Buyer’s Guide: Carbon Dioxide Removal Technology (2024)

Published 10 April 2024 by Connor Taylor & Ryan Skinner &
Carbon Offsets Carbon Trading Net Zero & Climate Risk Voluntary Carbon Markets Buyer’s Guide

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Executive Summary

The market for carbon dioxide removals (CDR) has expanded rapidly over the past 24 months. With significant volumes of corporate offtake agreements emerging – headed by market commitments such as Frontier – and capital funding reaching new heights in 2023, buyers of carbon removal offsets are faced with a market in flux. This report provides analysis of 26 CDR technology vendors in the market, at various maturity stages, from prototype to active delivery. The study draws on data from prominent vendors, analysis from previous Verdantix research, and publicly available information. Prospective participants in the CDR market should use this report to identify best-fit vendors to support their CDR procurement strategies in the voluntary carbon market (VCM).

Table of contents

Buyer’s Guide to carbon dioxide removal (CDR) technology
Defining CDR technology
CDR has reshaped corporate offsetting paradigms
Buyers must understand technological processes, to accurately inform procurement
Buyers must reconcile climate ambition with CDR market realities
Selection criteria for the 2024 CDR technology Buyer’s Guide
Charm Industrial utilizes bio-oil sequestration to support durable carbon removal
Climeworks pioneers the commercialization of DAC technology
Heirloom operates the first commercial DAC plant in the US
Lithos blends crop yield benefits and carbon removal to scale ERW carbon removals
Running Tide capitalizes on the ocean’s vast potential as a durable carbon sink
UNDO Carbon leads the way for MRV across ERW carbon removals
Vaulted Deep uses mature waste management technologies to power biological carbon removal

Table of figures

Figure 1. Carbon removal offtake agreements allow buyers to secure supply at a pre-determined price
Figure 2. List of CDR technology providers
Figure 3. Charm Industrial provider overview
Figure 4. Climeworks provider overview
Figure 5. Heirloom provider overview
Figure 6. Lithos Carbon provider overview
Figure 7. Running Tide provider overview
Figure 8. UNDO Carbon provider overview
Figure 9. Vaulted Deep provider overview

About the authors

Connor Taylor

Senior Analyst
Connor is a Senior Analyst in the Verdantix Net Zero & Climate Risk practice. His current research agenda focuses on carbon management software, climate change consulting services, and the voluntary carbon markets. Connor joined Verdantix in 2021, with prior experience in EHS technology sales and development. He holds a BA from the University of Cambridge in Anglo-Saxon, Norse and Celtic.

Ryan Skinner

Research Director, Net Zero & Climate Risk
Ryan is the Research Director for the Verdantix Net Zero & Climate Risk practice. He guides the research team to develop compelling research at the intersection of net zero strategies, carbon management, climate risk and technology. Prior to joining Verdantix, Ryan was a principal analyst at Forrester Research, where he initiated the research into ESG data and analytics offerings. He also has extensive experience of helping software companies with their messaging, positioning, market and technology strategies. Ryan studied at Duke University, the University of Manchester and the University of Oslo, and speaks Norwegian fluently.

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