Foreword 3

Executive summary 4

1 Introduction 6

1.1 What is carbon removal? 6

1.2 Why are carbon removal contracts the key to unlocking transformative net zero progress? 6

1.3 What are the challenges in unlocking CDR progress? 7

1.4 What is the objective of this paper, specifically in helping to address the challenges in unlocking CDR progress? 8

2 CDR technologies 9

2.1 What are the different technologies? 9

2.2 What is the current scale of deployment vs. the future scale of deployment? 12

2.3 What will affect scalability of these technologies? 17

3 CDR offtakes 21

3.1 For signed offtakes, what are typical buyer and supplier profiles? 21

3.2 For signed offtakes, what do contracts typically include and how do they compare across CDR technology? 26

3.3 What are key insights (similarities and differences) for offtakes in the CDR space? 28

Conclusion 29

Contributors 30

Endnotes 31