The article discusses the drastic shift in the carbon removal market over the past six months, which initially seemed promising with high-profile investments and optimistic market projections. However, with the current U.S. administration's shift in climate policy, significant funding cuts, and a steep decline in permit applications, the sector's growth outlook has soured. Notably, firms like Climeworks have downsized, reflecting a broader trend in the industry facing increasing skepticism about the effectiveness of carbon capture technologies amidst changing political landscapes.
Six months ago, the carbon removal market had immense promise, with significant investments and projections of a $1.2 trillion market value by 2050.
However, recent changes in U.S. climate policy under President Trump have caused a downturn in the industry, leading to significant layoffs and decreased investment.
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