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

Hosted on Acast. See acast.com/privacy for more information.