High-quality US nature-based removal solutions, which extend beyond permanence, are crucial for voluntary carbon markets as technology-based solutions progress along their cost and innovation curves in the medium term.

"We feel [nature-based removals don't] have the same complexity as [bioenergy with carbon capture and storage] or direct air capture. You don't have a technology readiness level to deal with," said Greg Adams, chief financial officer of Chestnut Carbon, adding that while engineered carbon removals will play a role, they are still developing along the technology readiness and cost curves.

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