The Carbon Curve

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

Episode 59 is with Rory Brown, Co-Founder & CEO at Airhive
In this episode, Na’im speaks with Rory about his journey into carbon removal technology with a focus on direct air capture (DAC). Other major themes include the importance of financing, the policy landscape for carbon removal in different regions, and the need for transparency about DAC costs.In this episode, Na’im and Rory discuss:
* Rory’s transition to climate and DAC
* The founding and growth of Airhive, including their technology and team
* Key features and operational efficiency of Airhive’s DAC technology
* The operational progress of their 1,000 tonne per year commercial demonstrator in Alberta, Canada
* The main barriers to scaling DAC and how Airhive addresses these challenges
* The complexity and transparency issues around the cost of DAC
* Future projections and cost reduction goals for DAC technology
* The benefits and opportunities of deploying DAC technology in Alberta, Canada
* The role of policy in shaping the global development of carbon removal technologies
* Airhive’s plans for future projects, including CO2 supply for industrial processes and further R&D advancements
Relevant Links:
* Airhive - Website
* List of Airhive’s current and upcoming projects - Webpage
* The launch of Airhive’s operation at Deep Sky Alpha - Article
* More details and registration for Carbon Removal Day 2026 (in-person only)
About Rory Brown and Airhive:
Rory is the CEO of Airhive, which he co-founded in 2022 after nearly a decade and a half in international affairs. Airhive is a London, England-based DAC developer. Founded in 2022 by Rory and CTO Dr. Jasper Wong, Airhive are a team of 15 engineers and operators with active pilot and commercial projects in the UK, Canada, EU and Asia-Pacific. An XPRIZE Carbon Removal Finalist, they recently announced they have begun capturing CO2 from their 1,000 tonne per year commercial demonstrator at the Deep Sky Alpha facility in Alberta, Canada.
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 58 is with Marc Roston (Stanford’s Precourt Institute for Energy) and Peter Minor (Absolute Climate)
This episode features Marc Roston, senior research scholar at Stanford’s Precourt Institute for Energy, and Peter Minor, co-founder of Absolute Climate. They explore fundamental flaws undermining voluntary carbon markets, focusing on how carbon credits are accounted and valued. Mark explains challenges like the “original sin” of credit retirement, custody issues, and fungibility differences among carbon removal types. Together, they discuss a new concept of carbon delivery companies as long-term counterparties to enhance accountability and trust. The dialogue highlights the urgent need to align carbon market practices with the realities of durable climate impact and robust financial frameworks.
In this episode, Na’im, Peter, and Marc discuss:
* The problems with current carbon accounting and credit retirement;
* The distinction between emissions reductions and carbon removals;
* The concept of carbon delivery companies and long-term liabilities, and the need for fungibility in carbon credit markets;
* Solutions for aligning short-term and long-term carbon liabilities;
* Emission liability management as a core concept to improve carbon markets
* The necessity of differentiating between avoidance and removal credits in trading markets
* Experimentation in policy and trading to create a reliable market infrastructure for carbon removal
Relevant links:
* The Market That Won’t Trade: Fixing Structural Failures in the Spot Market for Carbon Removals - Paper
* What’s next after carbon accounting? Emissions liability management - PaperAccounting for Climate Change - Article
* Sustainable Finance Initiative - Website
* Absolute Climate - Website
About Marc:
Marc Roston is a Senior Research Scholar at the Precourt Institute for Energy in the Stanford Doerr School of Sustainability where he leads research efforts in carbon accounting and carbon markets, financial institution transitions and climate-related insurance markets. He’s also a Senior Fellow at the E-ledgers Institute, where he’s been helping to define the concept of E-liabilities. Prior to joining Stanford in 2020, Roston spent 25 years in the asset management industry where he held senior investment positions in quantitative finance, private equity, and advisory services. He earned a PhD in Economics from the University of Chicago and a B.S. in Economics at Carnegie Mellon University.
About Peter:
Peter Minor is a co-founder of Absolute Climate, which is building independent standards that apply universal assessment criteria to all CDR pathways. A veteran of the carbon removal industry, he previously served as the Director of Science & Innovation at Carbon180. While there, he contributed to the development of key programs like the DOE Regional DAC Hubs, and pioneered core principles required for high-accountability MRV. A UC Berkeley Mechanical Engineering PhD by training, he applies his expertise in sensors, numerical modeling, and carbon removal science towards building the MRV solutions needed to unlock gigaton scale.
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 57 is with Adam Fraser, CEO of Terraset.
In this episode, Na’im speaks with Adam Fraser about Terraset, an innovative nonprofit dedicated to removing greenhouse gases from the atmosphere. They discuss Adam's background in sports journalism and his transition to climate action. They highlight the unique approaches Terraset uses to fund carbon removal, including a recently launched revolving fund which pre-purchases carbon removal and reinvests proceeds to create a sustainable funding model. They also discuss the importance of philanthropic capital to catalyze the nascent carbon removal industry and how Terraset collaborates with various stakeholders to support and scale early-stage carbon removal companies. The episode delves into the diverse motivations and profiles of Terraset’s donors, the gaps and challenges in funding permanent carbon removal and potential solutions, and the future plans for Terraset and how interested parties can get involved.
In this episode, Na’im and Adam discuss:
* Adam’s journey into carbon removal;
* Terraset’s mission and approach;
* Challenges and opportunities in funding carbon removal;
* Innovative funding models for carbon removal;
* Terraset's Revolving Fund.
Relevant Links:
* What carbon removal suppliers need most in 2025 - Terraset Survey Finding
* Launching the Terraset Revolving Fund - Terraset Substack
* New carbon removals fund aims to spur project development - Trellis
About Adam:
In 2023 he was named as the first CEO of Terraset, a nonprofit focused on removing greenhouse gases from the atmosphere. Prior to Terraset, Adam served as Chief Executive of the Laureus Sport for Good Foundation, a global nonprofit founded under the Patronage of Nelson Mandela after the role he saw sport play in rebuilding post-apartheid South Africa. He now sits on the organization’s 501(c)(3) Board, as well as the Board of YPO Manhattan. He has worked as a journalist and writer, communications lead, and nonprofit brand and business development specialist, and has built successful funding partnerships on every continent.
Background on Terraset:
Terraset is a nonprofit that uses philanthropic capital to catalyze the nascent carbon removal industry. They pool tax-deductible donations from individuals, foundations, family offices, and donor-advised funds, and make strategic purchases of permanent, high-quality carbon removal from innovative projects and companies.
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