Carbon crediting platform Puro.earth has released a new comprehensive report (available for download here) on the development of the carbon dioxide removal (CDR) market.
The report data, gathered primarily from Puro.earth’s network of suppliers and buyers, shows remarkable market growth, an advance spearheaded by the EMEA and the Americas regions.
According to the report, the retirements of Carbon Removal Certificates (CORCs) soared from 16,000 in 2020 to 156,000 in 2024, experiencing a monumental 90% annual growth rate.
The Europe, Middle East, and Africa (EMEA) region, along with the Americas (AMERS), dominate the market, jointly accounting for 98.2% of the total offtake value.
The United States takes the lead in CDR demand, representing 94% of the 53.6% share of global offtake value of the Americas region. Additionally, the Americas region, and the United States in particular, are also leading the way in CDR project development and credit supply.
In EMEA, Germany (56%) and Switzerland (32%) emerged as the major CDR demand contributors in the region’s 44.6% share of the total offtake value. Per the report, in this part of the world, buyers show a tendency to invest in longer-term offtakes, with a majority of deals providing carbon removal activity beyond 2030.
In regard to supply, the Asia-Pacific (APAC) region accounts for 19.1% of total offtake value, while lagging behind in CDR demand, representing only 1.7% of the total regional demand.
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The Puro.earth market data analysis also indicated a significant concentration of suppliers, where a handful of CDR projects accounts for 71% of total offtake value. Biochar stood out as the leading method for retirements, and retirements with geological storage of carbon (GSC) experienced growth in 2024.
Looking ahead, the data processed in the report shows that the CDR market will be very active in the coming decades, where in the period from 2025 to 2044, 211 individual offtakes are scheduled for delivery, amounting to nearly €269 million ($282 million).
Read more: Puro.Earth Updated Its Geologically Stored Carbon Methodology
