A team of European carbon removal specialists have launched an initiative to help Indian businesses develop projects that suck carbon dioxide out of the atmosphere and mitigate global warming.
The Amsterdam-based group, called remove, has raised over 220 million euros ($238 million) to support carbon dioxide removal (CDR) projects throughout Europe.
The group will now accept applications from Indian start-ups.
Successful applicants will be able to access remove’s network of experts and international buyers. They could also be eligible for additional funding.
“We have now found the model that works,” said Marian Krueger, remove’s co-founder. “We believe this is a global problem and there is tremendous potential in other geographies beyond Europe.”
Carbon Dioxide Removals (CDR) refers to a wide range of interventions that sequester CO2 that has already been emitted. It includes reforestation and filters that extract carbon directly from the air.
Indian projects are expected to focus on biochar – charcoal produced from burning organic matter – and “enhanced weathering”, where materials like basalt are spread across land to absorb CO2.
Around seven to nine billion metric tons of CO2 need to be removed annually to keep temperature rises below the key 1.5 degree Celsius threshold, up from two billion tons currently.
The value of the CDR market could rise from $2.27 billion in 2023 to around $100 billion by 2030 if barriers to growth are addressed, a consultancy also said last month.
CDR projects are more expensive than conventional CO2 reduction. The viability of these projects will depend on carbon markets.
At present, demand for CDR credits is limited to a few dozen mainly philanthropic buyers on the voluntary market, including the U.S. federal government, Microsoft MSFT.O and Google.
“We all know we will need carbon removal down the line – the pot of gold at the end is very big, but right now … it really is a matter of survival until we finally hit the point where the market finally materialises,” said Krueger.
The European Union is currently exploring options to include CDR credits in its emissions trading system.
“We are going to need this to become far more mainstream than it currently is,” said Steve Smith, a CDR expert at Oxford University.
(With Inputs From Reuters)
