What co-benefits does carbon removal offer and how can these be reflected in carbon removal credits? Join Carbon Business Council's Exec Director Ben Rubin and more carbon removal leaders in a webinar this Thursday to deep dive into this topic. The Carbon Unbound conference is taking place next week and the Carbon Business Council is thrilled to be a partner for the event. The federal government recently published a carbon management handbook and the Carbon Business Council is honored to be an institutional partner for the publication. Below is a round-up of the latest carbon removal investment announcements, policy advancements, and more.

💡 Innovator Highlights💡

Microsoft and Stockholm Exergi announced a 10-year offtake agreement, making it the largest carbon removal deal to date. Climeworks started operating Mammoth, the world's largest direct air capture plant. XPRIZE released its list of the Top 20 finalists competing in its Carbon Removal competition, featuring many Carbon Business Council members. XPRIZE Carbon Removal and Carbonfuture also announced their partnership to advance carbon removal with rigorous MRV. Vaulted Deep announced a $58m offtake agreement with Frontier. Milkywire selected thirteen projects to support via its Climate Transformations fund which includes many Carbon Business Council members. Nori announced its partnership with Perennial to support the expansion of its carbon credit issuing program. MaRS Discovery District announced its purchase of carbon removal credits from Arca. Andes and Zopeful announced their partnership.

The DOE Office of Fossil Energy and Carbon Management (FECM) announced up to $500m available for projects that will help expand carbon dioxide transportation infrastructure and released a new Carbon Management Resource Portal. On the Hill, the Ocean Restoration Research and Development Act was introduced in the House, geared towards funding marine carbon removal approaches. There's also been tons moving in the European Union and internationally. The Net-Zero Industry Act was finalized in the European Parliament. The European Commission announced $30m in a call for proposals to provide funding for CDR projects. The UK Government's Department for Energy Security and Net Zero (DESNZ) launched a call for evidence on carbon capture, usage and storage (CCUS): non-pipeline transport and cross-border CO2 networks. The Japanese government announced that it will accept the use of durable carbon removal voluntary carbon credits in its national emissions trading system, the Green Transformation (GX) ET.

📗 The Carbon Business Council (CO2BC) is an institutional partner in the US Department of Commerce's new publication: Carbon Capture, Utilization, and Storage (CCUS) Handbook for Policymakers.

🖥️ Join CO2BC, Capture6, Department of Energy and other partners for a May 16th webinar focused on "Enhancing the Intrinsic Value of CDR Credits."

✉️ CO2BC submitted a letter in response to the notice of intent in regards to the Voluntary Carbon Dioxide Removal Purchasing (CO2RP) Challenge.

🗓️ In NYC during Carbon Unbound? Join CO2BC and several co-hosts for a CDR Community Reception on May 22nd.

✨ Frontier’s 2024 prepurchase application cycle is now open. The pre-application form is due May 28.

⚡ The Carbon To Value Initiative started year four of its accelerator program. Applications are open until June 21.

💸 Elemental Accelerator is offering up to $3m for climate solutions with deep community impact. Applications are open until May 31.

📝 XPRIZE Carbon Removal released their Getting to Gigatonne Report.

🧮 Microsoft published a new white paper on CDR Accounting amid national goals.

📌 Carbon Unbound Europe is scheduled to take place on September 11-12th in London. Full info here.

💰 Chevron's venture capital arm launched its third fund to invest in renewable energy technologies with a $500m commitment.

✈️ More than 40 companies — including American Airlines, JetBlue, and United — are announcing the Sustainable Aviation Fuel Coalition.

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