CarbonX releases the CDR Market Quarterly Review - Q3 2024

Q3 2024 marked a dynamic period for the CDR market, showcasing strong upward momentum and growth.

Interested in the latest trends and developments shaping the carbon market? CarbonX's Q3 2024 CDR Market Quarterly Review is now available, offering key insights into the sector’s progress.

Our latest review highlights significant trends and advancements in the CDR sector. In Q3 2024, the market demonstrated strong growth, with purchased CO₂ removal commitments increasing by 150% year-on-year, reaching 11.8 million tonnes. This growth is being driven by rising investment levels, from both public and private sectors. Notably, the U.S. Department of Energy announced potential funding of up to $1.8 billion for commercial DAC facilities, while private sector investments reached $143 million this quarter alone. These developments reflect the market's growing focus on durable carbon removal and the strong commitment to achieving long-term climate goals.

Direct Air Capture (DAC) has re-emerged as the leading technology in CDR purchases this quarter, reinforcing its pivotal role in driving market progress.

Additionally, we are seeing a decrease in the average price of CDR, largely due to increased volumes available, which signals a rapidly maturing market.

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