Core Insights - Microsoft has signed an agreement with Indian startup Varaha to procure over 100,000 tons of carbon removal credits over the next three years, aiming to expand its carbon removal project portfolio to match the growth of its AI and cloud businesses [1][7] - The project will convert agricultural waste, such as cotton stalks, into biochar, which can be applied to soil for long-term carbon sequestration and to reduce air pollution from open burning [1][8] - Varaha plans to build 18 industrial reactors with a total carbon removal capacity exceeding 2 million tons over the project's lifecycle [2][8] Company Initiatives - The initial focus of the project will be in Maharashtra, India, covering approximately 40,000 to 45,000 small farming households [1][7] - Varaha's CEO highlighted the challenges in the carbon removal market, including the need for stable operations and stringent verification processes for carbon credits [2][8] - The first reactor will be located near Varaha's cotton research farm in Maharashtra, with plans to test biochar technology in real farming environments [3][9] Business Growth - Varaha's biochar business has rapidly expanded, processing about 240,000 tons of biomass in 2025, producing approximately 55,000 to 56,000 tons of biochar, and generating around 115,000 tons of carbon removal credits, a significant increase from the previous year's 15,000 to 18,000 tons [10] - The company aims to double its biomass processing capacity to about 500,000 tons by 2026, achieving nearly 250,000 tons of carbon sequestration [10] - Varaha has established 20 projects across India, Nepal, and Bangladesh, with 14 in advanced stages and 6 in early stages, expected to sequester around 1 billion tons of CO2 over 15 to 40 years [4][10] Strategic Partnerships - Microsoft's carbon removal project director stated that the procurement agreement enhances the diversity of Microsoft's carbon removal portfolio, emphasizing the scalability and longevity of Varaha's biochar project [11] - Despite the collaboration, the carbon removal credits purchased are relatively limited compared to Microsoft's total greenhouse gas emissions of 15.5 million tons in fiscal year 2024 [5][11] - Google has also engaged with Varaha, purchasing 100,000 tons of carbon removal credits in January 2025, marking its largest biochar-related transaction [5][11] Financial Backing - Since its establishment in 2022, Varaha has raised approximately $50 million through various financing tools, with investors including RTP Global, Accel Partners, and others [6][12] - A significant investment of $30.5 million from the French climate investment firm Mirova, supported by Kering Group and other investors, aims to help Varaha scale its regenerative agriculture projects [12]

微软(MSFT.US)已与Indigo Carbon达成协议，将采购创纪录的285万份与美国再生农业相关的土地碳信 用额度。尽管与人工智能(AI)相关的碳排放激增，但这家科技巨头仍决心在2030年前实现"负碳排放"。 微软是全球最大的碳清除信用额度买家。该公司并未透露这项为期12年的协议的具体金额。但根据一位 了解交易的人士透露，Indigo Carbon的碳信用额度处于每吨60美元至80美元的历史区间，这意味着这笔 交易的价值将在1.71亿至2.28亿美元之间。 Indigo Carbon政策、合作与影响事务高级总监梅雷迪思赖斯菲尔德(Meredith Reisfield)在接受采访时表 示："这使土壤碳移除的重要性进入企业气候行动视野，对Indigo Carbon而言，这确实巩固了我们在高 诚信度碳信用领域的声誉和领导地位。"她补充道，农民也能获得经济收益，可从任何给定发行期或作 物年度的碳信用加权平均成本中获得75%的收益。 微软碳移除总监菲利普古德曼(Phillip Goodman)表示："微软对Indigo Carbon的再生农业方法感到振奋， 该方法通过经核验的碳信用和向种植者支付款项来提供可衡量 ...

Beaver Lake项目位于路易斯安那州派恩维尔，利用当地可持续获取的林业废弃物生产生物甲醇并捕获 由此产生的生物源二氧化碳。项目全面建成后，每年将生产超50万吨生物甲醇，同时捕获并永久封存约 100万吨二氧化碳。每个CRU对应1吨从大气中移除并安全封存的二氧化碳。该项目总投资约25亿美 元，计划于2026年下半年启动建设，2029年投入运营。 C2X首席执行官表示，与微软的合作项目兼具生物甲醇生产和永久碳移除双重效益。微软碳移除业务负 责人称，该项目提供了大规模碳移除的独特机会。所有碳移除单位将在第三方验证后，于国际碳减排与 补偿联盟认可的登记处注册，确保碳核算严谨透明。 中化新网讯 1月5日，C2X公司旗下子公司Beaver Lake Renewable Energy与微软签署长期协议，将在12 年内向微软交付360万高质量工程碳移除单位(CRUs)，合年均提供30万吨二氧化碳储存量。这些CRUs 来自C2X在路易斯安那州开发的Beaver Lake低碳燃料项目。 ...

Core Viewpoint - Microsoft has signed a $1.7 billion contract with Vaulted Deep, a low-carbon company, to implement a unique carbon removal strategy involving the burial of waste materials, aiming to address its carbon emissions and enhance its environmental responsibility [3][22]. Group 1: Contract Details - The contract with Vaulted Deep is valued at $1.7 billion, which is approximately 100 billion RMB [3]. - The project involves burying 490 million tons of waste materials over a period of 12 years, which is a significant undertaking [5][20]. - This method is designed to sequester carbon for over 10,000 years, utilizing established industrial waste management techniques [18]. Group 2: Environmental Context - Microsoft’s decision reflects a broader trend among large corporations to improve their carbon credit scores and ESG ratings, as these factors influence investment decisions [8][10]. - Traditional carbon offset projects, such as forest conservation, have been criticized for their effectiveness, with many being deemed worthless [11][27]. - The shift towards carbon removal strategies indicates a response to the inadequacies of previous carbon offset methods [14][29]. Group 3: Financial Implications - The contract may lead to significant tax deductions for Microsoft, potentially saving over $300 million due to environmental subsidies [25]. - Vaulted Deep's CEO indicated that the actual costs for Microsoft could decrease as technology improves, making the investment more favorable [25]. Group 4: Broader Industry Trends - The project aligns with Microsoft's goal of achieving carbon negativity by 2030, despite a reported 23.4% increase in emissions in the 2023 fiscal year compared to 2020 [22][23]. - The initiative is part of a larger trend where companies are exploring innovative solutions to manage carbon emissions while addressing the growing demand for cloud computing and AI technologies [22][29].

Investment Rating - The report maintains an investment rating of "Leading the Market" for the Direct Air Capture (DAC) industry, indicating an expected growth rate exceeding 10% compared to the benchmark index [3][9]. Core Insights - The DAC technology offers significant advantages in carbon removal by capturing CO₂ directly from the atmosphere, with the captured CO₂ being permanently transformed, stored, or utilized. Compared to traditional carbon capture methods, DAC is more flexible and easier to deploy due to its smaller scale and modular construction [2][3]. - The DAC market is projected to exceed USD 1.7 billion by 2030, with a compound annual growth rate (CAGR) of 60.9% from USD 62 million in 2023 [3][4]. - The average global DAC carbon removal cost has decreased by 54% from 2023, reaching USD 316 per ton in 2024, which is lower than previously estimated costs [4][5]. Summary by Sections Market Performance - The DAC industry is supported by significant government backing in Europe and the U.S., with the U.S. Department of Energy announcing up to USD 1.8 billion in funding for DAC facilities in 2024 [3][4]. - Major companies like Microsoft and TikTok have signed contracts for carbon removal, indicating strong demand for DAC services [3]. Technology and Cost - Solid adsorption materials are identified as the core component of DAC technology, with a market size projected to reach approximately USD 500 million by 2030 [5]. - The report highlights that 65% of DAC companies are using or developing solid adsorbents, which are more energy-efficient compared to liquid methods [5]. Investment Recommendations - The report suggests focusing on leading domestic companies in the solid adsorption materials sector, particularly Blue Sky Technology, which has established strategic partnerships and is scaling up production [5].

Core Viewpoint - The research emphasizes the necessity of both source reduction and carbon removal strategies to achieve global carbon neutrality and mitigate climate change effectively [2][3]. Group 1: Source Reduction - Source reduction is a critical approach for countries worldwide, focusing on decreasing fossil fuel usage through renewable energy sources like wind and hydrogen [1]. - Current carbon emission rates indicate that the remaining carbon budget to limit global warming to 1.5°C may be exhausted within the next five years, highlighting the insufficiency of relying solely on source reduction [2]. Group 2: Carbon Removal - Carbon removal is identified as a vital measure for reducing global carbon emissions and cooling the planet, yet current climate policies primarily focus on achieving net-zero emissions without detailing how to balance source reduction and carbon removal [2]. - The potential risks of large-scale carbon removal technologies include significant land use and increased water resource consumption, which could threaten human survival [2]. Group 3: Dual Target Strategy - Researchers propose setting independent targets for source reduction and carbon removal, advocating for a dual approach to achieve overall net-zero goals [2]. - This strategy is believed to accelerate the reduction process and foster the development of carbon removal technologies, addressing the challenges of carbon removal and global decarbonization [2][3]. Group 4: Effectiveness of Target Setting - Studies indicate that separately setting targets for source reduction and carbon removal yields better outcomes in terms of short-term carbon reduction, timelines for achieving carbon neutrality, and the onset of negative carbon emissions [3].