💸🔦 This week’s corporate carbon removal (#CDR) buyer spotlight: NextGen 💸🔦

NextGen CDR Facility, a partnership between South Pole and Mitsubishi Corporation, aims to establish the world's largest diversified portfolio of high-quality permanent CDR, supporting the scale-up of the CDR market and durable long-term storage by 2030. It commits to buying 1 million CDR credits from a range of projects by 2025.

NextGen has already announced advance purchases of nearly 200k tonnes of CDRs from three groundbreaking projects.

What is NextGen’s CDR procurement strategy?

🗂 The company's diverse global portfolio of CDR tools include biomass carbon removal and storage (#BiCRS), direct air capture (#DAC), enhanced weathering (#EW), and high-temperature biochar and product mineralization.

🌏 NextGen brings together leading multinational buyers from #Asia, #Europe, and #North America and offers a target price of $200/tonne of CDR.

✅ Accepted projects must issue CDRs that are registered and certified under an #ICROA-endorsed standard ensuring credibility, transparency, quality assurance, and additionality. Such a certification allows NextGen to efficiently manage a portfolio that can replace projects that underdeliver.

📝 NextGen’s projects meet these criteria: 1000+ years of long-term #durable storage; ICROA-certified; able to remove quantifiable atmospheric or biogenic emissions; capable of producing CDR at scale – for BiCRS and DACS, this is a minimum of 10,000 tonnes/year.

What do NextGen’s purchase commitments mean for the CDR market?

💵 Their 200k-tonne advance purchase will include CDRs from 1PointFive's DAC project in Texas, which is expected to remove and permanently store up to 500k tonnes of CO2/year.

🇺🇸 NextGen will also buy CDRs from Summit Carbon Solutions' $5.1bn BiCRS project implemented in the US, which will remove over 9m tonnes/year through capture, transportation and permanent storage of biogenic CDRs.

🇫🇮 Carbo Culture, which is scaling up the first series of commercial facilities planned to produce high quality #biochar to remove and durably store 2.5m tonnes of CDR by 2030, has an inaugural biochar project in #Finland that NextGen also plans to purchase credits from.

NextGen's purchase commitment of a substantial volume of CDR credits by 2025 drives scalability, growth, and demand in the CDR market for high-quality projects. It is always encouraging to see high-profile companies like NextGen platform such important climate tech that can change our world.

👏 Shoutout to the people at NextGen driving sustainability forward: first and foremost Philip Moss, its visionary leader. Also Dylan Marks, Livia D'Ambrosio, Viktorija Stojcheva, René Groot Bruinderink, Amelia Ransome, Adele Marie Grundmann, Uta Hönemann, João Sargedas, Patrick Buergi, Christiaan Gevers Deynoot, Krishnan Kartick.

What do you think about NextGen’s buyer strategy? What impact do you see this having on the CDR market?