😮 Huge news coming out of Denmark today: in a world-first, Denmark just passed a law that will impose a carbon tax on all its livestock emissions. In a smart move, Denmark simultaneously uses the proceeds to create the Green Area Fund to support farmers/industry with the transition.
The details:
➡ Agriculture accounts for more than half of Denmark’s land use and around a third of the country’s carbon emissions.
➡ The law will lead to CO2 reductions of 1.8Mt by 2030, with a potential of 2.6Mt
➡ It introduces a tax on livestock emissions of €40 (350 DKK) until 2030, going up to €100 (750 DKK) in 2035
➡ It creates the Green Area Fund worth €5.35b (40b DKK)
➡ It sets aside €1.35b (10b DKK) specifically for biochar carbon removal (hashtag#BCR). I am told that the government is planning to subsidise BCR to the tune of up to €300/t.
🚜 This is nothing short of incredible. In an environment where farmers are protesting against climate action across Europe, Denmark has managed to get backing from key industry and environmental groups to pull this off.
🎯 It also represents - by far - the largest support for BCR I am aware of, likely turning Denmark into the epicenter of BCR globally.
💶 This news comes just a month after Denmark announced the award of $166m for 1.1Mt of CCS as part of its $370m BioCCS fund - see comments for background.
👏 Congrats to everyone involved, particularly Pyrolyse Danmark. And thank you Morten Heick for your tireless efforts.
🔗 See full press release from the Danish government here: https://lnkd.in/dW6xDry8
😍 What a great day for carbon dioxide removal and the climate!
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