carbon and industrial process

Removing CO2 from the air, and making cement, steel and chemicals without emitting it.

Cement, steel and chemicals release CO2 from their chemistry and from high-temperature heat, not only from the power they use. Some of that can be captured at the chimney and stored underground. Some must be offset by pulling CO2 back out of the air. Every approach here is a way to do one of these at a cost per tonne that someone will pay.

Contracts are far ahead of delivery.
About 50 million tonnes of durable carbon removal have been contracted and about 1.7 million delivered, roughly 3%. One buyer accounted for about 78% of contracted tonnes as of April 2026. Delivered, verified tonnes are the measure to watch.
Costs still sit above policy prices.
Disclosed removal prices mostly run from about $200 to over $600 per tonne, against a US tax credit of $85 to $180 and a European carbon price near €86. Suppliers surveyed in a study published in January 2025 put their 2030 breakeven at about $140 to $340 per tonne.
Policy is being reshaped rather than withdrawn.
The US kept its carbon capture tax credit and two large direct air capture hubs but cancelled industrial grants and shortened the hydrogen credit. Europe began applying its border carbon price in 2026 and has proposed a slower path for its carbon market.
First plants run behind schedule.
The large direct air capture, cement capture and green steel projects have each started later or produced less than planned. Biomass-based methods such as biochar supply most delivered tonnes today.

what would change the view

  • Delivered durable removal passes 1 million tonnes in a single calendar year, or 10% of cumulative contracted tonnes, by end-2027.
  • A direct air capture or cement capture plant (Stratos, Brevik) publishes verified output at or above 80% of design for 12 consecutive months.
  • A policy break: a cut to the US 45Q credit or a delay of EU border-price certificate sales beyond February 2027 would point toward the view breaking; folding permanent removals into the EU carbon market, with funded purchases, would point away from it.

map

scoreboard Delivered tonnes: CO2 actually removed or stored and independently verified, not tonnes promised in contracts or plant capacity. As of October 2026, about 50.5 million tonnes of durable removal had been contracted and 1.7 million delivered. First plants run well below nameplate, and gross capture omits a plant's own energy use.

Range of disclosed purchase prices by removal method from one buyer collective (Frontier), with a dot at the published average and ticks at individual deals; supplier survey rows are expectations, not trades (hollow). Vertical lines: US 45Q credit for point-source capture ($85) and direct air capture ($180), the EU carbon auction price (€86, plotted at an assumed $1.16 per euro) and the market-wide weighted average ($343). Log scale, because prices span more than tenfold.

First-of-a-kind plants: originally announced start (left) and actual or current expected start (right); the line between is the slip. Sublime's cement plant was paused after its federal grant was cancelled. Latest output against design: Mammoth 675 t of net removal in the first half of 2026 against 36,000 t a year; Brevik about 105,000 t stored from August 2025 to May 2026 by one investigative account, against 400,000 t a year, while the company says it is now near full capacity.

players

Listed companies, or units of them, that operate or supply plants in scope. Private companies are included if they have delivered independently verified removal tonnes, operate or are commissioning a commercial-scale first plant for a paying customer, or are building one with financing closed and public support in force. On that test, Sublime Systems, Boston Metal and Heirloom are not yet included. Funding amounts are not shown for anyone.

1PointFiveunit of Occidental, NYSE: OXY
direct air capture · Stratos, 500,000 t a year design; no CO2 injected yet. Full commissioning expected around year-end 2026; its South Texas hub kept federal support in April 2026.
Heidelberg Materialslisted, XETRA: HEI
cement with capture · Brevik, 400,000 t a year design; output disputed (see chart). A second capture project, at Padeswood in the UK, is under construction.
Northern Lightsjoint venture of Equinor, Shell and TotalEnergies
CO2 shipping and offshore storage · 35,914 t injected by 15 Dec 2025. Phase 1 capacity of 1.5 million t a year is booked; phase 2 expected in 2H28.
Ørstedlisted, Nasdaq Copenhagen: ORSTED
bioenergy with capture · 430,000 t a year design across two plants, Kalundborg and Avedøre; operation 2027. Backed by a 20-year Danish state contract.
SSABlisted, Nasdaq Stockholm: SSAB A
electric arc furnace steel · Oxelösund start set for 2Q27 (Jun 2026, reaffirmed Oct 2026). Moved after appeals of a power-line permit; Luleå conversion late 2029.
SLB Capturiunit of SLB, NYSE: SLB
capture plant supplier · Capture units running at Brevik; units under construction for Kalundborg. Equipment supplier rather than plant owner.
LanzaTechlisted, Nasdaq: LNZA
gas fermentation of industrial off-gas and waste · Commercial plants operating in Asia and Europe. Turns carbon-rich off-gas into ethanol and chemicals.
Climeworksprivate
direct air capture (solid sorbent) · 675 t of net removal at Mammoth in 1H26. Up from 119 t a year earlier; partner in a US direct air capture hub.
Deep Skyprivate
direct air capture test and storage site · First verified direct air capture credits issued (Jun 2026). Alberta site with a 3,000 t a year design.
Exomad Greenprivate
biochar · About 415,000 t delivered (CDR.fyi, Nov 2026). Bolivia; one of the two suppliers that delivered most tonnes in 1Q26.
Varahaprivate
biochar; enhanced weathering · About 181,000 t delivered (CDR.fyi, Nov 2026). Projects across South Asia.
Vaulted Deepprivate
biomass slurry injection · Delivering verified tonnes recorded by CDR.fyi. Houston; injects organic waste deep underground.
Charm Industrialprivate
bio-oil injection · Delivering verified tonnes recorded by CDR.fyi. Converts crop waste to oil and injects it underground.
Planetaryprivate
ocean alkalinity enhancement · Delivered marine removal tonnes in 1Q26. Nova Scotia; offtake with Frontier for 2026 to 2030.
O.C.O Technologyprivate
mineralization of industrial residues · Delivered tonnes in 1Q26. UK; makes aggregate from waste ash and CO2.
Stegraprivate
hydrogen-reduced iron and steel · Boden plant under construction; no steel produced yet. Said on 30 September 2026 that finishing Boden needs more capital; new chief executive appointed.
Rondo Energyprivate
thermal battery for industrial steam · 100 MWh unit operating since Oct 2025. Stores electricity as high-temperature heat; a unit also runs at a Thai cement plant.
Antora Energyprivate
thermal battery for process heat · 5 GWh system commissioning from May 2026. Heat sold under a long-term offtake.

resources

CDR.fyi
Independent tracker of durable carbon removal purchases, deliveries, prices and suppliers.
Carbon Herald
Daily news on carbon removal, capture and storage, low-carbon materials and carbon markets.
The State of Carbon Dioxide Removal
Independent scientific assessment of removal deployment, costs, investment and policy, with open data.
IEA CCUS Projects Explorer
Database of capture, transport, storage and utilisation projects worldwide.

notes

As of 3 November 2026. Figures come from company reports, regulators and independent trackers; where a plant's output is disputed, both accounts are given. Delivered tonnes are self-reported to CDR.fyi and not all have been retired on a registry. Gross capture, net removal and stored tonnes differ; each figure uses its source's term. Prices are nominal and come from one buyer collective's disclosures; euro policy prices are converted at an assumed $1.16 per euro. No comparable, sourced cost per tonne for cutting cement or steel emissions was found, so those sectors are not on the price chart. Not investment advice.