Join us for an exciting webinar exploring the opportunities and challenges in the fast-evolving carbon removal industry.
Learn about new insights from the forthcoming State of CDR Report and hear from industry experts across various removal methods, including DACCS, BECCS, biochar, enhanced weathering, ocean- and forest-based removal.
The webinar kicks off with a keynote by Dr. Injy Johnstone, Lead Author of the chapter on “Voluntary Carbon Markets” of new State of CDR Report from the University of Oxford.
The panel discussion will shed light on the challenges and opportunities faced by various removal industries and will be followed by an open Q&A session.
Don’t miss this chance to learn more about the perspective of CDR businesses and engage with experts in the field.
UPTAKE Webinar on Business Opportunities and Challenges for Carbon Dioxide Removal
2024-06-07T09:00:00Z
Keynote: Dr. Injy Johnstone (University of Oxford)
Panel: Louis U. (Climeworks), Angela Hepworth (Drax), Jill Storey (World Ocean Council), Farid Kreh (OXO_earth), Christina Larkin (InPlanet), Evangelos Mouchos (MEM Consultants), Prof. Ondrej Masek(University of Edinburgh)
Moderator: Prof. Dr. Sabine Fuss and Friedemann Gruner (MCC Berlin)
Register now to attend 
Webinar Registration - Zoom
UPTAKE Webinar on Business Opportunities and Challenges for Carbon Dioxide Removal
June 7th, 2024 | Organized by MCC Berlin | 92 participants
Keynote speaker: Dr Injy Johnstone (University of Oxford), Lead Author of the chapter on Voluntary Carbon Markets in the State of CDR Report, 2nd Edition.
Panelists: Louis Uzor (Climeworks), Angela Hepworth (Drax), Jill Storey (World Ocean Council), Farid Kreh (OXO Earth), Dr. Christina Larkin (InPlanet), Dr. Evangelos Mouchos (MEM), Prof. Ondrej Masek (University of Edinburgh)
Key take-aways:
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The voluntary carbon market (VCM) for novel CDR is expanding but remains uncertain. Currently, the VCM is at the forefront of developing methods for measuring, reporting, and verifying CDR projects.
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A strategy is needed for transitioning from the VCM to compliance markets. Some businesses have proposed innovative ideas for integrating CDR into compliance markets, for example, for how to account for differences in permanence across certificates.
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The VCM has a crucial and ongoing role in promoting experimental and additional CDR in the coming years. However, increased support is necessary to achieve the scales required by ambitious climate scenarios.
Summary of keynote
Dr. Johnstone (Oxford University) presented insights from the new State of CDR report. First, she highlighted the “CDR gap” between national proposals for CDR and most scenarios consistent with the Paris temperature goal, revealing that national plans fall short of the projected CDR in most scenarios. Next, Dr. Johnstone presented key insights from the chapter on voluntary carbon markets in the new State of CDR report. The report revealed that in 2023, less than 10% of carbon credits on the VCM were from removal projects, with most credits coming from emission reduction or avoidance. The market for novel CDR methods is nascent but growing, while conventional CDR is more mature. Credits for conventional CDR fell from 20.4 million in 2022 to 13.3 million in 2023, yet purchases of future novel CDR credits increased sevenfold. The VCM plays a significant role in financing novel CDR, with prices for CDR credits being substantially higher than for emission reduction or avoidance. Despite efforts to integrate CDR into compliance markets, the VCM is expected to remain a niche market to foster innovation and supplement climate mitigation efforts.
Panel discussion and Q&A
Following the keynote, the panelists introduced their companies and discussed business challenges and opportunities for various CDR methods. A common consensus was the need to move beyond the VCM and towards the creation of a compliance market to foster the CDR industry.
During the Q&A session, discussions focused on developing pilot projects to scale CDR and ensuring a smooth transition from the VCM to compliance markets. Angela Hepworth from Drax illustrated the timeline for developing a large-scale BECCS plant. Other panelists pointed out that the current prices in compliance markets like the EU ETS are currently too low to incentivize DACCS or BECCS, emphasizing the need for additional support in the short and medium term.
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