Indian Start-ups Invited to Join European’s Carbon Removal Network

New Delhi, Jul 9 (KNN) A team of European carbon removal specialists has launched an initiative to support Indian businesses in developing projects that extract carbon dioxide from the atmosphere.

The Amsterdam-based organisation, Remove, announced on Tuesday that it will now accept applications from Indian start-ups, expanding its reach beyond Europe.

Remove, which has already raised over 220 million euros to support carbon dioxide removal (CDR) projects in Europe, will offer successful Indian applicants access to its network of experts and international buyers. Additionally, these start-ups may be eligible for further funding.

"We have now found the model that works," stated Marian Krueger, remove's co-founder. "We believe this is a global problem and there is tremendous potential in other geographies beyond Europe."

CDR encompasses a wide range of interventions designed to sequester CO2 that has already been emitted, including reforestation and direct air capture technologies. In India, projects are expected to focus on biochar production and "enhanced weathering" techniques, which involve spreading materials like basalt across land to absorb CO2.

The expansion comes at a critical time. Researchers estimate that 7-9 billion metric tons of CO2 need to be removed annually to keep global temperature rises below the crucial 1.5 degree Celsius threshold, a significant increase from the current 2 billion tons.

The potential for growth in the CDR market is substantial. A recent consultancy report suggests that its value could surge from USD 2.27 billion in 2023 to approximately USD 100 billion by 2030, provided barriers to growth are addressed.

However, challenges remain. CDR projects are currently more expensive than conventional CO2 reduction methods, and their viability hinges on the development of robust carbon markets.

At present, demand for CDR credits is limited to a small number of mainly philanthropic buyers in the voluntary market, including tech giants Microsoft and Google, as well as the U.S. federal government.

Krueger acknowledges the current market limitations but remains optimistic about the future. "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," he said.

Efforts are underway to integrate CDR credits into established carbon trading systems. The European Union is exploring options to include these credits in its emissions trading system, which could significantly boost demand.

Steve Smith, a CDR expert at Oxford University, emphasises the need for wider adoption of these technologies. "We are going to need this to become far more mainstream than it currently is," he stated. "I think that is going to have to involve governments stepping in to create the conditions for it to become mainstream."

(KNN Bureau)