| 1. | EXECUTIVE SUMMARY |
| 1.1. | Why carbon dioxide removal (CDR)? |
| 1.2. | The CDR technologies covered in this report (1/2) |
| 1.3. | The CDR technologies covered in this report (2/2) |
| 1.4. | Scale and technology readiness level of carbon dioxide removal methods |
| 1.5. | The CDR business model and its challenges: Carbon credits |
| 1.6. | The carbon removal supply chain: Carbon credit market players |
| 1.7. | Shifting buyer preferences for durable CDR in carbon credit markets |
| 1.8. | Overall picture: Voluntary carbon credit markets in 2024 |
| 1.9. | How expensive were durable carbon removals in 2024? |
| 1.10. | DACCS: Summary |
| 1.11. | Current status of DACCS |
| 1.12. | The role of tax credits in supporting DACCS: 45Q and ITC |
| 1.13. | What are the major challenges for scaling up direct air capture? |
| 1.14. | DAC technology landscape: Companies |
| 1.15. | Which DAC technologies will be the most successful? |
| 1.16. | How will DAC technologies develop? |
| 1.17. | Solid sorbents - semi-continuous operation can lower energy intensity |
| 1.18. | Electrochemical DAC: Key takeaways |
| 1.19. | The potential for BiCRS goes beyond BECCS: Benchmarking |
| 1.20. | Most existing BECCS projects are in ethanol production |
| 1.21. | Solvent capture technologies dominate the BECCS space |
| 1.22. | Government support for BECCS is accelerating |
| 1.23. | BECCS: Key takeaways |
| 1.24. | The state of the global biochar market |
| 1.25. | Biochar CDR is scaling up |
| 1.26. | Biochar: Key takeaways |
| 1.27. | BiCRS Value Chain |
| 1.28. | Afforestation and reforestation: Key takeaways |
| 1.29. | Key takeaways: Soil carbon sequestration |
| 1.30. | Key takeaways: Mineralization CDR |
| 1.31. | Key players in ocean-based CDR |
| 1.32. | Key takeaways: Ocean-based CDR |
| 1.33. | Carbon dioxide removal capacity forecast by technology (million metric tons of CO2 per year), 2025-2035 |
| 1.34. | Carbon dioxide removal annual carbon credit revenue forecast by technology (billion US$), 2025-2035 |
| 1.35. | Carbon dioxide removal market forecast, 2025-2035: Discussion |
| 1.36. | The evolution of the durable CDR market |
| 1.37. | Access More With an IDTechEx Subscription |
| 2. | INTRODUCTION |
| 2.1. | Introduction and general analysis |
| 2.1.1. | What is carbon dioxide removal (CDR)? |
| 2.1.2. | Description of the main CDR methods |
| 2.1.3. | Why carbon dioxide removal (CDR)? |
| 2.1.4. | What is the difference between CDR and CCUS? |
| 2.1.5. | High-quality carbon removals: Durability, permanence, additionality |
| 2.1.6. | Scale and technology readiness level of carbon dioxide removal methods |
| 2.1.7. | Carbon dioxide removal technology benchmarking |
| 2.1.8. | Status and potential of CDR technologies |
| 2.1.9. | Monitoring, reporting, and verification of CDR |
| 2.1.10. | CDR: Deferring the problem? |
| 2.1.11. | What is needed to further develop the CDR sector? |
| 2.1.12. | CDR market traction in 2024 |
| 2.1.13. | The Xprize Carbon Removal |
| 2.1.14. | Regional factors could determine the best CDR strategy |
| 2.2. | Carbon credit markets |
| 2.2.1. | Global climate action - the Paris Agreement |
| 2.2.2. | Carbon pricing and carbon markets |
| 2.2.3. | Compliance carbon pricing mechanisms across the globe |
| 2.2.4. | What is the price of CO2 in global carbon pricing mechanisms? |
| 2.2.5. | What is a carbon credit? |
| 2.2.6. | How are carbon credits certified? |
| 2.2.7. | The role of carbon registries in the credit market |
| 2.2.8. | Measurement, Reporting, and Verification (MRV) of Carbon Credits |
| 2.2.9. | How are voluntary carbon credits purchased? |
| 2.2.10. | The carbon removal carbon credit market players |
| 2.2.11. | Interaction between compliance markets and voluntary markets (geographical) |
| 2.2.12. | Interaction between compliance markets and voluntary markets (sectoral) |
| 2.2.13. | Governmental carbon crediting mechanisms |
| 2.2.14. | Article 6.4 of the Paris Agreement: Global, unified carbon credit market |
| 2.2.15. | Quality of carbon credits |
| 2.2.16. | Carbon removal vs carbon avoidance/reduction credits |
| 2.2.17. | Carbon dioxide removal vs emissions reductions |
| 2.2.18. | Carbon dioxide removal has a very limited role in $100 billion compliance markets |
| 2.2.19. | The state of CDR in the voluntary carbon market |
| 2.2.20. | Shifting buyer preferences for durable CDR in carbon credit markets |
| 2.2.21. | Overall picture: Voluntary carbon credit markets in 2024 |
| 2.2.22. | Advanced market commitment in durable CDR |
| 2.2.23. | Businesses should be investing in carbon dioxide removal now |
| 2.2.24. | Biggest durable carbon removal buyers |
| 2.2.25. | Pre-purchases still dominate the durable CDR space |
| 2.2.26. | Prices of CDR credits |
| 2.2.27. | How expensive were durable carbon removals in 2024? |
| 2.2.28. | Current carbon credit prices by company and technology |
| 2.2.29. | Carbon market sizes |
| 2.2.30. | Are there enough buyers for durable CDR technologies? |
| 2.2.31. | CDR technologies: key takeaways |
| 3. | DIRECT AIR CARBON CAPTURE AND STORAGE (DACCS) |
| 3.1. | Introduction to direct air capture (DAC) |
| 3.1.1. | What is direct air capture (DAC)? |
| 3.1.2. | Why DACCS as a CDR solution? |
| 3.1.3. | Current status of DACCS |
| 3.1.4. | DACCS project pipeline: Locations and technologies |
| 3.1.5. | Momentum: Policy support for DAC by region |
| 3.1.6. | The role of tax credits in supporting DACCS: 45Q and ITC |
| 3.1.7. | The US has plans to establish 20 large-scale regional DAC Hubs |
| 3.1.8. | Momentum: Private investment in DAC |
| 3.1.9. | Where did money for DAC come from in 2024? |
| 3.1.10. | DAC land requirement is an advantage |
| 3.1.11. | DAC vs point-source carbon capture |
| 3.1.12. | Power requirements for DAC |
| 3.1.13. | Nameplate capacity vs actual net removal |
| 3.1.14. | Difficulties sourcing clean energy |
| 3.1.15. | Operational flexibility - powering DAC with intermittent renewables |
| 3.1.16. | What are the major challenges for scaling up direct air capture? |
| 3.2. | Leading DAC technologies |
| 3.2.1. | CO2 capture/separation mechanisms in DAC |
| 3.2.2. | Direct air capture technologies |
| 3.2.3. | Regeneration methods for solid and liquid DAC |
| 3.2.4. | Comparing regeneration methods for solid and liquid DAC |
| 3.2.5. | Leading DAC companies |
| 3.2.6. | Direct air capture space: Technology and location breakdown |
| 3.2.7. | Solid sorbents for DAC |
| 3.2.8. | Climeworks |
| 3.2.9. | Process flow diagram of S-DAC: Climeworks |
| 3.2.10. | Solid sorbents - semi-continuous operation can lower energy intensity |
| 3.2.11. | Heirloom |
| 3.2.12. | Process flow diagram of CaO looping: Heirloom |
| 3.2.13. | Liquid solvents for DAC |
| 3.2.14. | Liquid solvent-based DAC: Carbon Engineering |
| 3.2.15. | Carbon Engineering |
| 3.2.16. | Stratos: Bringing DAC to the half megatonne scale |
| 3.2.17. | Process flow diagram of L-DAC: Carbon Engineering |
| 3.2.18. | DAC process: Climeworks and Carbon Engineering |
| 3.2.19. | Electricity and heat sources: Climeworks and Carbon Engineering |
| 3.2.20. | Requirements to capture 1 Mt of CO2 per year: Climeworks and Carbon Engineering |
| 3.2.21. | DAC technology landscape: Companies |
| 3.2.22. | Which DAC technologies will be the most successful? |
| 3.2.23. | How will DAC technologies develop? |
| 3.2.24. | DACCS carbon credit sales by company |
| 3.3. | Electroswing/electrochemical DAC technologies |
| 3.3.1. | Electroswing/electrochemical DAC |
| 3.3.2. | Types of electrochemical DAC (1/2) |
| 3.3.3. | Types of electrochemical DAC (2/2) |
| 3.3.4. | Desired characteristics of electrochemical cell components |
| 3.3.5. | Electrochemical DAC company landscape |
| 3.3.6. | Benchmarking electrochemical DAC methods |
| 3.3.7. | Technical challenges in electrochemical DAC |
| 3.3.8. | Electrochemical DAC: Flexibility for low-cost intermittent renewable power |
| 3.3.9. | Electrochemical DAC costs depend strongly on electricity prices |
| 3.3.10. | Electrochemical DAC: Key takeaways |
| 3.4. | Novel DAC technologies |
| 3.4.1. | Moisture-swing direct air capture (humidity swing) |
| 3.4.2. | Ion exchange resins for moisture swing DAC |
| 3.4.3. | Cryogenic direct air capture companies |
| 3.4.4. | Membrane direct air capture |
| 3.4.5. | Reactive direct air capture - combined capture and conversion |
| 3.5. | Equipment for DAC - design and manufacturing |
| 3.5.1. | Manufacturing supply chains for DAC |
| 3.5.2. | Air contactors: Existing designs |
| 3.5.3. | Commercial air contactor manufacturing facility |
| 3.5.4. | Lessons learned from Carbon Engineering: Adapt existing industrial equipment to establish supply chain |
| 3.5.5. | Lessons learned from Global Thermostat: Partnerships essential for technology development |
| 3.5.6. | Passive air contacting |
| 3.5.7. | Integration DAC into existing industrial processes: Cooling towers, HVAC, and waste heat |
| 3.6. | DAC economics |
| 3.6.1. | The economics of DAC |
| 3.6.2. | The CAPEX of DAC: Sub-system contribution |
| 3.6.3. | The OPEX of DAC |
| 3.6.4. | Overall capture cost of DAC (1/2) |
| 3.6.5. | Overall capture cost of DAC (2/2) |
| 3.6.6. | Component specific capture cost contributions for DACCS |
| 3.6.7. | Financing DAC |
| 3.6.8. | Business models for DAC |
| 3.6.9. | Direct air capture carbon credit selling prices |
| 3.7. | CO2 storage |
| 3.7.1. | DAC must be coupled with permanent storage for carbon dioxide removals |
| 3.7.2. | Storing supercritical CO₂ underground |
| 3.7.3. | Mechanisms of subsurface CO₂ trapping |
| 3.7.4. | CO2 leakage is a small risk |
| 3.7.5. | Storage type for geologic CO2 storage: Saline aquifers |
| 3.7.6. | Storage type for geologic CO2 storage: Depleted oil and gas fields |
| 3.7.7. | Unconventional storage resources: Basalts and ultra-mafic rocks |
| 3.7.8. | Estimates of global CO₂ storage space |
| 3.7.9. | CO2 storage potential by country |
| 3.7.10. | Permitting and authorization of CO2 storage |
| 3.7.11. | Class VI permits are delaying DACCS development in US |
| 3.7.12. | Examples of storage providers for DAC |
| 3.7.13. | Key takeaways: CO2 storage |
| 3.8. | DAC Challenges |
| 3.8.1. | Challenges associated with DAC technology |
| 3.8.2. | Oil and gas sector involvement in DAC |
| 3.8.3. | DACCS co-location with geothermal energy |
| 3.8.4. | What can DAC learn from the wind and solar industries' scale-up? |
| 3.8.5. | What is needed for DAC to achieve the gigatonne capacity by 2050? |
| 3.8.6. | DACCS SWOT analysis |
| 3.8.7. | DACCS: Summary |
| 4. | BIOMASS WITH CARBON REMOVAL AND STORAGE (BICRS) |
| 4.1. | Introduction |
| 4.1.1. | Biomass with carbon removal and storage (BiCRS) |
| 4.1.2. | BiCRS possible feedstocks |
| 4.1.3. | What type of biomass is currently used for CDR? |
| 4.1.4. | The potential for BiCRS goes beyond BECCS: Benchmarking |
| 4.1.5. | BiCRS conversion pathways |
| 4.2. | Bioenergy with carbon capture and storage (BECCS) |
| 4.2.1. | Bioenergy with carbon capture and storage (BECCS) |
| 4.2.2. | Point source capture technologies |
| 4.2.3. | Most existing BECCS projects are in ethanol production |
| 4.2.4. | Solvent capture technologies dominate the BECCS space |
| 4.2.5. | Amine-solvent technologies dominate BECCS |
| 4.2.6. | Government support for BECCS is accelerating |
| 4.2.7. | BECCS business model - Ørsted example |
| 4.2.8. | BECCS dominates the sales of durable, engineered CDR credits |
| 4.2.9. | Biogenic CO2 must be coupled with permanent storage for carbon dioxide removals |
| 4.2.10. | BECCS projects - trends and discussion |
| 4.2.11. | UK BECCS case studies |
| 4.2.12. | Ethanol production dominates the BECCS project pipeline |
| 4.2.13. | Network connecting bioethanol plants for BECCS |
| 4.2.14. | Opportunities in BECCS: Heat generation |
| 4.2.15. | Opportunities in BECCS: Waste-to-energy |
| 4.2.16. | The challenges of BECCS |
| 4.2.17. | The energy and carbon efficiency of BECCS |
| 4.2.18. | Importance of regrowth rates on carbon accounting for biogenic emissions |
| 4.2.19. | Is BECCS sustainable? |
| 4.2.20. | BECCS: Key takeaways |
| 4.3. | Biochar |
| 4.3.1. | What is biochar? |
| 4.3.2. | How is biochar produced? (1/2) |
| 4.3.3. | How is biochar produced? (2/2) |
| 4.3.4. | Biochar feedstocks |
| 4.3.5. | Permanence of biochar carbon removal |
| 4.3.6. | Biochar applications |
| 4.3.7. | Economic considerations in biochar production (1) |
| 4.3.8. | Economic considerations in biochar production (2) |
| 4.3.9. | Biochar: Market and business model |
| 4.3.10. | The state of the global biochar market |
| 4.3.11. | Artisanal vs industrial biochar |
| 4.3.12. | Biochar carbon credit selling price |
| 4.3.13. | Key players in biochar CDR by scale |
| 4.3.14. | Biochar business model: Equipment suppliers and project developers |
| 4.3.15. | Biochar business model: Discussion |
| 4.3.16. | Biochar legislation and certification |
| 4.3.17. | Additionality of biochar carbon removal |
| 4.3.18. | Biochar: Key takeaways |
| 4.4. | Other BiCRS (bio-oil and biomass burial) |
| 4.4.1. | Bio-oil geological storage for CDR |
| 4.4.2. | Biomass burial for CO2 removal |
| 4.4.3. | Capture costs below $100/tonne of CO2 drive popularity of biomass burial |
| 4.4.4. | Biomass burial commercial landscape |
| 4.4.5. | Best use of biomass - biochar, BECCS, or burial? |
| 4.4.6. | BiCRS Value Chain |
| 5. | AFFORESTATION/REFORESTATION |
| 5.1. | What are nature-based CDR approaches? |
| 5.2. | Why land-based carbon dioxide removal? |
| 5.3. | The CDR potential of afforestation and reforestation |
| 5.4. | The case for and against A/R for climate mitigation |
| 5.5. | Technologies in A/R: Remote sensing |
| 5.6. | Company landscape: Robotics in afforestation/reforestation |
| 5.7. | Afforestation/reforestation carbon credit market status in 2024 |
| 5.8. | Afforestation/reforestation is already part of many government net-zero targets |
| 5.9. | "Just plant more trees!" - sustainability and greenwashing considerations |
| 5.10. | Comparing A/R and BECCS solutions |
| 5.11. | Afforestation and reforestation: Key takeaways |
| 6. | SOIL CARBON SEQUESTRATION |
| 6.1. | What is soil carbon sequestration (SCS)? |
| 6.2. | The soil carbon sequestration potential is vast |
| 6.3. | Agricultural management practices to improve soil carbon sequestration |
| 6.4. | Companies using microbial inoculation for soil carbon sequestration |
| 6.5. | Approaches to MRV for soil carbon sequestration |
| 6.6. | Additionality, measurement, and permanency of soil carbon is in doubt |
| 6.7. | Challenges in SCS deployment |
| 6.8. | The soil carbon sequestration value chain |
| 6.9. | Market trends for soil carbon sequestration in 2024 |
| 6.10. | Soil carbon sequestration carbon credit market status in 2024 |
| 6.11. | Soil carbon sequestration pros and cons |
| 6.12. | Key takeaways: Soil carbon sequestration |
| 7. | BASED CDR |
| 7.1. | CO2 mineralization is key for CDR |
| 7.2. | Ex situ mineralization CDR methods |
| 7.3. | Source materials for ex situ mineralization |
| 7.4. | Ex situ carbonation of mineral wastes |
| 7.5. | Carbon dioxide storage in CO2-derived concrete |
| 7.6. | CO2-derived concrete: Commercial landscape |
| 7.7. | Oxide looping: Mineralization in DAC |
| 7.8. | Enhanced weathering |
| 7.9. | Enhanced rock weathering overview |
| 7.10. | MRV in Enhanced Rock Weathering |
| 7.11. | Enhanced weathering commercial landscape |
| 7.12. | Enhanced rock weathering CDR market |
| 7.13. | Enhanced rock weathering status: Startups |
| 7.14. | Key takeaways: Mineralization CDR |
| 8. | OCEAN-BASED CARBON DIOXIDE REMOVAL |
| 8.1. | Introduction |
| 8.1.1. | Ocean pumps continuously pull CO2 from the atmosphere into the ocean |
| 8.1.2. | Ocean-based CDR methods |
| 8.1.3. | Definitions of ocean-based CDR technologies |
| 8.1.4. | Why ocean-based CDR? |
| 8.1.5. | Scale and technology readiness level for ocean-based CDR |
| 8.1.6. | Benchmarking of ocean-based CDR methods |
| 8.1.7. | Key players in ocean-based CDR |
| 8.2. | Ocean-based CDR: Abiotic methods |
| 8.2.1. | Ocean alkalinity enhancement (OAE) |
| 8.2.2. | Electrochemical ocean alkalinity enhancement |
| 8.2.3. | Ocean alkalinity enhancement status: Start-ups |
| 8.2.4. | Direct ocean capture |
| 8.2.5. | Direct ocean capture status: Start-ups |
| 8.2.6. | Electrochemical direct ocean capture |
| 8.2.7. | Electrolysis for direct ocean capture: Avoiding chlorine formation |
| 8.2.8. | Other direct ocean capture technologies |
| 8.2.9. | Barriers remain for direct ocean capture |
| 8.2.10. | Artificial downwelling |
| 8.3. | Ocean-based CDR: Biotic methods |
| 8.3.1. | Status of coastal blue carbon credits in the voluntary carbon markets |
| 8.3.2. | Algal cultivation - seaweed sinking |
| 8.3.3. | Ocean fertilization |
| 8.3.4. | Several ocean fertilization start-ups have failed |
| 8.3.5. | Will ocean fertilization resurge in 2025? |
| 8.3.6. | Artificial upwelling |
| 8.3.7. | The governance challenge in large-scale deployment of ocean CDR |
| 8.3.8. | MRV for marine CDR |
| 8.3.9. | Price of ocean-based CDR credits |
| 8.3.10. | Key takeaways: Ocean-based CDR |
| 9. | CDR MARKET FORECASTS |
| 9.1. | Forecast scope: Durable, engineered removals |
| 9.2. | Forecast scope: Nature-based approaches |
| 9.3. | Overall Carbon Dioxide Removal Forecast Methodology/Scope |
| 9.4. | Carbon dioxide removal capacity forecast by technology (million metric tons of CO2 per year), 2025-2035 |
| 9.5. | Data table for carbon dioxide removal capacity forecast by technology (million metric tons of CO2 per year), 2025-2035 |
| 9.6. | Carbon dioxide removal carbon credit annual revenue forecast by technology (billion US$), 2025-2035 |
| 9.7. | Data table for carbon dioxide removal carbon credit annual revenue forecast by technology (million US$), 2025-2035 |
| 9.8. | Carbon dioxide removal market forecast, 2025-2035: discussion |
| 9.9. | The evolution of the durable CDR market |
| 9.10. | Changes since the previous IDTechEx CDR forecast |
| 9.11. | DACCS carbon removal capacity forecast by technology (million metric tons of CO2 per year), 2025-2035 |
| 9.12. | DACCS carbon credit revenue forecast by technology (million US$), 2025-2035 |
| 9.13. | DACCS forecast methodology and discussion |
| 9.14. | BiCRS forecast methodology |
| 9.15. | BECCS, biochar and biomass burial carbon removal capacity forecast (million metric tons of CO2 per year), 2025-2035 |
| 9.16. | BECCS, biochar, and biomass burial carbon credit revenue forecast (million US$), 2025-2035 |
| 9.17. | BECCS: Forecast discussion |
| 9.18. | Biochar and biomass burial: Forecast discussion |
| 9.19. | Enhanced rock weathering carbon removal capacity forecast (million metric tons of CO2 per year), 2025-2035 |
| 9.20. | Enhanced rock weathering carbon credit revenue forecast (million US$), 2025-2035 |
| 9.21. | Mineralization CDR: Enhanced rock weathering forecast methodology and discussion |
| 9.22. | Ocean-based CDR: Forecast methodology |
| 9.23. | Ocean-based carbon removal capacity forecast (million metric tons of CO2 per year), 2025-2035 |
| 9.24. | Ocean-based carbon credit revenue forecast (million US$), 2025-2035 |
| 9.25. | Ocean-based CDR: Forecast discussion |
| 10. | APPENDIX |
| 10.1. | Large-scale DACCS projects database |
| 10.2. | Operational BECCUS projects |
| 10.3. | BECCS projects under construction or advanced development |
| 10.4. | Biochar companies (1/2) |
| 10.5. | Biochar companies (2/2) |
| 11. | COMPANY PROFILES |
| 11.1. | 3R-BioPhosphate |
| 11.2. | 8 Rivers |
| 11.3. | 8 Rivers |
| 11.4. | Airex Energy |
| 11.5. | Airhive |
| 11.6. | BC Biocarbon |
| 11.7. | Brineworks |
| 11.8. | CapChar |
| 11.9. | Captura |
| 11.10. | Carbo Culture |
| 11.11. | Carbofex |
| 11.12. | Carbogenics |
| 11.13. | Carbon Asset Solutions |
| 11.14. | Carbon Blade |
| 11.15. | CarbonBlue |
| 11.16. | Climeworks |
| 11.17. | Climeworks |
| 11.18. | Climeworks |
| 11.19. | CO2 Lock |
| 11.20. | DACMA |
| 11.21. | Equatic |
| 11.22. | Freeze Carbon |
| 11.23. | JCCL (Japan Carbon Cycle Labs) |
| 11.24. | Myno Carbon |
| 11.25. | NeoCarbon |
| 11.26. | neustark |
| 11.27. | O.C.O Technology |
| 11.28. | Paebbl |
| 11.29. | Paebbl |
| 11.30. | Parallel Carbon |
| 11.31. | Phlair |
| 11.32. | PyroCCS |
| 11.33. | Seaweed Generation |
| 11.34. | Skytree |
| 11.35. | Takachar |
| 11.36. | UNDO |
| 11.37. | Vycarb |
| 11.38. | WasteX |
| 11.39. | Yama |