The Carbon Curve

Episode 64 is with Dr. Julio Friedmann, Chief Scientist at Carbon Direct
In this episode, Na’im speaks with Dr. Julio Friedmann about Carbon Direct’s recent publication “ 5 Pillars of Successful Project Deployment and Delivery” on what the carbon dioxide removal industry needs to de-risk projects in order to attract new buyers and to stand up infrastructure-scale carbon removal projects.In this episode, Na’im and Julio discuss:
* How CDR 1.0 built markets
* What buyers today really want
* Overview of Five Pillars Carbon Direct outlined
* Why project assurance matter
* The bottleneck project management talents
* Industry-led standard setting
* Basics of bankable offtake agreements
Relevant Links:
* CDR 2.0: Five Pillars of Successful Project Deployment and Delivery - Report
* 2026 State of the Voluntary Carbon Market - Report
* 2026 State of the Voluntary Carbon Market - Webinar
* Carbon Direct - Website
* Advance Carbon Removal Coalition - Website
* Quebec Surficial Mineralization Hub
About Dr. Julio Friedmann:  Julio is Chief scientist at Carbon Direct. He works directly with clients, the science team, and the leadership of Carbon Direct to solve major technical challenges around carbon management and CO2 removal, making clean power in products and reducing greenhouse gas emissions.
Dr. Friedmann is one of the most widely known and authoritative experts in the US on carbon dioxide removal, CO2 conversion, and hydrogen industrial decarbonization and carbon capture and sequestration. He recently served as principal deputy assistant secretary for the Office of Fossil Energy at the Department of Energy, where he was responsible for doe’s r and d program in advanced fossil energy systems, carbon capture and storage, CO2 utilization, and CO2 removal.
More recently, he was a senior research scholar at the Center on Global Energy Policy at Columbia. He has held positions at Lawrence Livermore National Laboratory, including Chief Energy Technologist.
About Carbon Direct: Carbon Direct is a trusted energy and climate solutions company that combines world-class scientific expertise, technical rigor, and market insights to help clients achieve their business goals. Carbon Direct 70 plus scientists work closely with their finance policy and market experts to design diligence and deliver decarbonization solutions across industries. From JP Morgan Chase to Microsoft. Carbon Direct helps leading companies with carbon dioxide removal, carbon measurement from clean power opportunities and low carbon energy solutions.
This episode was made possible thanks to the generous support of the Consecon Foundation.
This episode was created and published by Na’im Merchant. Episode production and content support provided by Tank Chen.
Na’im Merchant is the co-founder and Executive Director of Carbon Removal Canada, a policy initiative focused on scaling carbon removal in Canada. He is on the advisory board of the Carbon Removal Standards Initiative and Terraset, and a former policy fellow with Elemental Impact. He previously ran carbon removal consulting practice Carbon Curve, and publishes The Carbon Curve newsletter and podcast. Every two weeks, Na’im will release a short interview with individuals advancing the policies, technologies, and collective action needed to scale up carbon removal around the world.
Tank Chen is the Head of Content and Community at CDR.fyi, a public benefit corporation dedicated to accelerating carbon removal through transparency. He is also the co-founder of CDRjobs, a career platform for the carbon removal industry. Based in Taiwan, Tank is a carbon removal advocate focused on educating policymakers, corporate leaders, and the public on the importance of carbon removal, using data-driven insights to support communication and policy advocacy.
If you enjoyed this episode, please subscribe to this podcast on your favorite podcast app or subscribe via The Carbon Curve newsletter here. If you’d like to get in touch with Na’im, you can reach out via LinkedIn.


This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit carboncurve.substack.com

Episode 63 is with Jack Andreasen Cavanaugh
Last week, Heatmap reported that Microsoft — the single largest buyer of durable carbon dioxide removal in the world, accounting for 80–90% of all purchases ever made — is pausing new CDR purchases. Jack Andreasen Cavanaugh, Director of the Carbon Management Program at Columbia’s Center on Global Energy Policy, published a piece over the weekend arguing this isn’t really a Microsoft story. The real story is that Microsoft was ever alone in the first place.
In this conversation, Jack makes the case that voluntary corporate buying was never going to get us to gigatonnes, and that policy has to do the heavy lifting — just like it did for solar and wind. We get into what the next 12 months actually look like for CDR companies, why enhanced oil recovery deserves a fresh look, the limits of 45Q, and the one policy Jack would write into law tomorrow if he could.
In this episode:
* Why Microsoft’s dominance was a structural vulnerability, not market health — and the “seven buyers in a trench coat” problem
* Governments have committed $45M to CDR purchases but spent essentially $0
* The case for enhanced oil recovery and why “greenwashing” arguments fall apart under scrutiny
* Where 45Q falls short and why most CDR pathways still get no support
* Why Big Tech lobbying for CDR policy may be worth more than their purchases
* Jack’s dream policy: a low-carbon-intensity product standard embedded in global trade
About the guest:
Jack Andreasen Cavanaugh is Director of the Carbon Management Program at the Center on Global Energy Policy at Columbia University’s School of International and Public Affairs. He previously led Carbon Management Policy at Breakthrough Energy.
Referenced in this episode:
* Jack’s piece: “The Private Sector Built the Market — Time for Us to Scale It”
* Heatmap’s reporting on Microsoft’s CDR pause
This episode was made possible thanks to the generous support of the Consecon Foundation.
This episode was created and published by Na’im Merchant. Episode production and content support provided by Tank Chen.
Na’im Merchant is the co-founder and Executive Director of Carbon Removal Canada, a policy initiative focused on scaling carbon removal in Canada. He is on the advisory board of the Carbon Removal Standards Initiative and Terraset, and a former policy fellow with Elemental Impact. He previously ran carbon removal consulting practice Carbon Curve, and publishes The Carbon Curve newsletter and podcast. Every two weeks, Na’im will release a short interview with individuals advancing the policies, technologies, and collective action needed to scale up carbon removal around the world.
Tank Chen is the Head of Content and Community at CDR.fyi, a public benefit corporation dedicated to accelerating carbon removal through transparency. He is also the co-founder of CDRjobs, a career platform for the carbon removal industry. Based in Taiwan, Tank is a carbon removal advocate focused on educating policymakers, corporate leaders, and the public on the importance of carbon removal, using data-driven insights to support communication and policy advocacy.
If you enjoyed this episode, please subscribe to this podcast on your favorite podcast app or subscribe via The Carbon Curve newsletter here. If you’d like to get in touch with Na’im, you can reach out via LinkedIn.


This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit carboncurve.substack.com

Episode 62 is with Robert Höglund (Head of Climate Strategy and CDR, Milky Wire; Co-Founder, CDR FYI; CEO, Marginal Carbon).
In this episode, host Na’im Merchant catches up with Robert Höglund to discuss his latest thinking on the carbon removal sector’s trajectory. Robert makes the case that CDR needs a narrative shift away from speed and scale, toward prove and learn. They explore why aviation and shipping are largely ignoring carbon removal in their decarbonization plans, why voluntary demand may outpace compliance demand for the next decade or more, and why the sector should stop treating CDR as a last resort and start positioning it as a legitimate mitigation solution alongside everything else.
Key Topics:
* From “Speed and Scale” to “Prove and Learn”: Focus on driving down costs, proving out methods, and nailing MRV rather than racing toward gigatons by mid-century.
* Voluntary vs. Compliance Demand: Voluntary buyers, led by high-profit, low-emission sectors like tech, could remain the larger demand source for 10 to 15 years.
* Aviation and Shipping’s CDR Blind Spot: Legislation like Refuel EU and Fuel EU Maritime effectively shuts out carbon removal in favor of fuel switching, reflecting an advocacy gap in international forums.
* CDR Is Not a Last Resort: Carbon removal is rate-limited, not stock-limited, and should compete on cost and sustainability alongside other mitigation solutions.
* The Ability to Pay: There are plenty of high-profit, low-emission companies that could be buying CDR today but aren’t yet.
About Robert Höglund:
Robert is the Head of Climate Strategy and CDR at Milky Wire, Co-Founder of CDR FYI, and CEO of Marginal Carbon. He writes reports for Carbon Gap and serves on several advisory groups including the EU Commission’s Expert Group on Carbon Removal and the Science Based Targets Initiative’s Expert Working Group.
Relevant Links:
* The carbon removal sector needs a new story — Robert Hoglund
* Marginal Carbon Substack
* Robert Höglund’s LinkedIn Profile
* The Billion Tonne Blueprint — Carbon Removal Canada
* Removals into Revenue — Carbon Removal Canada
* Advance Carbon Removal Coalition
This episode was made possible thanks to the generous support of the Consecon Foundation.
This episode was created and published by Na’im Merchant. Episode production and content support provided by Tank Chen.
Na’im Merchant is the co-founder and Executive Director of Carbon Removal Canada, a policy initiative focused on scaling carbon removal in Canada. He is on the advisory board of the Carbon Removal Standards Initiative and Terraset, and a former policy fellow with Elemental Impact. He previously ran carbon removal consulting practice Carbon Curve, and publishes The Carbon Curve newsletter and podcast. Every two weeks, Na’im will release a short interview with individuals advancing the policies, technologies, and collective action needed to scale up carbon removal around the world.
Tank Chen is the Head of Content and Community at CDR.fyi, a public benefit corporation dedicated to accelerating carbon removal through transparency. He is also the co-founder of CDRjobs, a career platform for the carbon removal industry. Based in Taiwan, Tank is a carbon removal advocate focused on educating policymakers, corporate leaders, and the public on the importance of carbon removal, using data-driven insights to support communication and policy advocacy.
If you enjoyed this episode, please subscribe to this podcast on your favorite podcast app or subscribe via The Carbon Curve newsletter here. If you’d like to get in touch with Na’im, you can reach out via LinkedIn.


This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit carboncurve.substack.com

Episode 61 is with Giana Amador (Executive Director, Carbon Removal Alliance), Erin Burns (Executive Director, Carbon180), and Peter Minor (CEO, Absolute Climate).
In this inaugural Removers Roundtable episode, host Na’im Merchant sits down with three leaders in the carbon removal space: Giana Amador (Executive Director, Carbon Removal Alliance), Erin Burns (Executive Director, Carbon180), and Peter Minor (CEO, Absolute Climate). They discuss the current state of US carbon removal policy, industry consolidation, and the sector’s evolution from hype to maturity—emphasizing that carbon removal is playing the long game, building toward gigatonnes over decades, not years.
Key Topics:
* Policy Wins in Appropriations: Congress allocated $45 million for the CDR purchase pilot prize and over $70 million for RD&D at DOE, signaling bipartisan support. The DAC hubs program saw $1 billion redirected, leaving $800 million remaining.
* Shift from Hype to “Prove and Learn”: The industry is transitioning to real-world deployment, with opportunities to engage communities and understand practical challenges like permitting and project finance.
* Industry Consolidation: Mergers bring advantages of scale including better supplier terms and buyer confidence.
* Talent and Long-term Vision: While some talent may leave as the market normalizes, the focus should be on creating durable political coalitions and maintaining strategy rather than reacting to short-term politics.
Guest Bios:
* Erin Burns is the Executive Director of Carbon180, a US nonprofit focused on scaling carbon removal through equitable, science-based policy and market development.
* Peter Minor is the CEO and Co-Founder of Absolute Climate and serves as a Science Advisor to the Carbon Removal Alliance.
* Giana Amador is the Executive Director of the Carbon Removal Alliance, a nonprofit coalition focused on advancing carbon removal policy and market development.
Relevant Links:
* Noah Deich’s Substack
* The carbon removal sector needs a new story - Robert Hoglund
* Durable carbon removal delivers 1 million tons - Carbon Herald
This episode was made possible thanks to the generous support of the Consecon Foundation.
This episode was created and published by Na’im Merchant. Episode production and content support provided by Tank Chen.
Na’im Merchant is the co-founder and Executive Director of Carbon Removal Canada, a policy initiative focused on scaling carbon removal in Canada. He is on the advisory board of the Carbon Removal Standards Initiative and Terraset, and a former policy fellow with Elemental Impact. He previously ran carbon removal consulting practice Carbon Curve, and publishes The Carbon Curve newsletter and podcast. Every two weeks, Na’im will release a short interview with individuals advancing the policies, technologies, and collective action needed to scale up carbon removal around the world.
Tank Chen is the Head of Content and Community at CDR.fyi, a public benefit corporation dedicated to accelerating carbon removal through transparency. He is also the co-founder of CDRjobs, a career platform for the carbon removal industry. Based in Taiwan, Tank is a carbon removal advocate focused on educating policymakers, corporate leaders, and the public on the importance of carbon removal, using data-driven insights to support communication and policy advocacy.
If you enjoyed this episode, please subscribe to this podcast on your favorite podcast app or subscribe via The Carbon Curve newsletter here. If you’d like to get in touch with Na’im, you can reach out via LinkedIn.


This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit carboncurve.substack.com

Episode 60 is a special ask me anything style episode with Na’im Merchant and Rahima Dosani
In this annual “flip the script” episode of The Carbon Curve, Na’im is back in the hot seat as his wife Rahima Dosani interviews him AMA-style to reflect on the past year in carbon removal and life outside of work.
The conversation starts with personal (and intentionally uncomfortable) questions—turning 40, parenting two young kids, and hard-earned life lessons—before zooming out to the state of carbon removal in 2025. Na’im shares why 2025 felt like a year of renewal at Carbon Removal Canada, what climate pullback has meant for the sector, why he’s even less patient than last year with narratives that dismiss carbon removal as a “distraction”, and the people who inspire him in the carbon removal community.
In this episode, Na’im and Rahima discuss:
* Turning 40: practical life lessons and hot takes
* Parenting a 3.5-year-old and 1.5-year-old and why year two can feel harder than year one.
* Why 2025 felt like “renewal” at Carbon Removal Canada
* What climate pullback is changing: a shift from targets and rhetoric toward delivery, results, and co-benefits.
* 2025 carbon removal highlights: record contracting volumes, the XPRIZE outcomes, and policy momentum in Europe
* Leadership lessons and people who have inspired Na’im in 2025
Relevant links
* Carbon Removal Canada and registration link for Carbon Removal Day (March 5th in Ottawa)
* The Carbon Console tracking 12+ megatonnes of carbon removal projects in Canada
* Tank Chen and team’s excellent work over at CDR.fyi tracking sales and deliveries
* XPRIZE Carbon Removal winners Mati Carbon
* Vaclav Smil white paper on physical infrastructure transition
* Erin Burns Substack (Carbon180 Executive Director)
* Sebastian Manhart, the CDR Policy Scoop podcast, and Gigaten Monthly newsletter
* Robert Höglund on carbon removal as mitigation, not a last resort
* Chris Neidl (High-Level Climate Champions) and Chris Sherwood (The Negative Emissions Platform) on getting carbon removal on the COP agenda and its own pavilion
About Rahima Dosani
Rahima Dosani is the Director of Strategy, Learning, and Innovation at Global Health Visions, a women-owned global health consulting firm . She previously worked at USAID’s Center for Innovation and Impact and the Clinton Health Access Initiative, with experience in Myanmar and Malawi, after starting her career in strategy consulting in New York City .
Rahima holds a BA from the University of Pennsylvania, an MBA from Harvard Business School, and a Master’s in Public Health from the Harvard T.H. Chan School of Public Health .
About Na’im Merchant
Na’im Merchant is the co-founder and Executive Director of Carbon Removal Canada, a policy initiative focused on scaling carbon removal in Canada . He publishes The Carbon Curve newsletter and hosts The Carbon Curve podcast, exploring the people, policies, and technologies needed to scale carbon removal globally.
This episode was made possible thanks to the generous support of the Consecon Foundation.
This episode was created and published by Na’im Merchant. Episode production and content support provided by Tank Chen.
Na’im Merchant is the co-founder and Executive Director of Carbon Removal Canada, a policy initiative focused on scaling carbon removal in Canada. He is on the advisory board of the Carbon Removal Standards Initiative and Terraset, and a former policy fellow with Elemental Impact. He previously ran carbon removal consulting practice Carbon Curve, and publishes The Carbon Curve newsletter and podcast. Every two weeks, Na’im will release a short interview with individuals advancing the policies, technologies, and collective action needed to scale up carbon removal around the world.
Tank Chen is the Head of Content and Community at CDR.fyi, a public benefit corporation dedicated to accelerating carbon removal through transparency. He is also the co-founder of CDRjobs, a career platform for the carbon removal industry. Based in Taiwan, Tank is a carbon removal advocate focused on educating policymakers, corporate leaders, and the public on the importance of carbon removal, using data-driven insights to support communication and policy advocacy.
If you enjoyed this episode, please subscribe to this podcast on your favorite podcast app or subscribe via The Carbon Curve newsletter here. If you’d like to get in touch with Na’im, you can reach out via LinkedIn.


This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit carboncurve.substack.com