Buyer’s Guide: Carbon Dioxide Removal Technology (2024)
10 Apr, 2024
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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).
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
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
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
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
BCG (Boston Consulting Group), Running Tide, Standard Chartered, Zendesk, Douglas County Forest Products, Sequestr, Freres Biochar, Bupa, Boeing, Lithos Carbon, Microsoft, Kita, Octavia Carbon, International Organization for Standardization (ISO), Lowercarbon Capital, Greensand, DNV , Carbon Cycle, Verra, CarbonCapture, Mati, Airbus, Isometric, JPMorgan Chase, TD Securities, Frontier, Charm Industrial, Vaulted Deep, Stripe, CDR.fyi, ĺslandsbanki, Great Carbon Valley, Sustaera, Rothschild & Co, Wakefield Biochar, UNDO Carbon, Terraset, Dropbox, Polaroid, Framework, UN Intergovernmental Panel on Climate Change (IPCC), Thrive Capital, Equatic, Biochar Life, Reykjavik Protocol, Shopify, E-liability Institute, Incite Ventures, Vestre, Noya, Banque Pictet, Carbofex, Kinnevik, Nordic Investment Bank, Ahren Innovation Capital, Electronic Arts, EXOR Ventures, IDEO, Project Vesta, Carbon Direct Capital Management, General Catalyst, Uber, Climeworks, Klarna, Deep Sky, Aperam BioEnergia, Exomad Green, Supercritical, Washington State University, AENU, Pacific Biochar, Softwire, Amazon, Science Based Targets initiative (SBTi), Breakthrough Energy Ventures, Carbfix, Venrock, World Economic Forum (WEF), Sourceful, Swiss Re, Heirloom, US Environmental Protection Agency (EPA), British Airways, 1PointFive, Eion, Newcastle University, Watershed, Puro.earth, Chan Zuckerberg Initiative, Advantek Waste Management Services, PwC, NASDAQ
About the Authors
Connor Taylor
Senior Analyst
Connor is a Senior Analyst at Verdantix. He focuses on delivering research to help senior executives navigate decarbonization decision-making and build effective strategies to…
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Ryan Skinner
Research Director
Ryan is a Research Director at Verdantix, where he leads a team of analysts delivering research, data and advisory services that help clients navigate the fast-evolving landsc…
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