A team of European carbon removal specialists launched an initiative to help Indian businesses develop projects that remove carbon dioxide from the atmosphere and mitigate global warming. Remove, an Amsterdam-based group, has raised over 220 million euros ($238 million) to support carbon dioxide removal (CDR) projects across Europe and will now be accepting applications from Indian start-ups.
Successful applicants will gain access to Remove’s network of experts and international buyers, and may also be eligible for additional funding. Remove’s co-founder Marian Krueger said, “We have now found the model that works. We believe this is a global problem and there is tremendous potential in other geographies beyond Europe.”
CDR is the process of sequestering CO2 already emitted and includes interventions like reforestation and filters that extract carbon directly from the air.
Researchers say that around 7-9 billion metric tonnes of CO2 need to be removed annually to keep temperature rises below the key 1.5 degree Celsius threshold, up from 2 billion tonnes currently.
If barriers to growth are addressed the value of the CDR market could rise from $2.27 billion in 2023 to around $100 billion by 2030, according to a consultancy.
“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 is a matter of survival until we finally hit the point where the market finally materialises,” said Krueger.
