Welcome to CDR Currents, your guide navigating the dynamic currents of Carbon Dioxide Removal (CDR) trends. Here to provide you with the most recent developments in the CDR environment.
What’s driving the CDR market this week?
- Climeworks has switched on its largest DAC plant, the Mammoth plant, its second commercial facility, which is 10 times larger than its first.
- Microsoft and Stockholm Exergi have revealed a huge Bioenergy with carbon capture and storage (BECCS) CDR deal for 3.33 million tonnes of CDR.
- The final 20 participants in Elon Musk’s XPRIZE carbon removal competition have been announced, across air, rocks, land, and ocean pathways. This $100M competition is the largest incentive prize in history.?
- Climeworks switches on the world’s largest direct air capture plant. [08.05.24]. Climeworks has begun operations of its Mammoth DAC’S plant, its largest plant to date by around 10X. Once in full operation, Mammoth is designed to capture up to 36,000 tonnes of CO2 annually.
- Stockholm Exergi Lands World’s Largest Permanent Carbon Removal Deal With Microsoft. [06.05.24]. Microsoft and Stockholm Exergi have revealed an agreement for 3.33 million tonnes of CDR through Stockholm Exergi’s BECCS capabilities, starting in 2028 and lasting a decade.
- ANEW CLIMATE, SUMMIT CARBON SOLUTIONS ADVANCE MEGATON CO2 REMOVAL PROJECT. [09.05.24]. Anew Climate is set to market the CDRs from Summit Carbon’s Biomass carbon removal and storage (BiCRS) project in the Midwestern USA.
- FabricNano Is Revolutionizing Enhanced Rock Weathering With Enzymes. [07.05.24]. UK start-up FabricNano has proposed a novel Enhanced Rock Weathering (ERW) solution, which involves coating crushed basalt rock with enzymes that accelerate the ERW process. FabricNano has partnered with Veolia and will hold trials in an open-air laboratory managed by Oxford Agricultural Trials.
- 20 TEAMS BRING CUTTING-EDGE SOLUTIONS TO XPRIZE CARBON REMOVAL FINAL. [08.05.24]. The final 20 carbon removal teams have been chosen for the last stage of Elon Musk's Foundation's XPRIZE. These 20 teams work on novel CDR solutions across air, rocks, land, or ocean pathways. This $100M competition is the largest incentive prize in history, an extraordinary milestone.
- How Running Tide Removed 25,416.25 Tonnes of CO2 in 2023. [02.05.24]. Running Tide, an ocean CDR company, removed more than 25,000 tonnes of CO2 in 2023 with 15 alkaline carbon buoys deployed in the south and west of Iceland in the North Atlantic between May to August ‘23.?
- Autarkize And Prolignis Secure Joint Project Funding From German Government. [09.05.24]. The German government’s Federal Ministry of Economics and Climate Protection has agreed to fund a collaborative project between Autarkize and Prolignis through the Industrial Bioeconomy program. The project uses pyrolysis to convert “challenging fermentation residues from biogas plants” into both biochar and synthesis gas.
Want to talk CDR? Meet us next week at Carbon Unbound NYC, where our Senior Manager, Technical Climate Consulting Annalise Downing will be discussing international compliance markets and how to scale up CDR on Day 2 at 13:45.
If you'd like to meet us at Carbon Unbound NYC, reach out to Tom Vampola, Annalise Downey, Lindsey Davitt, Divya Krishnan, Allie Holmes, Sancho Barcia, Paul Budin or Julia Hand.
