CDR Currents - Tuesday 5 March

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.?

• By implementing a comprehensive strategy focused on bolstering carbon sinks and effectively managing residual emissions, the German government aims to achieve net-negative greenhouse gas (GHG) emissions by 2060. This strategy seeks to clarify the pivotal role of Carbon Dioxide Removal (CDR) in fulfilling Germany's commitments under the Paris Agreement.
• The updated Oxford Offsetting Principles advocate for the expanded adoption of resilient, low-risk carbon removal methods, prioritizing them over avoidance/reduction offsets for residual emissions, thereby emphasizing the criticality of reducing emissions. The principles underscore the significance of nature-based solutions and encourage innovation in addressing climate challenges.
• Argonne National Laboratory, a federally funded research and development center in the US, is leveraging AI methodologies to uncover innovative carbon capture materials, significantly reducing the time required to identify promising candidates.

Let's dive in with the highlights shaping the CDR market this week:

Policy + Market

• Germany to adopt 2060 target for net-negative greenhouse gas emissions . [28.02.24]. The German government is setting out a series of targets for their planned strategy on negative emissions. The strategy aims to clarify CDR’s role in achieving Germany’s Paris Agreement targets, look into various CDR methods, and evaluate economic incentives for the scaling up of CDR technologies.
• Oxford researchers launch updated carbon offsetting principles . [28.02.24]. The University of Oxford has updated its Oxford Offsetting Principles, which were originally published in 2020. The update emphasises the necessity of emissions reductions, the need for increased carbon removals, and the importance of nature-based solutions.
• US Government Opens Request For Information On Marine Carbon Removal . [27.02.24]. The US Government seeks information from stakeholders on marine CDR in order to progress a key recommendation of the Ocean Climate Action Plan.
• OCED Seeks Public Input on Mid-Scale Commercial Direct Air Capture Demonstration Facilities . [29.02.24]. The US DOE’s Office of Clean Energy Demonstrations is requesting information for its Regional Direct Air Capture Hubs programme. This request aims to address “the role of and funding needs for mid-scale commercial direct air capture demonstration facilities”.

Projects

• Carbonx Climate Purchases 746 Tons Of Ocean Carbon Removals From Equatic.tech . [23.02.24]. Carbonx has announced further CDR purchases, with 746 metric tonnes purchased from Equatic. Equatic uses electrolysis for ocean CDR.
• Carbominer secured €1.5M grant from EIC Accelerator . [16.02.24]. Carbominer, who uses DAC technology, has received a €1.5m EIC Accelerator grant, with potential for up to €7.5m in future equity.
• Microsoft Invests In Innovative CO2 Removal Project By Bio-Logical . [27.02.24]. Kenyan CDR company Bio-Logical has received funding from Microsoft, and a commitment for 10,000 tonnes of biochar removal.
• Offset8 Capital Ltd Initiates First Transaction For Biochar Project In Indonesia . [28.02.24]. Offset8 and Sawa EcoSolutions partner, with Offset8 to fund Sawa’s Indonesian biochar project.
• Equatic Unveils Plans for the World’s Largest Ocean-Based Carbon Removal Plant . [27.02.24]. Equatic has announced its plans for the world’s largest ocean CDR plant, with CDR via electrolysis using seawater, air, rock and renewable electricity.
• Cella Mineral Storage And Carbon Atlantis Partner On A Demo Pilot In Kenya . [23.02.24]. Cella Mineral Storage and Carbon Atlantis have announced a collaboration with their DAC approaches, with aims to work on deploying Cella’s Kenya demo pilot (built with Octavia Carbon).
• Cella And Great Carbon Valley To Accelerate Green Development In Kenya . [29.02.24]. Cella Mineral Storage has also announced a partnership with Great Carbon Valley. This entails collaboration on Cella’s demonstration plant, as well as promoting a green growth model in Kenya.
• Clairity Technology Raises $6.5M To Capture CO2 From The Air Efficiently . [26.02.24]. Clairity Technology has raised a seed round to scale its DAC approach and develop a pilot plant.

Methodology?

• Consultation: Carbon Capture and Storage Tools and Modules . [01.03.24]. Verra has opened a consultation on Carbon Capture and Storage (CCS)’s associated tools and modules, under their? Methodology Framework. The modules “expand the types of eligible carbon capture activities, differentiate carbon dioxide removals from emission reductions in projects with both types of mitigation impacts, and allow emissions accounting in collaborative CCS hubs where VCS projects include only a portion of the captured carbon.”

Tides of Interest

• Argonne scientists use AI to identify new materials for carbon capture . [14.02.24]. The US DOE’s Argonne National Laboratory is exploring the use of AI to discover potential candidates for new Metal Organic Frameworks (MOFs). MOFs can selectively absorb carbon, therefore acting as a carbon capture material. This technique, amongst others employed by Argonne and its partners, can significantly speed up the discovery process for new material candidates.?

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.