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illuminem summarizes for you the essential news of the day. Read the full piece on Axios or enjoy below:
🗞️ Driving the news: The first independently verified carbon removal credits for Enhanced Rock Weathering (ERW) were recently issued, purchased by Dutch company Adyen and verified by Isometric
• ERW involves spreading crushed rock on farmland, which sequesters CO2 while improving soil health and crop productivity
• The sector is gaining traction, with companies like Google and startup Terradot investing heavily
🔭 The context: ERW relies on pulverized rock to chemically bind with CO2, providing a cost-effective and long-lasting carbon removal method
• In 2024, ERW accounted for 65% of all contracted carbon removal volume, totaling 290,000 tons for major deals with Google and others
• The industry has faced challenges due to limited project verification but is now addressing this gap
🌍 Why it matters for the planet: ERW not only removes carbon but also benefits farmers by enhancing soil health and boosting crop yields
• It provides a scalable and low-cost method to combat climate change, with sequestration lasting thousands of years
• As climate pressures mount, ERW could be a cornerstone of global carbon removal strategies.
⏭️ What's next: Expect rapid growth in ERW adoption as more companies purchase credits and developers scale operations
• By 2027, InPlanet plans to remove one megaton of CO2, while ERW credits are projected to reach $200 per ton by 2030
• Advances in verification and funding are likely to sustain the sector's momentum
💬 One quote: "The verified credits are 'a huge moment for carbon removal,' key for 'inviting more capital in,' and for more buyers to start buying credits." – Eamon Jubbawy, CEO of Isometric
📈 One stat: Enhanced Rock Weathering projects currently represent just 2% of carbon removal credits, totaling 560,000 tons purchased
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