European Initiative Boosts Carbon Removal in India

A European carbon removal group, Remove, is pushing into India to aid businesses in removing atmospheric CO2. By offering access to expertise and funding, they aim to enhance India's carbon removal projects, which include biochar and 'enhanced weathering'. The initiative seeks to expand the CDR market globally.

A team of European carbon removal specialists launched an initiative on Tuesday to support Indian businesses in developing projects aimed at extracting carbon dioxide from the atmosphere, thus helping to mitigate global warming. The Amsterdam-based group known as Remove has facilitated over 220 million euros ($238 million) in funding for carbon dioxide removal (CDR) projects across Europe, and is now opening applications for Indian start-ups.

Successful Indian applicants will gain access to Remove's network of experts and international buyers, alongside potential additional funding. 'We have now found a model that works,' said Marian Krueger, co-founder of Remove. 'We believe this is a global problem with tremendous potential beyond Europe.'

CDR encompasses various efforts to sequester emitted CO2, such as reforestation and air filtration. Indian initiatives are expected to focus on biochar—charcoal from burning organic matter—and 'enhanced weathering,' where materials like basalt absorb CO2. Researchers emphasize that 7-9 billion metric tons of CO2 need annual removal to keep temperature increases under 1.5 degrees Celsius, up from 2 billion tons currently.

The CDR market could skyrocket from $2.27 billion in 2023 to approximately $100 billion by 2030 if growth barriers are addressed. However, CDR is costlier than traditional CO2 reduction, relying on burgeoning carbon markets. Currently, CDR credits attract few philanthropic buyers, including the U.S. federal government, Microsoft, and Google.

'Carbon removal is essential, but immediate survival depends on market alignment,' noted Krueger. The European Union is exploring integrating CDR credits into its emissions trading system—a move seen as vital by experts like Steve Smith from Oxford University. 'Government intervention will be key to make this mainstream,' he added. ($1 = 0.9236 euros).

(With inputs from agencies.)