Despite significant market growth and momentum, high-permanence (long-term) carbon removals are still in their infancy. Carbon dioxide removal (CDR) purchases grew by 337% in 2020-’21 and 533% in 2021-’22.
Total cumulative purchases as of 2022 is less than 0.0006% of the total amount of removals needed this century by 2050.
We still do not have a real CDR market, but rather a number of first movers attempting to kickstart purchases of carbon removals and help create a market. Travel, banking and technology sectors continue to lead the charge.
See CDR.fyi Year in Review article for more information.