TL;DR: Key Takeaways

• 2024 saw a 78% growth in the voluntary carbon removal market, with delivery of carbon removal credits increasing by 120%. 
• Microsoft remains a dominant buyer, but new players and innovative purchasing models are emerging in 2025.
• Asia, particularly Taiwan, Japan, and South Korea, is beginning to engage seriously in CDR, mainly on the demand side, with potential to expand supply through industrial capabilities.
• The Nordics leverage abundant renewable energy and geological storage to position themselves as a global hub for CDR technologies and deployment. In tandem,  the newly launched Nordic Carbon Removal Association provides a path for broader corporate inclusion. 
• Trust, financing, and buyer diversification remain critical challenges for scaling CDR globally.

Insights on overall market growth. 

The voluntary carbon removal market experienced significant growth in 2024, with contracted volumes rising from 4.5 million to 8 million tonnes of CO₂ removed, marking a 78% increase year-on-year. Delivery also grew impressively by 120%, signalling that the market is beginning to move beyond promises to actual carbon removal on the ground. 

However, the first quarter of 2025 showed a dip in contracted volumes. This pause is seen not as a setback but as a preparatory phase for the market’s next ascent. Following the quarter’s close, major deals by Microsoft with various suppliers effectively doubled the market overnight, signalling renewed momentum. Both emphasise the importance of buyer diversification beyond tech giants, noting how the middle players are important as well. Yet, there is growing interest from mid-sized companies eager to integrate CDR into their sustainability strategies. Excitingly, new buyers are doing more than just dipping their toes, making large purchases from a range of methods and projects in Q1 '25. 

“The market grew 78% in 2024, but 2025’s first quarter was a back to base came moment—preparing for the big climb ahead.” – Tank Chen

Catching up with Asia's CDR scene. 

Asia's CDR scene is gaining traction, particularly in Taiwan, Japan, and South Korea. While the region currently has limited supply-side capacity — with Taiwan hosting just one biochar facility — demand is growing, supported by corporate interest and government initiatives. Japan’s integration of CDR into its Green Transformation (GX) League exemplifies this shift, combining government, private sector, and academic collaboration to craft forward-looking policies. Tank highlights the multifaceted roles Asian corporations play, not just as buyers but also as financiers, component manufacturers, and potential competitors in the space.

Regarding China, both hosts agree that its entry into the CDR market is inevitable. The nation is likely to leverage its industrial capacity to rapidly scale technology deployment both domestically and internationally. The comparison with China’s rapid rise in electric vehicles and solar technology underscores the potential speed  and scale of its involvement.

Zooming in on the Nordic CDR advantage. 

The Nordic region stands out as a promising CDR powerhouse, combining strong government subsidies, advanced energy infrastructures, and vast geological storage potential. Countries like Norway, Iceland, and Denmark have the capacity to store billions of tonnes of CO₂, making them ideal locations for a range of CDR suppliers. The new Nordic Carbon Removal Association aims to elevate the region to become a key player in both demand and supply. 

Simon notes, “The Nordics have a comparative advantage... it seems difficult to find many other locations in the world with these combined assets.”

In addition to the regional comparative advantage, competition is a key element to bring Nordic-based large companies onboard. Support systems like the Nordic Carbon Removal Association are needed to shift paradigms.

Looking ahead. 

Despite these encouraging developments, challenges remain. The market is still dominated by a small number of large buyers. Some innovative technologies face financial risks if demand does not scale quickly enough. 

Both hosts also touch on cultural perceptions of carbon credits, with Asia and the Nordics showing differing attitudes shaped by their unique policy and market histories. But, there are threads between Northeast Asia and the Nordic countries, including historical collaboration on wind and other green sectors. This creates a strong foundation to combine their respective strengths to accelerate global carbon removal efforts.

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