR jobs in the U.S. alone by 2050.
Under-Explored Potential of mCDR
There are many potential CDR methods, and much of the public discussion and funding to date has focused on direct air capture. Comparatively, mCDR has been underexplored and underinvested — though there’s arguably more potential in the industry.
If mCDR proves to be a viable option, it could be the most effective tool we have to remove carbon from the atmosphere while developing new industries for coastal communities.
The Road Ahead
mCDR has the potential to significantly reduce the amount of carbon in the atmosphere and boost local economies in the process.
Stakeholders are already investing in technology and scientific studies to help us better understand the economic potential of various mCDR pathways.
If mCDR is going to be part of the global carbon removal effort, the private and public sectors will need to work together.
