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🥁 The moment we have all been waiting for: CDR.fyi just released its amazing 2023 Review, packed with incredibly useful and easily digestible information on the state of the carbon dioxide removals (CDR) market.
So much good stuff in there, but here are my top takeaways:
🚀 Purchases have grown 7.3x to 4.5Mt (up from 615Kt), a Compound Annual Growth Rate (CAGR) between 2020 and 2023 of ~500%.
📦 Deliveries have grown 2x to 125Kt (up from 62Kt), a CAGR between 2020 and 2023 of ~140%.
🤑 Buyers have increased by 67% to 188 and - crucially - buyers who bought more than 10,000t doubled to 14. Worth noting that Microsoft clearly leads the pack and accounts for 72.6% of all purchases in 2023.
📊 Suppliers with at least one sale have grown by 55% to 115 CDR companies (up from 74 in 2022), and suppliers with at least one delivery have grown by 35% to 50 CDR companies (up from 37 in 2022).
🔥 Biochar Carbon Removal (#BCR) keeps dominating deliveries, accounting for 94% of all CDR deliveries in 2023 (up from 87% in 2022). Pacific Biochar alone delivered 21% of all CDR globally in 2023. Five BCR companies together account for ¾ of all deliveries.
🥇 Carbonfuture continues to be the leading marketplace globally with over 144Kt sold to date.
Overall, all indicators are going in the right direction! Yes, we need more (big) buyers. And, yes, deliveries need to grow even quicker. But I personally found this report extremely energising. Time to keep building!
🙏 Thank you once again for putting all this data together CDR.fyi and the team behind it: Robert Höglund, Kevin Niparko, Quentin Servais Laval, Tank Chen, Alexander Rink, Alina Baron and Nadine Walsh.
👀 What is your take on these numbers? Are we trending in the right direction? What is missing?
Link to full 2023 report: https://www.cdr.fyi/blog/2023-year-in-review
Link to 2022 report for reference: https://medium.com/cdr-fyi/cdr-fyi-2022-year-in-review-d095acd9a1a0
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