2.7.7  Develop business models for engineered GGRs

437.  Stakeholder evidence provided through the roundtable and the Call for Evidence has been clear that greater clarity from government policy and finance commitments is needed to gain the confidence of investors and consumers.

".the government must provide the emerging GGR sector with clear market signals, as well as a regulatory regime to ensure that legitimate carbon removals are socially and environmentally robust."- CO2RE320

438.  A lack of funding, combined with the high costs of early-stage GGR methods, creates barriers to the sector's growth to commercial viability. This does little to bridge the 'valley of death' often experienced by early-stage businesses. Stakeholders attending the evidence roundtable stressed that to help address this gap Government should provide early indications of business model eligibility.

439.  It is vital that the UK Government provides clear signals demonstrating a commitment to getting to scale the first engineered GGRs by 2030. This must be done now if the industry is to garner the investment required to scale it up to the levels needed by 2030 and 2050, and establish a market in doing so.

440.  This Review recommends that the Government announces, as soon as is possible, its intentions for engineered GGR business models including timings and eligibility. Moreover, this announcement must clearly outline what standards these business models are expected to require.

441.  These measures are vital in removing emissions that are difficult to extract from the atmosphere, and therefore are an aid in decarbonising our atmosphere. However, these cannot replace the move to reduced emissions. The priority is to reduce the production of CO2 and the use of fossil fuels by driving down demand, defossilising the use of carbon, and moving towards new ways of working in our economy that achieve lower emissions and net zero- therefore we now turn to addressing demand in our economy.