NextGen CDR (NextGen), a permanent carbon dioxide removals (CDRs) company, has announced a purchase agreement with India’s leading CDR developer, Alt Carbon, at the Futures Summit 2024. This partnership, involving South Pole and Mitsubishi Corporation as joint venture partners, marks a significant step in scaling Asia’s carbon removal market.
Alt Carbon utilises enhanced rock weathering by spreading basalt on tea plantations in the Himalayan foothills. The region’s humid climate accelerates the rock’s ability to capture and store CO₂ in the soil for over 10,000 years. By integrating this method with traditional farming practices, Alt Carbon not only contributes to carbon removal but also supports soil health and helps farmers in a heritage industry threatened by climate change.
NextGen’s purchase of CDRs from Alt Carbon is its first outside of Europe and the US, opening the Indian market to global buyers such as Boston Consulting Group, LGT Group, Mitsui O.S.K. Lines, SwissRe, and UBS. This agreement showcases a unique, diversified approach that enables major corporations to secure certified CDRs at an average price of $200/tonne, setting a new precedent in the market for high-integrity carbon removal solutions aligned with corporate procurement targets.
“Carbon dioxide removal technologies are set to play a vital role in the fight against climate change; it is the need of the hour to support innovative efforts with financial incentives. That’s why we are delighted to purchase from Alt Carbon to not only expand NextGen’s geographic footprint but also complete our portfolio technology mix. Taking a portfolio approach is the best way to manage price and technology risks for CDR buyers, while ensuring high integrity standards are met,” said K. Kartick, Head, NextGen CDR.
The Intergovernmental Panel on Climate Change (IPCC) has stressed the importance of removing at least 10 billion tonnes of CO₂ from the atmosphere annually by 2050 to mitigate the worst effects of climate change. Enhanced rock weathering, if scaled, could contribute up to 4 billion tonnes of CO₂ removal each year, addressing 40% of this target.
“As 4th generation tea planters, our aim is to transform our family’s heritage tea estates from being at-risk of climate change impact to become the frontier of climate action through the pathway of Enhanced Weathering,” said Shrey Agarwal, Co Founder & CEO of Alt Carbon.
“Our initiative to set up a state of the art geochemical laboratory in Darjeeling is an integral part of creating a self-reliant local ecosystem. This lab will not only expedite quantification of CDR in a cost effective way, it will also provide tremendous employment opportunities to postgraduate degree holders in science. This is an exciting time to be in Darjeeling! ” added Dr. Sambuddha Misra, Associate Professor at Centre for Earth Sciences (CEaS), IISc, Bangalore.