CDR Currents - Tuesday 23 April

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.

Three Big Waves

What’s driving the CDR market this week?

• Denmark has made the largest government purchase of CDR, and the? second-largest CDR deal seen to date. This corresponds to 1.1 million tonnes of CDR, worth? $23.75 million.
• The Canadian Government assigned $135m towards a program that includes funding for the procurement of CDR solutions, with the intention of addressing the intensity of the Canadian Government’s transport fleet.
• Isometric released their Enhanced Weathering CDR protocol, with two companies (InPlanet and Eion) signed up. The protocol details how Enhanced Weathering technologies can be monitored, reported on, and verified to give buyers more confidence in their purchases of Enhanced Weathering credits.

Stay tuned to explore the latest developments shaping the future of carbon removal.

Policy + Market

• Denmark Makes Largest Ever Government Purchase Of Carbon Removal. [18.04.24]. Denmark has agreed to purchase $23.75m worth of CDR, from three companies. BioCirc, Bioman ApS and Carbon Capture Scotland are the companies set to fulfil the deal.
• Canada Includes $135M For Carbon Removal Procurement In 2024 Budget. [19.04.24]. The Canadian Government has allocated $135m towards a program that originally targeted low-carbon fuel initiatives, but has now been expanded to also include CDR services.
• DOE Announces $1.5 Million Toward Carbon Dioxide Removal. [17.04.24]. The US DOE Office of Fossil Energy and Carbon Management announced five finalists for $1.5m to support the commercialisation and scaling of CDR technologies. The five finalists are: Activate Global, Inc; Impossible Labs, Inc (Airminers); gener8tor Management LLC (gener8tor DAC Accelerator); Newlab LLC; OxiCool, Inc. (Radicle Development Center).
• EU To Provide $30M For Carbon Removal Projects. [22.04.24]. The EC has announced a $30m call for proposals for CDR projects in the EU. This aims to provide support for up to 12 projects.

Projects

• Klimate.co And Charm Industrial Extend Partnership With $1.1M Off-Take Agreement. [12.04.24]. Klimate.co and Charm Industrial have partnered on a $1.1m offtake agreement, furthering their already existing partnership.
• Fast-tracking carbon removal: Climeworks extends offering beyond pure DAC. [17.04.24]. Climeworks is expanding beyond its existing carbon removal service, to present Climeworks Solutions. Climeworks Solutions offers portfolios spanning both tech-based and nature-based approaches, therefore expanding beyond solely DAC offerings.
• Mitsubishi Announces New Direct Air Capture Project In Louisiana. [17.04.24]. Mitsubishi Corporation is participating in a DAC project in Louisiana, with a feasibility study which investigates, supports, invests in and increases the efficiency of DAC technologies.

Methodology?

• New Protocol for Enhanced Weathering. [18.04.24]. Isometric have released their Enhanced Weathering CDR protocol, with InPlanet and Eion signed up. This protocol addresses technologies that accelerate the natural chemical weathering of rocks, which can store carbon for more than 10,000 years when this carbon is transported to oceans via rivers.

Stay tuned for more updates on the Currents in CDR. If you’re looking to learn more about CDR and how it fits into your carbon investment strategy, reach out to our team.