European Carbon Removal Initiative Expands to India

A European carbon removal initiative, launched by the Amsterdam-based group remove, extends its support to Indian businesses for developing carbon dioxide removal (CDR) projects. Supported projects will include biochar and enhanced weathering. The initiative has raised over 220 million euros and aims to broaden its geographical reach and market potential.

A European team of carbon removal specialists introduced a new initiative on Tuesday, targeting Indian businesses to aid them in developing projects that capture carbon dioxide from the atmosphere to combat global warming.

The Amsterdam-based group, called remove, has successfully raised over 220 million euros ($238 million) to support carbon dioxide removal (CDR) projects across Europe and will now accept applications from Indian start-ups. Those selected will gain access to remove's network of experts and international buyers and may qualify for additional 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 involves various interventions to sequester already-emitted CO2, including reforestation and filters that capture carbon directly from the air.

Indian projects are anticipated to focus on biochar—charcoal produced from organic matter—and "enhanced weathering," where materials like basalt are spread across land to absorb CO2. Research indicates that around 7-9 billion metric tons of CO2 need to be removed annually to maintain temperature increases below the critical 1.5-degree Celsius threshold, up from the current 2 billion tons.

The CDR market's value could escalate from $2.27 billion in 2023 to approximately $100 billion by 2030, provided growth barriers are overcome, according to recent consultancy findings. CDR projects generally incur higher costs than traditional CO2 reduction methods, and their viability will hinges on carbon markets. Current demand for CDR credits is limited to a few dozen mostly philanthropic buyers on the voluntary market, including the U.S. federal government, Microsoft, and Google.

"We all know carbon removal will be necessary eventually—the potential is vast, but for now… it's a matter of surviving until the market becomes viable," said Krueger. The European Union is exploring options to incorporate CDR credits into its emissions trading system.

"For this to become mainstream, governments will need to play a larger role in creating suitable conditions," said Steve Smith, a CDR expert at Oxford University.

($1 = 0.9236 euros)

(With inputs from agencies.)