New Report Underscores Need for Research into mCDR, $16 Billion Economic Opportunity

Today, a new report was released based on a study led by Canada’s Ocean Supercluster (OSC), assessing that Canada, with the world’s largest coastline, is positioned to be a global leader in the nascent marine carbon dioxide removal (mCDR) industry. With more research and investment, the industry could create 90,000 permanent jobs by 2050, increasing Canada’s GDP by $16 billion. The report also finds that the fast-growing mCDR industry could attract potential investment greater than $30 billion and support economic goals such as workforce upskilling and boosting exports.

mCDR refers to a suite of scientific approaches that aim to enhance the ocean’s natural ability to absorb carbon dioxide from the atmosphere. Identified as a high-potential climate pathway by leading scientists and governments, mCDR may also lessen the negative impact of ocean acidification and improve coastal climate resilience. The report emphasizes the environmental and economic advantages and incentives for Canada to support mCDR approaches as part of the government’s forthcoming climate competitiveness strategy. 

Canada is uniquely positioned to pursue mCDR with access to the Atlantic, Pacific, and Arctic Oceans, with both coastal provinces of British Columbia and Nova Scotia already being home to mCDR companies. The report offers an assessment of what is possible when leveraging these attributes, in order to set aspirations and highlight opportunities and co-benefits available.

“If advanced safely and responsibly, mCDR can play a leading role in addressing today’s climate challenge,” said Kendra MacDonald, Chief Executive Officer of Canada’s Ocean Supercluster. “Canada has the opportunity to lead the transition to a low carbon economy, reducing our own footprint while generating economic activity.”

While Canada has already made significant progress in reducing emissions, the report finds that mCDR can play a key role in a portfolio approach to further reduce carbon emissions, boost sustainable economic activity, and protect important marine ecosystems. According to the report, mCDR has the potential to reduce net carbon emissions in Canada by approximately 15 percent by 2050. This is roughly 40 percent of the carbon removal capacity the country is estimated to need to meet national and global climate goals. As warming waters and increased acidification threaten Canada’s oceans and the communities and industries that rely on them, mCDR may be able to directly counteract these threats.

“Canada is already a fast-growing hub for ocean-climate research, with the first ocean alkalinity enhancement field trials having already occurred in Nova Scotian waters,” said Miriam Zitner, General Manager, Canada, Carbon to Sea. “With the largest coastline in the world, mature marine infrastructure and a deep pedigree in ocean science and technology, Canada is well-positioned to lead on increased research and investment in mCDR.”

The report also highlights efforts to support research and development and build regulatory clarity for mCDR in other geographies, including the European Union, China, and Singapore — and how Canada can learn from these models. It also draws on lessons from Canada’s recent actions to incubate and scale other clean tech solutions. These examples underscore the need for government investment to catalyze efficient and responsible development of mCDR as a promising ocean-climate solution.

“This report outlines a promising opportunity to align environmental objectives with significant economic growth. Atlantic Canada is well positioned to capitalize on our natural coastal assets and established marine talent and infrastructure to foster this new industry. mCDR has the potential to create thousands of jobs, attract major investment and help the country meet its climate targets,” said the Honourable Sean Fraser, P.C., K.C., Member of Parliament for Central Nova, Minister of Justice and Attorney General of Canada and Minister responsible for the Atlantic Canada Opportunities Agency. 

Co-funders of the report include Carbon to Sea, the Atlantic Canada Opportunities Agency (ACOA), Invest Nova Scotia, and the Centre for Ocean Applied Sustainable Technologies (COAST), with additional support from the Ocean Frontier Institute (OFI), and COVE. 

To read the executive summary for the report, visit Canada’s Ocean Supercluster’s website HERE. 

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About Ocean Supercluser

Canada’s Ocean Supercluster accelerates the development and commercialization of made-in-Canada ocean solutions in energy transition, food security, future of transport, and climate change while also growing more companies, creating more jobs, and attracting ocean talent. As Canada’s national ocean cluster, the OSC is a convenor of members, partners, and networks and a catalyst for transformative growth that helps build the robust ecosystem needed to help realize Ambition 2035 – a 5X growth potential in ocean in Canada by 2035. To date, the OSC has approved about 150 projects valued at more than $500 million, which will deliver more than 300 new made-in-Canada ocean products, processes, and services to sell to the world. For more information visit oceansupercluster.ca. 

Press Contact:

Name: Nancy Andrews
Organization: Canada’s Ocean Supercluser
Email: nancy.andrews@oceansupercluster.ca

About Carbon to Sea

Carbon to Sea is a non-profit initiative that brings together leading funders and world-class scientists to explore ocean alkalinity enhancement — or OAE. OAE is a CDR approach that strengthens the ocean’s natural ability to remove carbon from the atmosphere. Carbon to Sea was launched in June 2023 and is the largest funder in the OAE space, supporting research, tech development, and knowledge-sharing among the scientific community. 

Press Contact:

Name: Danny Gawlowski
Organization: Carbon to Sea Initiative
Email: danny@carbontosea.org