MaRS launches the Carbon Removal Donation Program
MaRS builds a philanthropic vehicle for carbon removal credit purchases in Canada.
TORONTO, December 3, 2024 – MaRS Discovery District (MaRS) today announced the launch of the MaRS Carbon Removal Donation Program, the first of its kind in Canada.
This philanthropic vehicle pools tax-deductible donations from individuals and organizations to purchase high-quality carbon dioxide removal (CDR) credits from early-stage Canadian companies permanently removing carbon dioxide from the atmosphere.
Carbon removal is a critical technology for achieving climate targets. It involves capturing carbon dioxide from the atmosphere through various means, such as direct air capture, marine alkalinity enhancement and carbon mineralization, and then locking it away for centuries.
MaRS took its initial trailblazing step into carbon removal credit purchases in April 2024, when it announced plans to purchase credits from five Canadian ventures through its Mission from MaRS program. This milestone led to the formal development of the Carbon Removal Donation Program and shows MaRS’s commitment to climate leadership.
It’s estimated that by mid-century 7 to 9 billion tonnes of carbon dioxide will need to be removed from the atmosphere each year to keep global temperature within the 1.5 degree Celsius threshold set out in the Paris Agreement.
Canada is home to promising CDR solutions. Through philanthropic support, MaRS will be able to channel millions of dollars into high-quality carbon removal projects, remove thousands of tonnes of carbon dioxide and accelerate the growth of this industry.
“This program allows philanthropy to play a catalytic role in scaling CDR by creating market demand, supporting the innovators and unlocking the growth of the carbon removal sector,” said Alison Nankivell, CEO of MaRS. “By addressing the gap in early-stage funding, philanthropy can accelerate the creation of a thriving market, helping to remove atmospheric carbon dioxide at the speed and scale needed for deep climate action.”
The new donation program sends a clear signal to the market that there’s demand for CDR solutions, encouraging more investment and development. This will in turn help early-stage companies grow right here at home, driving clean economic growth and strengthening Canada’s leadership in the global fight against climate change.
How it works:
- You donate: Donations form a pool of philanthropic capital dedicated to purchasing high-quality CDR credits.
- We purchase: MaRS will make a purchase of CDR credits from a carefully vetted portfolio of Canadian companies.
- The outcome: MaRS retires the credits to public benefit, meaning that the positive climate impact isn’t used to account for any specific organizations or individual emissions. Instead, these credits will benefit everyone. Donors will be informed of which companies their donation went to and how much carbon dioxide was removed.
Together, we can actively remove carbon from our atmosphere and foster a clean economic future. We welcome contributions of any amount. Every dollar counts toward advancing innovative CDR technologies. To make a donation click here or contact us at philanthropy@marsdd.com
About MaRS Discovery District
MaRS Discovery District helps Canadian startups succeed so they can solve our toughest problems in such areas as climate, health and the economy. As North America’s largest urban innovation hub and a registered charity, MaRS provides direct support to more than 1,200 ventures, builds communities of innovators within its 1.5-million square feet of lab and office space, and spurs the adoption of new solutions — in Canada and around the world. For more information, contact mfm@marsdd.com.
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