Sweden and Switzerland pave the way for international trade with carbon removals
At COP28, Sweden and Switzerland signed a declaration of intent to test the rules for international carbon markets in the field of carbon removal technologies.
Robert Andrén, Director General of the Swedish Energy Agency with Albert Rösti, Minister of the Swiss Department of the Environment, Transport, Energy and Communications
Sweden and Switzerland are taking the first steps towards establishing an international market for carbon removals under the Paris Agreement framework. To keep global temperature rise below 1.5 degrees, the world needs to reach net-zero emissions by 2050. But by then, some emissions will most likely remain in certain hard-to-abate sectors, for example from some industrial processes. To reach net-zero, the remaining emissions from these sectors will need to be counterbalanced by carbon removals. Thus, carbon removals are expected to play a key role in helping the world meet the climate challenge.
"This unique pilot cooperation is about creating a functioning market for carbon removals under the Paris Agreement rulebook. It will be an important tool in the much-needed effort to reduce global emissions at greater speed. Together with Switzerland, we are implementing the intentions of the Paris Agreement and paving the way for other countries’ cooperation", says Robert Andrén Director General of the Swedish Energy Agency.
Symbolic volume of carbon removals for international transfer
Carbon removal technologies are currently being developed in both Sweden and Switzerland. One such technology consists of capturing and storing carbon dioxide from the combustion of biofuels (BECCS), which is currently under development in Sweden. The intended pilot between Sweden and Switzerland is foreseen to involve international transfer of a symbolic amount of carbon removals.
The pilot is expected to provide valuable experience
The signing of the declaration of intent between the countries took place at the COP28 climate change conference in Dubai. Together with the Swiss Department of the Environment, Transport, Energy and Communications, the Swedish Energy Agency will now start conducting an analysis to investigate the details of the cooperation. Sandra Lindström, Head of International Climate Cooperation at the Swedish Energy Agency, explains:
"Discussions are currently underway on how international trade with carbon removals under the Paris Agreement should be regulated. The pilot cooperation between Sweden and Switzerland is expected to provide valuable experience and contribute to raised ambition in the global climate mitigation work."
