To meet the most ambitious climate targets, the world likely needs to remove CO2 from the atmosphere, not just reduce emissions. The carbon removal market includes technologies and practices that result in negative emissions: Direct Air Capture (DAC) and Bioenergy with Carbon Capture and Storage (BECCS). These technologies are more expensive than point-source capture, but they address legacy emissions and hard-to-abate sectors. As corporations commit to "net-zero" (which implies residual emissions), the carbon removal market is growing rapidly.

The broader carbon capture storage market includes this segment. The carbon removal market for "DAC" (as discussed) captures CO2 from ambient air. The carbon removal market for "DAC" is location-flexible (can be placed where renewable energy is cheap and storage is available). The carbon removal market for "DAC" has seen significant investment from companies like Occidental (via its subsidiary 1PointFive) and from tech giants (Stripe, Microsoft, Google) buying removal credits.

The carbon removal market for "BECCS" involves growing biomass (e.g., trees, energy crops), using it for energy (e.g., burning in a power plant), and capturing and storing the CO2. The carbon removal market for "BECCS" is controversial due to land use concerns (competition with food, biodiversity). The carbon removal market for "BECCS" with "sustainable" biomass (e.g., from sawmill residues) is less contentious. The carbon removal market for "BECCS" also includes ethanol plants, where fermentation produces pure CO2.

The carbon removal market for "nature-based" solutions (reforestation, soil carbon, blue carbon) also remove CO2, but they are not permanent (vulnerable to fire, disease, or land-use change). The carbon removal market for "geological" storage (as in DAC and BECCS) is considered permanent. The carbon removal market for "mineralization" (enhanced weathering) is also permanent but has different economics.

The carbon removal market for "credits" is growing. The carbon removal market for "voluntary" purchases (by corporations) is the main demand driver. The carbon removal market for "compliance" (under carbon pricing systems) is just emerging. The carbon removal market for "quality" standards (e.g., from the Science Based Targets initiative, SBTi) are evolving.

Looking ahead, the carbon removal market will see the development of "DAC" hubs with dedicated renewable energy and storage. The carbon removal market for "ocean-based" removal (alkalinity enhancement, seaweed sinking) is in research. The carbon removal market for "advanced" BECCS (with gasification) is being developed. As the world overshoots carbon budgets, the carbon removal market will be critical for restoring the climate.

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