CDR Monthly Recap - November 2024

We are back with another edition of the CDR Monthly Recap, a monthly round-up of some of the top news, developments, and market updates from the world of durable carbon removal.

After a relatively quiet October that saw sales of 63,000 tonnes of carbon dioxide removal (CDR), nearly 170,000 tonnes of CDR were sold in November, with AXA Switzerland, Deep Sky, and Royal Bank of Canada announcing their first durable CDR deals to date.
Other developments such as policy updates, large funding rounds, new projects, and partnerships continue to drive momentum for the industry ahead, along with a host of events in the field.

Read on to learn more below!

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Complete our pricing survey, brought to you by CDR.fyi in partnership with OPIS, a Dow Jones Company. The survey is open until December 6, and the full report will be distributed to respondents in January.

Deals and Partnerships

[Image source: Deep Sky]

Deals

Microsoft and Royal Bank of Canada (RBC) purchased 10,000 tonnes of CDR from Canadian project developer Deep Sky. The tonnes will be delivered from the Deep Sky Labs facility, the world’s first CDR innovation and commercialization center.

Insurance group AXA Switzerland announced the purchase of 1,950 tonnes of CDR from InPlanet and 1,800 tonnes from Neustark, respectively. As part of the agreements, the tonnes will be delivered between 2026 and 2030.

Nova Scotia-based company Planetary delivered the world’s first Ocean Alkalinity Enhancement (OAE) credits to Frontier Buyers - with allocations to Shopify (96 tonnes) and Stripe (42 tonnes) under a 2023 prepurchase agreement.

Carbon investment manager Artemeter purchased first-of-a-kind industrial biochar-based CDR credits from Varaha, an Indian multi-asset carbon developer. Artemeter is also an investor in Varaha's $8.7 million Series A round in December 2023.

UK-based automotive platform Auto Trader partnered with enhanced weathering company UNDO to spread 1,839 tonnes of basalt rock on UK farmland, permanently removing around 340 tonnes of CO₂.

Partnerships

ClimeFi (formerly CarbonX) and XPRIZE launched the Global 1000 CDR Challenge, an initiative calling on 1,000 companies to commit to purchasing 1,000 tonnes of durable CDR each in 2025.

Financial services group Rothschild & Co announced a new multi-year agreement to purchase CDR credits from project developer Capture6. Details on pricing and volume were not disclosed.

Carbonaires, UBS, and The Carbon Removers partnered on a lead transaction to provide returns from the sale of carbon credits by removing CO₂ from Scotch whiskey production processes and supply chains.

Switzerland-based Neustark announced a partnership with Aggregate Industries, a UK-based building materials supplier, to introduce a new technology that permanently removes carbon from the atmosphere and locks it into recycled concrete.

The National Oceanic and Atmospheric Administration (NOAA) and the non-profit Carbon to Sea Initiative partnered to establish guidelines to ensure consistency and comparability in marine carbon dioxide removal (mCDR) projects.

Charm Industrial partnered with software company Manufacturo, which will provide a customized process control solution, enabling precise traceability for Charm's carbon ledger through advanced API integration and data management.

Carbonfuture and Economist Impact announced a partnership to co-create a new spotlight event focused on advancing corporate action on CDR at the 10th Sustainability Week in March 2025.

CarbonCapture and Georgia Institute of Technology announced a multi-year partnership to develop advanced sorbents to increase efficiency for direct air capture (DAC) technology.

Projects

Dutch DAC company Skytree was selected as a technology provider for Project Concho, the world’s first DAC hub powered entirely by wind energy. The project, located in Tom Green County, Texas, will initially capture 30,000 tonnes of CO₂ annually with plans to scale up to 500,000 tonnes per year.

Biochar producer Exomad Green announced the launch of its new biochar facility in Riberalta, Bolivia. The facility is projected to sequester 60,000 tonnes of CO₂ annually, with plans to expand to 120,000 tonnes by 2025.

Omani climate tech company 44.01 and UAE-based oil company Abu Dhabi National Oil Company (ADNOC) announced plans to scale up mineralization in the Emirate of Fujairah. After a successful pilot, which saw it successfully convert 10 tonnes of carbon dioxide into rock within 100 days, the first phase of the scale-up will inject more than 300 tonnes of CO₂.

Scotland-based BECCS company The Carbon Removers (formerly Carbon Capture Scotland) announced its expansion into Denmark to provide advanced carbon removal services. Starting in 2026, the company will capture and store 4,650 tonnes of biogenic CO₂ annually through 2032.

Swiss carbon removal provider Neustark, along with utility company SIG, launched the first CO₂ source site in French-speaking Switzerland, capturing up to 1,500 tonnes of biogenic CO₂ annually for permanent storage with local construction recyclers.

Alt Carbon launched the “Darjeeling Climate Action Lab (D-CAL),” a new facility to advance Enhanced Weathering (EW) research, with an aim to scale the technology, reduce CDR credit costs, and offer low-cost MRV services to EW companies in India.

CDR company CapChar launched a network of on-farm biochar production facilities in the UK, aiming to decarbonize agriculture, boost yields, and generate carbon removal credits.Climate Vault announced an RFP (Request for Proposals) round for its Carbon Dioxide Removal Innovation Award, a program that helps stimulate the growth and development of impactful CDR solutions.

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Financing

[Image source: Vaulted Deep]

Biomass direct storage company Vaulted Deep raised $32.3 million in Series A funding. The investment round was led by Prelude Ventures and also saw participation from Lowercarbon Capital, Earthshot Ventures, and WovenEarth Ventures.

Canada-based CDR company Svante secured a CAD 15 million investment from InBC Investment Corp. to scale its operations, including a plant under development to capture 10 million tonnes of CO₂ a year.

The U.S. Department of Energy (DOE) awarded $10 million in grant funding to the National Renewable Energy Laboratory (NREL), Oak Ridge National Laboratory (ORNL), and Lawrence Livermore National Laboratory (LLNL) to collaborate with Prometheus Materials – and a team of partner institutions – to establish methods for measuring, reporting and verifying carbon dioxide removal and sequestration in cement and concrete.

As part of a recent announcement by the Canadian government, two CDR companies - Carbon Engineering and Arca were awarded CAD $5 million and CAD $1.8 million, respectively, along with 3 other non-CDR companies.

Rotterdam-based company Paebbl secured a $2.2 million Demonstration Energy and Climate Innovation (DEI+) grant awarded by the Dutch Ministry of Climate Policy and Green Growth, which will help scale up its demo plant.

Dutch Direct Ocean Removal startup SeaO2 raised over €2 million in seed funding. The investment round saw participation from DOEN Participaties B.V NEW-TTT fund, Future Tech Ventures, CarbonFix, and several other (angel) investors

Policy and Research

[Image source: Leandro Paes Leme, Pexels]

U.S. Senators Lisa Murkowski and Michael Bennet introduced a new bipartisan bill to support tax credit for CDR. The bill, once passed, would include subsidies of $250/tonne for Direct Air Carbon Capture and Storage, Biomass Direct Storage, Enhanced Weathering, Ex-situ Mineralization, In-situ Mineralization, and Ocean Alkalinity Enhancement while also introducing a $110/tonne subsidy for BECCS.

The EU Council greenlit a regulation to establish the Carbon Removals and Carbon Farming (CRCF) - a framework for certifying carbon removals, carbon farming, and storage. This voluntary framework aims to encourage high-quality carbon removal and soil emission reduction activities.

Carbon Gap released the “CDR Research Gaps Database” to offer an overview of existing research gaps in the field. The goal of the database is to support policymakers, researchers, funders and wider CDR ecosystem actors in making informed decisions regarding CDR funding.

The Carbon Business Council, a coalition of 100+ carbon management companies, released the "Carbon Removal Policy Guide: FAQs & Resources for Policymakers," a resource highlighting the economic benefits of carbon removal.

Isometric released the world’s first protocol for wastewater alkalinity enhancement (WAE) carbon removal for public consultation, ensuring credit confidence for buyers and suppliers with a focus on elements like precise measurements, rigorous accounting for losses, and baseline definitions.

Kenya-based DAC company Octavia Carbon received an 'Ae' carbon credit rating from BeZero Carbon and a standalone ‘AAA’ rating. This is BeZero's first public ex-ante rating for Direct Air Carbon Capture and Storage (DACCS).

CDR investment firm Counteract has published its perspective on the various challenges surrounding ocean-based carbon removal and its investment approach towards mCDR companies.

The Wall Street Journal published an article with an outline of various carbon removal methods along with their pros and cons, according to climate and investing experts.

Reports

[Image source: NOAA]

The White House Office of Science and Technology Policy and National Oceanic and Atmospheric Administration (NOAA) released a national marine carbon dioxide removal (mCDR) research strategy outlining how the U.S. government can accelerate mCDR research in a way that is safe and effective and will help to determine if the emerging approaches are viable climate solutions.

Carbon Direct published its 2024 State of the Voluntary Carbon Market report highlighting key trends from the durable CDR market, such as the prominence of pre-purchases and offtakes and the concentration of few buyers in the market.

The World Business Council for Sustainable Development (WBCSD) published a new report urging businesses worldwide to develop a CDR strategy to meet their sustainability goals.

German consultancy and project developer biochar zero published a guide on biochar carbon removal (BCR) exploring the basics of biochar and topics such as pyrolysis, carbon removal credits and energy byproduct utilization.

Carbon Unbound published “CDR Wrap-Up: Europe 2024” recapping Carbon Unbound Europe that was held in September. It highlights areas such as the need for growth financing in CDR, trends from the Global South and the need for buyer engagement.

Climate non-profits Bellona Europa and Carbon Market Watch published the “Carbon Negative Handbook” - exploring key concepts, advantages and disadvantages, feasibility and deployment potential of CDR.

CDR marketplace Carbonfuture published a report providing a comprehensive guide for CDR suppliers navigating the voluntary carbon market, including securing financing, obtaining certification, and connecting with buyers.

Rocky Mountain Institute (RMI) released a new article breaking down the scale of CDR needed by 2050. It also discusses the significant investments, workforce, and supply chain changes necessary to achieve this scale compared to other large industries.

Carbon market platform Patch released a report exploring strategies for fostering growth in the carbon credit market while addressing key challenges that must be overcome to ensure the industry’s successful expansion and long-term impact.

Leaderboard Updates - November 2024

Nearly 170,000 tonnes of CDR were purchased in November, nearly a 3X increase from 63,000 tonnes in October.

Listed below are the November leaderboards for top suppliers and purchasers:

Supplier Leaderboard

Purchaser Leaderboard

Events Round-up - November 2024

[Image source: Isometric]

Isometric held a webinar titled “A Buyer’s Guide to CDR” discussing the best practices for buying CDR with leaders from organizations such as Frontier, JPMorgan Chase, and the U.S. Department of Energy.

In a recent webinar by OpenAir Collective, the 2025 Carbon Removal Challenge was unveiled. The competition provides students from colleges and universities around the world an opportunity to design and build new carbon removal solutions and build connections. The finalists will present their solutions in New York in May 2025.

Milkywire hosted a webinar featuring CDR.fyi Co-founder Robert Höglund, sharing insights into the fundamentals of durable carbon removal, its essential role in net zero, strategies for building a business case for CDR, and ways to integrate CDR into existing climate budgets.

Enverus hosted a webinar featuring CDR.fyi Co-founder and CEO Alexander Rink, exploring the latest trends in carbon markets, the challenges in scaling carbon dioxide removal (CDR), and insights from CDR.fyi’s Q3 report.

CUR8 hosted a webinar exploring the role of carbon removal in driving competitive advantage and acceleration of net zero goals, featuring a panel of leaders from organizations such as Standard Chartered Bank, EY, and Shaftesbury Capital.

Check out the CDR Events Calendar to stay updated with upcoming CDR events in October and beyond.

CDR.fyi Updates and Research

CDR.fyi Durable CDR Pricing Survey - Fall 2024

Last chance!

The CDR.fyi Durable CDR Pricing Survey, run in partnership with OPIS, a DOW Jones company, is open until December 6. The survey aims to help market participants understand pricing expectations for durable CDR credits. Purchasers and suppliers completing the survey will receive a full report with detailed findings, while summary results will be posted on the CDR.fyi blog in January. Market intermediaries such as Marketplaces, Brokers, and Resellers are encouraged to complete both surveys.

CDR.fyi Insight - Microsoft

In November, we published an article, lead-authored by Isaac De León, exploring Microsoft’s durable CDR engagement and also highlighting various aspects of its approach and strategy which could be emulated by other companies committed to climate action - such as its market leadership, strategic investments, and net zero commitment.

Join over 600 companies and sign up for free access to the CDR.fyi Portal to gain market insights, showcase your company’s profile and progress, and get on the CDR Map!

Stay connected

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Disclosure

CDR.fyi is a public benefit corporation operating globally. The company has numerous contributors, some of whom have affiliations with companies in the industry, including Milkywire, Charm Industrial, CDRJobs, and DVNE. Data and content published by CDR.fyi, including This Week in CDR, this Monthly Update, and our Quarterly Market Updates, are vetted and reviewed by CDR.fyi representatives with no conflict of interest.