CDR Currents - Wednesday 19 June

Welcome to CDR Currents, your guide to navigating the dynamic currents of Carbon Dioxide Removal (CDR) trends.

Big Waves in CDR

Three moves shaping the CDR market this week:

1. Carbon 180 has released "The Procurement Toolbox," with 10 building blocks for policymakers' CDR procurement policies to help scale government participation in CDR deployment and encourage demand for the CDR market.?
2. Grantham Research Institute's new The State of Carbon Dioxide Removal Edition 2 report revealed that currently, about 2 GtCO? per year of CDR is taking place, mostly from conventional methods.
3. Isometric has released its Protocol for Ocean Alkalinity Enhancement with Planetary Technologies, signing up as the first project developer. Shopify, MaRS, and Terraset will buy the first credits delivered against this protocol.

Stay tuned as we ride the tide of innovation and explore the latest developments shaping the future of carbon removal.

Stories of the Week

Policy + Market

• NOAA And DOE Unite To Speed Up Marine Carbon Removal R&D . [07.06.24]. The National Oceanic and Atmospheric Administration and the US Department Of Energy have announced that they will collaborate on research and development for marine CDR.
• The state of Carbon Dioxide Removal - edition 2 . [05.06.24]. The second State of CDR Report has been released, expanding geographical coverage and including new topics such as voluntary markets and monitoring, reporting and verification.?
• Carbon180 Recommends Federal Procurement Policy Steps In A New Report . [12.06.24] Carbon180, an NGO that supports policy developments for the CDR industry, has released “The Procurement Toolbox,” which provides 10 building blocks for policymakers’ CDR procurement policies.

Projects

• CarbonCapture Inc. Secures Lease For World’s First DAC Manufacturing Facility . [07.06.24]. CarbonCapture Inc., a carbon removal service, announced its first manufacturing facility, in Arizona. The plant is expected to produce 4,000 units annually at peak capacity.
• Black & Veatch IgniteX Carbon Dioxide Removal Accelerator Program Selects 6 Startups . [03.06.24]. As new reports of a record spike in atmospheric carbon dioxide levels intensify climate change concerns, Black & Veatch, a global engineering, procurement, consulting, and construction company, has selected six startups to participate in its BV IgniteX Carbon Dioxide Removal (CDR) Accelerator – a provider of support to enterprises on the cutting edge of climate technology.?
• CICE Invests $2M In Two Ocean-Based Carbon Dioxide Removal Projects . [11.06.24]. The B.C. Centre for Innovation and Clean Energy (CICE) – a not-for-profit corporation that is leveraging British Columbia’s extensive coastline and ocean science expertise to advance ocean-based carbon dioxide removal (CDR), is investing $2 million (CA$2.76 million) in two new projects.
• Ascot Racecourse Contracts CUR8 For 138 Tonnes Of Carbon Removals . [13.06.24]. Ascot Racecourse – the most popular British racecourse, has contracted carbon dioxide removals from CUR8 – a platform providing products and services enabling carbon removal scale-up, as part of its mission to achieve net zero in the long-run.?
• Next-generation tech powers Climeworks’ megaton leap. [04.06.24]. Climeworks has revealed its Generation 3 DAC technology. This technology has been implemented at full scale and has shown promising results: it captures more than twice as much as previous filters, consumes half the energy, and is designed to last three times longer than previous materials.
• RepAir Teams Up With EnEarth For Landmark DAC Project In Greece . [14.06.24]. RepAir and EnEarth are set to collaborate in Greece, utilizing RepAir’s DAC technology and storage in the Prinos saline aquifer in Kavala, Northern Greece.
• Oikocredit partners with biochar producer NetZero to scale operations in Brazil . [04.06.24]. NetZero has signed a partnership with social impact investor Oikocredit, with the first disbursement for $2.5 million to support NetZero’s activities in Brazil. NetZero operates in Cameroon and Brazil, producing biochar.
• Carbonfuture Signs Deal With Swiss Re For 70,000 Tonnes Of Biochar Removals From Exomad Green . [15.06.24]. Swiss Re has signed a 7-year offtake contract with Carbonfuture for at least 70,000 tonnes of biochar CDR credits from Exomad Green.

Methodology

• World first protocol for Ocean Alkalinity Enhancement . [03.06.24]. Isometric has released its Ocean Alkalinity Enhancement CDR Protocol. The first project developer who has signed up in Planetary Technologies.
• New protocol for biogenic carbon capture and sequestration . [12.06.24]. Isometric has released their Biogenic Carbon Capture and Sequestration (BCCS) CDR Protocol for public consultation. The first supplier who has signed up is Arbor Energy.

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.