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🚀 Their 2023 Annual Report in January showed that the market for durable carbon removal grew 634% in 2023 (refresh your memory: https://lnkd.in/dbyUbsBc).
🏅 Continuing from this strong trend, Q1 of 2024 is the strongest of any year to date with 531K tonnes (14.8x of what they were in Q1 2023 and 1.2x that of Q1 2022).
Here are the top highlights summarised for you:
🪨 Biochar Carbon Removal (hashtag#BCR) accounted for 81% of total sales and 91% of deliveries in Q1
💪 Latin American suppliers contributed 57% of Q1 sales volume, led by Mexico, Bolivia, and Brazil - the first time we see dominance from the Global South
💰 Purchases were led by BCR 81%, Mineralisation 9%, hashtag#BECCS 5%, and hashtag#DACCS 4%
👷 BCR supplier Exomad Green took top spot for both purchases (150Kt) and deliveries (40Kt)
📦 Deliveries reached 86Kt in Q1 (compared to 125Kt in all of 2023), with BCR accounting for 91% and Biomass Removal for 7% -> 98% of all deliveries were biomass-based removals.
😶🌫️ 54% of purchasers did not want to have their identity disclosed, a potential sign of greenwashing fears, a very worrying trend.
💡 Overall, the picture that emerges is clear: the market keeps growing and biomass-based removals keep dominating. An interesting trend is that BCR is now also accounting for the largest purchases (previously mainly BECCS and DACCS).
👉 Make sure to check out the full report, so much good stuff in there: https://lnkd.in/dkjPstPx
👏 Shout out to Alexander Rink, Tank Chen, Nadine Walsh, Ekaterina Larina, Ph.D., Roden Sherpa, and Robert Höglund for their tireless work in publishing this report. They have moved from annual, to biannual, and now to quarterly cadence to bring you all you need by pulling together these amazing insights into the CDR market.
💬 What is your take? How are you interpreting this data and where do you think we are heading in 2024?
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