This Week in CDR - Week 47, 2024

We are back with another edition of This Week in CDR, a weekly round-up of some of the top news, developments, and market updates from the world of durable carbon removal.

From the world’s first Ocean Alkalinity Enhancement (OAE) credits being delivered, to a new bill being introduced in the Senate to support tax credit for carbon removal, the carbon removal industry continued to gain momentum this week.

Read on to learn more below!

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Deals and Partnerships

Image source: Planetary

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.

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.

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

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.

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.

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Financing

Image source: Paebbl

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.

Projects

Image source: Skytree

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.

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.

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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 6 durable CDR methods while also introducing a $110/tonne subsidy for BECCS.

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.

Poll of the week

In our latest poll, we look at the developments for CDR that came through from COP29 in Baku.

Last week at COP29, new standards for methodologies and removals in the Article 6.4 Mechanism were officially approved by the conference of the parties to the Paris Agreement (CMA), setting the foundation to establish a global carbon market.

How encouraged are you with the approval of the Article 6.4 mechanism at COP for CDR?

Click here to participate in the poll and share your thoughts in the comments.

Disclosure

CDR.fyi is a public benefit corporation operating globally. Some of the company’s contributors 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, our Monthly Recaps, and our Quarterly Market Updates, are vetted and reviewed by individuals with no conflict of interest.

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