CDR Activity Summary Nov 3, 2025

October saw a slowdown in CDR investment, with $57.4M across four deals, about half of September’s surge. Equity remained the most common format, but debt led in size, driven by the European Investment Bank’s $46.5M investment in Meva Energy. Investors dominated activity, with no corporate or non-profit participation, and BiCRS led the protocol mix alongside smaller Marine Carbon Removal and mixed-protocol deals.

Offtake volumes fell sharply to ~457,000 tonnes across five deals, down from September’s 5.51M tonnes, with technology companies taking the lead, led by Microsoft’s two Enhanced Weathering deals totaling 328,900 tonnes. Issuances continued to decline, though Af/Reforestation retained its lead at 0.29M tonnes, with BiCRS leading engineered CDR activity.

Retirements surged to 1.57M tonnes, mostly Af/Reforestation (1.3M tonnes) and soil-based removals (0.26M tonnes), with South America contributing 1.06M tonnes and the rest of Asia 0.31M tonnes. Verra dominated both issuances and retirements, with VCS/CCB accounting for over 96% of retired volumes.

On the project front, Varaha achieved Asia’s first registry-backed Enhanced Rock Weathering issuance, becoming the first developer globally to secure verified credits from two distinct CDR pathways. Deep Sky announced plans for a 500,000-tonne facility in Manitoba, Canada, advancing commercial-scale carbon removal in North America, while in Europe, Anew Climate partnered with InSoil to market 500,000 verified soil carbon removals from Lithuania, supporting regenerative agriculture across 20,000 hectares.