Quarterly catch up: ETS Review, Buyers Coalition, and current VCM Dynamics

In this quarterly catch up, Eve Tamme and Sebastian Manhart swap the guest chair for each other and look back at three busy months in carbon removal policy, with a few disagreements along the way.

They start with the EU ETS review and the joint statement from Europe's five CDR associations, which Sebastian helped coordinate. He shares some of the background scoop on where the associations lined up and where they didn't, from biochar and the link to the Carbon Removal Certification Framework to whether international credits belong in the ETS at all. Eve draws on her experience of the last time international credits entered the system, and Sebastian previews his first academic paper on what a credible international credit portfolio might actually cost.

Then comes the bigger question: is Europe putting all its eggs in the BioCCS basket, or is it six baskets? Sebastian worries that newer and potentially cheaper approaches are being left behind, while Eve makes the case for backing the projects that can deliver at scale now, and pushes back on the idea that all of Europe's CO2 is heading to the North Sea.

They close with a reality check on the EU buyers coalition, where the usual optimist and sceptic swap roles, slow progress on durable removals under Article 6.4, and why the headlines out of New York Climate Week may not tell the whole story for carbon removal finance.

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