GWGI RiskWatch: Silent substitutes – Demand erosion risk in the merchant CO2 market

  • Gas
  • October 28, 2025

For decades, carbon dioxide (CO2) has been in the spotlight for two major narratives. Firstly, as a ‘climate killer’ scapegoat, a gas maligned for its negative environmental impact. Secondly, for the deep and enduring supply chain shortages that have emerged in both North America and Europe, often concurrently.

As a result, CO2 has been widely described as the great paradox gas: apparently pervasive in the atmosphere and yet in tight supply as a critical product used in key end-user applications.

This even led to reference to the rhyme of the ancient mariner: ‘Water, water everywhere, nor any a drop to drink’.

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