The carbon removal market saw sharp contrasts this month. Offtake volumes surged, driven largely by major biochar and BECCS deals, while investment activity softened despite several notable commitments across emerging CDR pathways. Issuance grew strongly, led by biomass-based projects, and retirements also increased, though they continued to lag new supply. Overall, demand momentum strengthened even as investment activity and credit utilisation remained uneven.
Monthly highlights:
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Offtake: 4.3 million credits across 7 deals (MoM +2000%)
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Investment: $86 million (MoM -33%)
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Issuance: 189,233 credits (MoM +67%)
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Retirements: 105,003 credits (MoM +104%)
Offtake
Offtake activity totalled 4.3 million credits across seven deals during the month, with transactions concentrated in a small number of large agreements.
Microsoft was the dominant purchaser, signing a 3.6 million-credit BECCS offtake with C2X, alongside a smaller agreement with InPlanet for 28,500 credits via enhanced rock weathering (ERW). Additional biochar offtakes were agreed by Altitude with both Alcom Energy and EcoGaia, while Frontier agreed a biomass storage arrangement with NULIFE GreenTech. Smaller transactions included BECCS credits purchased by NatWest from The Carbon Removers and an ocean alkalinity enhancement (OAE) offtake signed by Google with Ebb.
Overall, the deal mix skewed strongly toward biomass-based removals, with BECCS and biochar accounting for the majority of offtake volume.
Offtake summary:
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Total volume: 4.3 million credits
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Deals: 7
Deal mix skewed toward biomass-based removals, with Microsoft being the dominant purchaser.
Investment
Total disclosed investment reached $86 million during the month, down 33% month-on-month.
Activity was dominated by a single transaction, with FS Agrisolutions raising $71 million. Smaller investments were recorded across several other projects, including Liment, Carba, Black Bull Biochar Ltd, and Paebbl.
Overall, investment activity softened compared with the previous month and remained concentrated in a limited number of deals.
Issuance
Total issuance reached 189,233 credits during the month, up 67% month-on-month.
Issuance activity remained heavily concentrated in biomass-based pathways, which accounted for approximately 90% of total issuance. Exomad Green was the leading issuer during the month, driven by biochar credit generation.
Overall, issuance growth continues to reflect momentum within the biomass pipeline, while issuance outside biomass-based CDR remains limited.
Retirements
Total retirements reached 105,003 credits during the month, increasing 104% month-on-month.
Despite this rise, retirements continued to lag new supply. The retirements-to-issuance ratio stood at 55%, highlighting the ongoing gap between credit generation and utilisation.
Retirement activity was spread across a range of buyers, with volumes remaining relatively modest compared with issuance growth.
Conclusion
Overall, the month marked a strong finish to the largest year on record for carbon dioxide removal. It ranked as the third-largest month for offtake volumes in 2025, underscoring sustained buyer commitment even amid uneven investment trends.
Issuances and retirements also continued to build momentum, reflecting growing supply maturity and increasing market activity. The chart below illustrates how offtakes, issuances, and retirements evolved month by month throughout 2025.
To learn more about CDR and general carbon market trends, view our report below.