CarbonX releases the CDR Market Quarterly Review - Q2 2024.

Q2 2024 marked an exciting period for the CDR Market, with a solid upward trend.

Are you curious about the latest trends and developments in the carbon market? CarbonX's CDR Market Quarterly Review for Q2 2024 is now available, packed with invaluable insights.

Our latest review highlights pivotal trends and advancements in the CDR sector. Q2 2024 saw impressive growth, with 4.7Mt CO₂ in new purchase commitments. The first half of 2024 alone reached 5.3Mt CO₂, surpassing the entire 2023 total of 4.6Mt CO₂, with cumulative market commitments for durable CDR (including MOUs) rising from 4.0 to 10.6Mt CO₂ —a remarkable 165% year-over-year increase. This underscores the growing importance of durable carbon removal methods, emphasising the market's heightened commitment to long-term climate objectives.

Moreover, the dominance of the BECCS biomass carbon removal pathway, highlighted by the largest single CDR deal to date, illustrates its potential in integrating with existing energy supply chains. In terms of pricing, the average price per tonne stands at USD 352, reflecting a broad range from USD 100 to USD 1,600, shaped by diverse technologies and contract terms.

For a deeper dive into these developments, explore our latest market report here.