Barrier VC Banks Corporate Investor Other Total Investor behaviours Investment level 50% of investment 25–50% of investment <25% of investment ~0% of investment DAC ~$4.1 billionEarly VC bets, coupled with larger projects financed by developers and larger investors BECCS ~$3.7 billionProject developers with existing bio-energy expertise and facilities best placed to scale Biochar ~$0.4 billionVC-driven but increasing interest from scale investors driven by purchaser interest ERW ~$0.4 billionVC-driven but increasing interest from scale investors driven by purchaser interest Total ~40% <5% ~35% ~15% ~5% ~$8.6 billionIncubator funds and corporates provided 75% of private investment to date TABLE 9 The funding disparity between engineered solutions such as DAC/BECCS and hybrid solutions such as Biochar and ERW reflects a market preference for scalability and durability. However, this focus risks leaving hybrid solutions underfunded, despite their potential for quicker deployment at smaller scales. –DAC: Primarily concentrated in regions such as the US, EU, United Kingdom and Kenya, DAC suppliers benefit from robust innovation networks and strong public research support. Scaling these early-stage technologies relies heavily on private investment to prove commercial viability. –BECCS and biochar: These pathways are geographically diverse, with established footprints in agricultural hubs across the US, EU, South America and Asia. Their integration with existing biomass and agricultural supply chains enables them to attract more traditional financing, such as debt and equity. –ERW: Deployment faces unique challenges due to the specific land conditions required for carbon sequestration. ERW suppliers, primarily early-to-mid-stage start-ups, often collaborate with existing mineral producers. Most costs are tied to operational deployment rather than upfront capital expenditure, with equity funding heavily focused on improving MRV standards. Limited alignment with tax incentives and subsidies further restricts funding, while revenue streams rely heavily on carbon credits, with minor diversification into by-products such as agricultural lime. Scaling ERW will require clearer MRV frameworks and improved regulatory alignment to unlock broader financing opportunities. Carbon Dioxide Removal Technologies: Market Overview and Offtake 24

Carbon Dioxide Removal Technologies 2026