The Carbon Removal Scoop

In this episode of The Carbon Removal Scoop, Sebastian Manhart sits down with Julia Reichelstein, co-founder and CEO of Vaulted Deep, and Tyler Manchester, Head of Voluntary Carbon at CFP Energy, to get the inside story of Vaulted's $35 million debt facility from Mediobanca. Julia explains why Vaulted grew on equity for its first two sites and why, with a delivery track record and a pipeline of new sites, it has now reached what she calls the "just add water" stage where debt is the right capital.

Tyler explains why this is CFP Energy's first debt transaction in carbon removal after two decades in carbon markets, and what it took to get comfortable: a developer with a proven record, high-credit offtakers removing market risk, and an insurer covering the residual project risk that institutional lenders expect. He is open about who else can get through the door, including the rough minimum loan size CFP will consider, and why he thinks the market's chicken-and-egg problem is finally starting to crack.

Julia makes the case that bankability starts long before anyone talks to a bank. She describes how the fine print of an offtake contract, the page she once skipped past, became the page lenders scrutinised most, and recounts the working capital fight that pushed registries and buyers towards monthly crediting. Both credit Frontier for brokering the introduction and publishing offtake templates others can reuse.

They close on policy. Every debt deal discussed in the episode closed outside Europe, and Tyler sets out what would change that: projectable revenue, ideally fixed forward prices or a liquid forward market. Sebastian lays down a challenge for the first European deal, and Tyler accepts it.

LINKS:
Sebastian Manhart: LinkedIn and Website
Julia Reichelstein: LinkedIn
Tyler Manchester: LinkedIn
Vaulted Deep: Website
CFP Energy: Website (https://www.cfp.energy/)
Vaulted Deep secures $35 million in debt financing
Frontier offtake agreement template
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In this episode of The Carbon Removal Scoop, Eve Tamme and Sebastian Manhart sit down with Alexander Mäkelä, Chief Policy Officer at Carbon Gap, to dig into the Policy Levers Library: a new living database of 165 policy levers across six policy families, unveiled at Carbon Gap's Carbon Removal Policy Summit in Brussels. Alex's starting point is blunt. The sector keeps reaching for the same few tools, contracts for difference, direct procurement, the EU ETS, and that may be a failure of imagination.

Asked which lever Europe is leaving untouched, Alex lands on finance. Demand certainty dominates the conversation, but without bankability and capital ready to deploy, he argues, projects simply won't materialise. He makes the case for CDR debt that is as boring as renewables debt, and points to Stockholm Exergi's crowded capital stack as a sign of just how much it currently takes to get a BECCS project over the line.

Eve and Sebastian also put the library itself under the microscope: why there is no impact score among its eleven criteria, how the team scored every lever using case studies from Europe, North America and the Global South, and where a policymaker handed the link should actually start. The hosts push for something the tool doesn't do yet, connecting policymakers with those who have already solved the same problem somewhere else.

The conversation closes on advocacy, and why Alex thinks the sector is too reactive and too focused on Brussels when thousands of German municipalities alone have no plan for removals. Tune in to hear why Carbon Gap actively wants people to steal its work.

LINKS:
Eve Tamme: LinkedIn and Website
Sebastian Manhart: LinkedIn and Website
Alexander Mäkelä: LinkedIn
Carbon Gap: Website
Policy Levers Library
Carbon Removal Policy Summit
Our episode recorded at the Carbon Removal Policy Summit
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In this episode of The Carbon Removal Scoop, Eve Tamme and Sebastian Manhart sit down with James Screen, who until recently led the team designing carbon removal policy at the UK's Department for Energy Security and Net Zero. A year after the Scoop covered Alan Whitehead's independent review of greenhouse gas removals, James explains what the government's response actually is: not a grand strategy, but a staging post that sets out the UK's direction of travel and leaves the hardest questions for the Carbon Budget 7 delivery plan.

James is candid in sharing his personal views about where the response parts ways with the review. He explains why there is little political appetite to reopen what net zero means by adopting geological net zero, the outlook on woodland in the UK ETS, and reads the new "as soon as practicable" timeline for removals in the UK ETS against the backdrop of possible UK and EU ETS linking.

The conversation then turns to the GGR business models. James walks through how carbon contracts for difference sit on top of the network support model in clusters like Liverpool Bay, why he thinks the model can work for both voluntary and ETS sales, and why taxpayer subsidy cannot be the enduring answer. Sebastian and Eve also find themselves on opposite sides of whether the UK and Europe are making too narrow a bet on BioCCS and DAC.

They close on the reshuffle that followed the response, with James explaining why he sees continuity rather than radical change, and why the story of solar and offshore wind gives him real cause for optimism.

LINKS:
Eve Tamme: LinkedIn and Website
Sebastian Manhart: LinkedIn and Website
James Screen: LinkedIn
Independent review on greenhouse gas removals: government response
Independent Review of Greenhouse Gas Removals by Alan Whitehead
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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.

LINKS:
Eve Tamme: LinkedIn and Website
Sebastian Manhart: LinkedIn and Website
Joint statement from five CDR associations on the EU ETS review
Mapping conflicts in carbon removal narratives (Prütz et al., Nature portfolio)
MEP Emma Wiesner: Let EU ETS Operators buy CDR Directly
Sebastian's preprint on international credit portfolios
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In this episode of The Carbon Removal Scoop, Eve Tamme and Sebastian Manhart sit down with Chi-ming Peng, Taiwan's Minister of Environment, shortly after he set a target that put Taiwan on the carbon removal map: one million tons of biochar carbon removal by 2030. A meteorologist and entrepreneur before he entered government, Minister Peng explains where the target came from, starting with a simple question to his team about who was responsible for biochar, and the discovery that nobody had yet submitted a carbon credit methodology for it.

The pressure behind the target is hard to miss. Taiwan sits at the centre of the global AI supply chain, and its semiconductor giants will need carbon credits at a scale that expensive engineered removals cannot yet supply. With a carbon fee already in place and an emissions trading system on the way, Minister Peng makes the case that biochar is the pathway Taiwan can move on now, and explains why he is looking so closely at Europe's CRCF, the Buyers' Club and the EU ETS.

Eve and Sebastian press him on the hard parts. Where will the feedstock come from, given five million tons of agricultural waste a year that mostly heads to incinerators? Why is importing more such a tough sell, with public resistance and the Basel Convention in the way? And how does a country that cannot attend COP as a party still plan to trade carbon credits under Article 6.2, with Paraguay first in line?

They close on the next six to twelve months: the machines, the money, and the methodology still to be locked down before Taiwan's number can move from ambition to actual credits. Whether biochar becomes part of Taiwan's answer to a semiconductor industry's carbon problem, or another target that outruns the paperwork, is the question worth watching from here.

LINKS
Eve Tamme: LinkedIn and Website
Sebastian Manhart: LinkedIn and Website
Minister Chi-ming Peng: LinkedIn and Facebook
Ministry of Environment, Taiwan
Taiwan and Paraguay sign MOU on carbon credit cooperation under the Paris Agreement
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