ClimeFi is pleased to share that it has published its CDR Market Review for Q3 2026.
For the first time, enhanced rock weathering (ERW) made up a majority of a quarter's purchase volume, driven by the largest ERW deal on record. Meanwhile, biochar, which topped 1 MtCO₂ in both previous quarters, fell to its lowest volume since Q1 2023.
Microsoft's buying slowed to about 2% of Q3 volume, yet buyers beyond Microsoft continued to grow and now account for 64% of 2026 volume to date. In Europe, the Commission's proposed ETS revision brings carbon removal into a compliance market for the first time.
Debt made up 94% of all disclosed Q3 private funding, as lenders backed developers with contracted revenue and insurers start to enter the market. Separately, the two leading registries, Isometric and Puro.earth, both expanded beyond carbon removal into environmental attribute certificates.
Get the full breakdown of pathways, transactions, buyers, and financing in the Q3 2026 CDR Market Review.
