CDR Currents - Wednesday 29 May

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:

• The UK ETS Authority has opened a consultation period on the integration of greenhouse gas removals into the UK ETS.
• The first DAC company has had its activities certified under the Puro Standard: Climeworks’ Orca plant.
• Carbon Standards International (CSI) and the International Biochar Initiative (IBI) are partnering to create high-quality standards and certifications, including merging CSI’s World Biochar Certificate with the IBI Biochar Standard.?

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

• Integrating greenhouse gas removals in the UK Emissions Trading Scheme [23.05.24]. The UK ETS Authority is requesting input in an open consultation period on the integration of greenhouse gas removals in the UK ETS. The consultation will look to open for discussion on topics including policy design principles for GGR integration, cap policy options, allowance design for GGRs, permanence of carbon storage and pathways to integration.
• DOE To Fund Test Centers For Carbon Capture, Removal And Conversion. [20.05.24]. The US Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) intends to supply funding to support research & development of testing facilities for carbon management technologies including carbon capture, removal and conversion technologies.
• OpenAir Collective Calls On New Yorkers To Provide Support For New Carbon Removal Bill In The City. [22.05.24]. The New York Carbon City Property Tax Abatement Act will aim to incentivise building-integrated carbon removal technologies through a property tax abatement.

Projects

• Climeworks becomes world’s first direct air capture company certified under the Puro Standard. [23.05.24]. Climeworks have achieved certification through puro.earth, for its Orca plant. This is the first instance of direct air capture project certification through Puro.
• Spiritus And Aramco Sign A Historic Direct Air Capture Agreement. [21.05.24]. Spiritus and Aramco have announced a memorandum of understanding, and the two companies will collaborate on enhancing Spiritus’ sorbent technology for Direct Air Capture, with the potential to pilot and deploy at scale in Saudi Arabia.
• TerraFixing Signed A $7.3M Commercial Direct Air Capture Agreement. [20.05.24]. Terrafixing, who specialise in very cold climate Direct Air Capture, have announced a commercial agreement of $10 million CAD from Tugliq énergie Co for the development of two capture units.
• 280 Earth’s First Direct Air Capture Plant Starts Operation. [21.05.24]. 280 Earth has announced the completion of construction, and the beginning of operations for its first Direct Air Capture facility.
• Press Release. Pyrocore – Inoe partnership. [14.05.24]. Pyrocore and Inoe have signed an MoU, partnering to demonstrate an industrial ecology approach through their two technologies: pyrolysis (the thermal decomposition of organic material producing biochar, syngas, and bio-oil) & valorisation of lignocellulosic biomass (converting plant biomass into valuable products like biofuels and biochemicals).
• Flux and African Food Security To Launch 205,000 Ha ERW Project In Cameroon. [22.05.24]. Flux and African Food Security have announced an MoU to implement a large-scale Enhanced Rock Weathering project in Cameroon. The project aims to remove carbon and improve food security through higher yields, fewer fertilisers, improved soil health, and local jobs.
• Tencent To Invest $13.9M In Carbon Capture And Removal Startups. [23.05.24]. Tencent, a Chinese tech giant, is to invest $13.9 million in capture capture and removal startups.

Methodology?

• Driving Confidence in Biochar: IBI and CSI Merge Standards for Industry Growth. [20.05.24]. CSI and IBI have announced a partnership to create stronger standards and certifications, and at the centre of this announcement is a merging of CSI’s World Biochar Certificate with the IBI Biochar Standard.

Tides of Interest

• Supercritical’s New Report Shows Massive 30x Growth For The Biochar Industry, Warns About Low Quality Projects. [23.05.24]. Supercritical have published a report on the biochar industry, exploring the industry’s growth trajectory and quality indicators for biochar projects. The report raises concerns about the number of low-quality biochar projects on the market and strongly recommends robust due diligence across climate science, environmental impact, and social benefits, especially in securing long-term offtake agreements.

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.