Nasdaq Launches Carbon Issuance Calendar With Relae for CDR Buyers

Nasdaq, working with carbon removal diligence firm Relae, has launched a Carbon Issuance Calendar that consolidates future offtake availability data for durable carbon dioxide removal (CDR) credits into a single platform.

The tool went live with coverage of engineered and hybrid removal pathways: direct air capture (DAC), enhanced rock weathering (ERW), biochar, and bioenergy with carbon capture and storage (BECCS). For each project, the calendar displays three data points that buyers previously had to assemble themselves: future credit availability, indicative pricing, and project delivery status.

What problem does the calendar solve?

The platform's creators identify a structural gap in voluntary carbon market procurement. Buyers seeking durable removal credits lack a clear starting point. The conventional process requires visiting individual developer websites, requesting information through scattered channels, and comparing projects whose data appears in incompatible formats.

The Carbon Issuance Calendar addresses this by centralizing developer-provided project data in structured displays. Buyers can compare projects side by side. Suppliers of carbon dioxide removal gain visibility into what is currently available and what is projected to enter the voluntary market.

The calendar aggregates information that today sits dispersed across developer sites, according to the companies.

How are projects assessed?

The platform combines two inputs. Developers supply structured project data. Relae then applies its assessment framework and technical diligence, presenting the information through a delivery-oriented lens.

That lens reflects scale. Relae's team has screened more than 900 CO2 removal projects, and the company applies the same rigor used to build its Criteria for High-Quality Carbon Dioxide Removal, a benchmark released annually in partnership with Microsoft.

"Our experts apply rigorous pathway-specific criteria to live projects, evaluating delivery risk and status, and identifying where questions remain is the core of what we bring to the carbon removal market," Relae said in a statement.

The assessment focuses on whether projects will actually deliver the credits they promise — the central question for buyers committing capital to offtake agreements years ahead of issuance.

Which pathways are covered?

At launch, the calendar covers four engineered and hybrid pathways:

• Direct air capture (DAC) — machines that pull CO2 from ambient air
• Enhanced rock weathering (ERW) — spreading crushed rock that absorbs CO2
• Biochar — carbon-rich charcoal produced from biomass
• Bioenergy with carbon capture and storage (BECCS) — energy generation paired with CO2 capture

Nature-based removals are not yet included. The platform's creators state that nature-based carbon removals may be added in the future, and would be displayed in a separate segment of the calendar.

What comes after the calendar?

The companies position the tool as an entry point, not an end-to-end procurement system. Buyers developing procurement strategies can use the calendar to identify candidate projects, then engage Relae's advisory team for the subsequent stages: technical diligence, contracting, and project assurance.

That division of labor reflects the structure of durable CDR deals, which typically move from initial screening through independent technical review before long-term offtake contracts are signed.

Why the timing matters

Durable carbon removal remains a thin, fragmented market. Credit availability is concentrated among a limited number of developers, and pricing indications vary widely by pathway and delivery year. A centralized issuance calendar gives market participants a forward view of supply — the equivalent of a production schedule for a commodity that has lacked one.

The collaboration also signals growing exchange interest in environmental commodities. Nasdaq's involvement brings established market infrastructure to a segment that has relied on bilateral deals and bespoke diligence.

The near-term milestone to watch is the platform's expansion. Whether nature-based removals enter the calendar, and how many developers commit structured issuance data to it, will determine whether the tool becomes the market's reference point or remains a partial view of engineered pathways.