Executive summary As First Movers Coalition (FMC) members work to fulfil their commitments to durable carbon removal (CDR) offtake, they face a complex landscape of financing and contracting structures. While FMC’s commitments emphasize long-term carbon storage, CDR project developers operate under diverse financial constraints that shape the terms of offtake agreements. This paper does not evaluate whether specific CDR pathways meet FMC’s durability requirements but instead examines the financing profiles and offtake terms of CDR suppliers emerging in the market. The paper considers the financing structures and offtake terms shaping the CDR market, mapping capital structures, debt accessibility, pricing models and volume commitments across different technologies. The analysis highlights the trade-offs between high-durability but capital-intensive technologies, which require long-term financing and structured contracts, and more mature, lower-cost CDR pathways with greater offtake activity. These insights can help buyers transparently navigate the need to secure high-durability carbon removal while managing financial risk, supply constraints and contract flexibility, ultimately shaping procurement strategies in a rapidly evolving market. The findings highlight the considerations FMC members must take into account as they structure CDR offtake agreements. Buyers seeking high- durability carbon removal must weigh financing needs, supply constraints and contract flexibility against their own risk appetite and procurement strategies. By increasing transparency in supplier financing profiles and contract structures, this research provides a foundation for scaling CDR investments, bridging the gap between buyer demand and supplier capabilities in a rapidly evolving market. This research was conducted in collaboration with ClimeFi and Oliver Wyman. ClimeFi provided aggregated offtake data from its platform, which connects CDR suppliers and buyers, to create a comprehensive dataset of financing profiles and contract structures across different CDR pathways. Oliver Wyman supported the analysis of financial mechanisms, risk factors and contractual trends shaping the CDR market.In the financial and contractual landscape of durable carbon removal, varying capital structures, pricing models and offtake terms are shaping the pathways to scale. Carbon Dioxide Removal Technologies: Market Overview and Offtake 4

Carbon Dioxide Removal Technologies 2026