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.
Big Waves: The biggest stories creating waves in CDR this week.?
- A provisional agreement has been reached on the Carbon Removal Certification Framework, which will establish a framework for CDR and soil emissions reductions within EU legislation. This milestone set the stage for the formulation of additional methodologies, guidance, and policies pertaining to CDR.
- NREL (National Renewable Energy Laboratory) will collaborate with CDR project developers to enhance the Monitoring, Reporting, and Verification (MRV) landscape for CDR initiatives. This collaboration seeks to fortify and standardize MRV methodologies for removal projects.
- Isometric has unveiled its Direct Air Capture Protocol, outlining the requisite criteria and methodologies for quantifying net CO2e removals achieved through Direct Air Capture (DAC) processes.
Now, let's delve into the highlights shaping the CDR market this week:
- EU Council And Parliament Reach Agreement On The Carbon Removal Certification Framework. [20.02.24]. A provisional political agreement has been made involving the European Council & Parliament on the CRCF. If the final vote goes through in April, then the text with any revisions will be adopted by both the European Council & Parliament. The CRCF aims to provide a framework for carbon removals and soil emissions reductions in EU legislation.
- Rockwell Automation Announces Direct Air Capture Carbon Removal Credit Agreement With 1PointFive. [16.02.24]. Rockwell Automation to purchase credits from 1PointFive’s STRATOS DAC project.
- UW spinoff Banyu Carbon nets millions in investments, on track for pilot testing of its low-cost carbon removal technology. [20.02.24]. Banyu Carbon raised $6.5m in a seed funding round, from investors including the Grantham Foundation, United Airlines Ventures, ReGen Ventures, Carbon Removal Partners and Propeller.
- Varaha Raises $8.7M In Series A To Boost Sustainable Agriculture In Asia And Africa. [22.02.24]. Varaha raised $8.7m in a Series A funding round, with aims to enhance technical capabilities and expand into new geographies. Varaha focuses on biochar CDR, along with regenerative agriculture and agroforestry.
- Lithos Carbon Announces 3,000 Tons Of Carbon Removal Purchase. [22.02.24]. Carbonx Climate has purchased 3,000 tonnes of CDR from Lithos Carbon, who focus on Enhanced Rock Weathering CDR.
- Danish biofuel production and carbon removal solution expands in India with new additional loan from Nefco. [21.02.24]. Nefco has loaned €2m to MASH Makes, which will be used for the construction of a second pyrolysis plant for MASH Makes.
- NREL Takes Part In Three Winning Proposals For Federal Funding On Carbon Removal MRV. [16.02.24]. NREL aims to integrate “engineering, chemical, geophysical, modeling, and community-centered MRV protocols into a unified collection of guidelines”. NREL aims to create trusted frameworks across cement & concrete CDR; hybrid biomass-based CDR; and MRV principles to be used throughout for CDR additionality, durability and economic leakage.
- Direct Air Capture v1.0. [16.02.24]. Isometric have released V1.0 of their Direct Air Capture Methodology.
- XPRIZE Releases New 2023 Circular Carbon Market Report. [23.02.24]. XPRIZE’s report looks into investments and trends in the circular carbon industry. The report studied almost 1000 companies across the industry, including CDR companies, amongst many others. This report found that CDR companies took a staggering 73% of total raised capital out of these organizations in 2023.?
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.
