2024 Global Carbon Dioxide Removal (CDR) Market Overview — cdr.fyi

Total purchased CDR tonnage continued its robust growth in 2024, nearing 8 million tonnes—up by 3.5 million tonnes (78%) from 2023. Q2 alone accounted for a strong 4.8 million tonnes, representing 60% of the annual total, while average quarterly output in Q3 and Q4 stood at 1.35 million tonnes. The number of independent procurement companies grew far more slowly—only 7%, rising from 202 to 216. Moreover, although the high growth rate in contracted tonnage in 2024 is commendable, the extreme concentration of procurement remains concerning: Microsoft alone accounted for 5.1 million tonnes—64% of total 2024 procurement—though this marks a slight decline from its 70% share in 2023. Excluding Microsoft, the market still grew healthily: the year-on-year growth rate in 2024 was even higher when excluding Microsoft—albeit off a smaller base. Q4 2024 was 100% Microsoft-free, though broader buyer participation remains essential to build a sustainable, durable CDR market going forward. Top Buyers The top 20 purchases in 2024 illustrate this point clearly. Of those top 20 deals, Microsoft and Frontier accounted for 12. Frontier is a long-term, pre-market commitment program for durable carbon removal. Its members include Stripe, Google, Shopify, McKinsey Sustainability, Autodesk, H&M Group, JPMorgan Chase, Workday, Salesforce, Watershed—and Watershed’s clients. Google has long procured via Frontier’s platform, but in 2024 it appeared as buyer in four of the top 20 deals—totaling 500,000 tonnes. This was foreseeable: in March 2024, responding to the U.S. Department of Energy’s Carbon Dioxide Removal Program, Google pledged to purchase at least $35 million worth of carbon credits within 12 months. Buyer Concentration This extreme top-end concentration threatens market sustainability. Which companies will follow pioneers like Frontier and Milkywire—and early adopters like Microsoft and Google? Microsoft, committed to net-zero by 2030, is among the most ambitious corporations; it co-founded the Symbiosis Coalition with Google, Meta, and Salesforce.com—a pre-market commitment pledging to procure 20 million tonnes of nature-based CDR by 2030. As tech firms shoulder the bulk of durable CDR procurement, it remains unclear whether lower-priced—but less durable—nature-based solutions will undermine their continued investment in durable CDR. Where Else Might Future Procurement Come From? In October 2024, Meta pledged to purchase at least $35 million worth of carbon removal credits over the next year. However, since Meta expressed interest in nature-based solutions in June 2024 and exited Frontier in August 2024, it remains uncertain how much of its future procurement will be durable—as opposed to nature-based.

CEA25 Officially Launched: The CCER Pricing Logic Is Being Rewritten | Weekly Market Report (Jan 5–9)

Based on transaction data, CCER cumulative trading volume for the week (Jan 5–9) reached 401,293 tonnes, with a total transaction value of approximately RMB 28.52 million, yielding a weekly average price of RMB 71.08 per tonne. The price range widened significantly compared to the previous week, with the intra-week high–low spread approaching RMB 20 per tonne—reflecting concentrated market博弈 sentiment. ● At the start of the week (Jan 5), a Jiangsu wind power project transacted over 100,000 tonnes at RMB 81.50/tonne—significantly above the prior consolidation range; ● On Jan 6–7, multiple transactions clustered in the RMB 82–84/tonne range, indicating continued market acceptance of elevated prices; ● In the latter part of the week (Jan 8–9), large-volume, low-price trades were released en masse: Guangdong and Jiangsu wind power projects saw prices rapidly decline to around RMB 65/tonne, dragging down the weekly average price notably. Price Range: ● Lowest transaction price: RMB 64.00/tonne ● Highest transaction price: RMB 84.00/tonne ● Overall, the high prices failed to find effective “support,” instead being re-anchored downward by large low-price orders—resulting in a classic intra-week “surge-and-fall” price structure. II. Methodologies and Market Demand 1. CCER official methodologies now total 14, covering increasingly diversified sectors As of this week, China’s Ministry of Ecology and Environment has issued 14 official CCER methodologies, spanning forestry (afforestation carbon sequestration, mangrove restoration), energy (wind power, concentrated solar thermal power), and agriculture (large-scale pig farm manure biogas recovery, centralized agricultural waste treatment). Among them, five new methodologies released in December—including two agricultural ones—have drawn particular market attention this week. Agricultural methodologies are gaining traction due to their “exemption from additionality verification” and “substantial emission reduction potential” (annual CO₂-equivalent reductions of 3–5 million tonnes); this week, local governments—including Shandong and Henan provinces—began encouraging agricultural enterprises to apply for related CCER projects. 2. CCER demand landscape strengthens: “compliance-driven necessity + voluntary growth” Dongwu Securities’ weekly research report estimates that, with the inclusion of three high-energy-intensity sectors—steel, cement, and aluminum smelting—into China’s national carbon market, mandatory carbon market coverage now reaches 8 billion tonnes of emissions (over 60% of China’s national total). At the current 5% CCER offset cap, annual CCER demand stands at ~400 million tonnes—more than triple the level before only the power sector was covered. Meanwhile, voluntary demand is also rising: this week, multiple export-oriented enterprises—including home appliance and auto parts manufacturers—signed “3–5-year long-term CCER supply agreements” with carbon sink companies, locking in medium-to-long-term carbon offset costs and accelerating CCER market evolution from “short-term trading” toward “long-term allocation.” III. Forestry Project Progress As of Jan 9, 2026, a total of 91 national forestry carbon sink projects—including afforestation and mangrove projects—have been publicly announced; one new project was added this week. ● 83 projects have completed public announcement ● 16 projects are applying for registration ● 13 projects have been terminated ● 1 project has been withdrawn ● 2 projects have completed registration

Gevo Announces First Multi-Year Carbon Removal Credits Supply Agreement Through CEEZER

Oct 14, 2026

Gevo Inc secured a three-year agreement with CEEZER for carbon dioxide removal credits from its North Dakota project. This deal validates market demand for long-term carbon removal solutions and supports Gevo's carbon business revenue through 2029.

Energy Digital

Gevo Announces First Multi-Year Carbon Removal Credits Supply Agreement Through CEEZER

The Manila Times

2026-01-15

Gevo wins US patent covering ethanol-to-olefins pathway for renewable jet fuel

2026-04-13

Gevo adds communications chief amid broader leadership transition

2026-04-16

GEVO Stock Slides 12% Premarket Following DOE Loan Withdrawal

2026-04-16

Northland Securities Maintains Gevo Inc (GEVO.US) With Buy Rating, Cuts Target Price to $3.5