🥳 Market for durable carbon removal grew 634% in 2023! 🥳

🚀 2023 has been a stellar year for carbon dioxide removal (#cdr). Following 464% growth in 2022 (109,000t -> 615,000t purchased), the market picked up even more pace to grow an astounding 634% in 2023 (from 615,000t -> 4,515,000t purchased).

💵 Before 2023, there had been a total of seven purchases above 10,000t. In 2023 alone, we saw 28, including six purchases above 100,000t. It is worth noting that more than half of all volume purchased in 2023 was a single deal by Microsoft with Ørsted worth 2,760,000t, the first million ton CDR deal in history.

📈 As a reminder: to reach a scale of 5-10Gt per year by 2050, the industry will need to grow an average of 30-50% every year (depending on what you take as a starting point) for the next 26 years. This significant growth path is comparable to - or would even exceed - the growth of solar.

⌛ Yes, we are starting from a small base. And, yes, deliveries are lagging considerably behind, totalling around 74,000t in 2023 and growing “only” 32%. Still, these numbers are incredibly promising to me, particularly in light of the aggressive delivery timelines we are increasingly seeing in some of these purchase agreements.

💪 Let’s make 2024 a year that beats even the record 2023, and a year where deliveries start growing at 50%+.

👏 All data taken from CDR.fyi who continue to drive transparency in our sector with their amazing work! 

#carbonremoval #carbonmarkets #growth

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