XPRIZE Releases New 2023 Circular Carbon Market Report

XPRIZE Releases New 2023 Circular Carbon Market Report - Carbon Herald

XPRIZE has just released its 2023 Circular Carbon Market Report, which explores in detail the present investment and growth trends in the Circular Carbon industry.

The Circular Carbon Network (CCN) is a nonprofit initiative of XPRIZE, which was launched in 2018 and is dedicated to gathering primary market data within the circular carbon economy. 

The report authored by Ongeleigh Underwood, the managing director of the Circular Carbon Network, covers data from almost 1,000 companies in the sector and reveals some intriguing tendencies in the global carbon industry. 

One of these is the record-breaking $8 billion total investment in circular carbon companies in 2023, even despite the overall drop in climate tech funding.

This brings the overall investment to $25.4 billion and marks a staggering 4-fold increase in the period between 2021 and 2023 compared to previous years. 

Another dramatic boost highlighted by the report is the 5-fold jump in the share of investments in circular carbon companies from the total of climate investments – 25% in 2023 compared to only 5% in 2020. 

The circular carbon companies include businesses across all walks of the carbon industry, which include carbon dioxide removal (CDR), point source carbon capture, carbon conversion (utilization), as well as market infrastructure companies. 

Relevant: XPRIZE Carbon Removal Competition Now Mandates Completion Of CDR RDT

And of the above subcategories, CDR companies took central stage in 2023, at least as far as raised capital goes, representing 73% of the total amount.

All in all, the report shows a number of very encouraging trends that inspire confidence in the growing carbon industry and its potential to mitigate the climate crisis. 

XPRIZE will be hosting a free online event to take a deeper dive into the 2023 Circular Carbon Market Report on February 29, 2024 from 9 AM to 10 AM PST (5 PM to 6 PM CET).

The full report is available on the Circular Carbon Network website, and you can register for the webinar here.

Read more: Deep Sky Becomes Scale-Up Partner For XPRIZE Carbon Removal Competition

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