David Stanway
European carbon removal experts back new Indian project {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
SINGAPORE – A team of European carbon removal experts on Tuesday launched an effort to help Indian companies develop projects that can absorb carbon dioxide from the atmosphere to mitigate global warming.
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One Amsterdam-based group called Remove has helped companies raise more than 220 million euros to back carbon removal projects across Europe, and is now accepting applications from Indian startups.
If your application is successful, you will gain access to remove’s network of experts and international buyers and may receive additional financial support.
“We’ve now found a model that works,” Remove co-founder Marianne Kruger said. “This is a global issue and we see great potential outside of Europe.”
CDR refers to a wide range of interventions that sequester CO2 that has already been emitted, including reforestation and filters that extract carbon directly from the air.
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The Indian project is expected to focus on biochar – charcoal produced by burning organic matter – and “enhanced weathering”, in which materials such as basalt are spread across land to absorb carbon dioxide.
To keep warming to below the key benchmark of 1.5 degrees, the researchers say, roughly 7 billion to 9 billion tonnes of carbon dioxide would need to be removed annually, up from 2 billion tonnes currently.
The consultancy said last month that the CDR market could be worth about $100 billion by 2030 from $2.27 billion in 2023 if growth barriers are removed.
CDR projects are more costly than traditional CO2 abatement and their feasibility depends on carbon markets. Demand for CDR credits is currently limited to a few dozen buyers in the voluntary, mostly charitable, market, including the US federal government, Microsoft and Google.
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“We all know that carbon removal is going to be necessary in the future. The pot of gold that’s ultimately going to be there is huge, but right now … it’s really a question of survival until the market finally delivers,” Kruger said.
The European Union is currently considering the option of incorporating CDR credits into its emissions trading scheme.
“This needs to become much more mainstream than it is now,” said Steve Smith, a CDR expert at the University of Oxford.
“I think the government needs to step in and create the conditions for it to become mainstream.”
This article has been generated from an automated news agency feed without any modifications to the text.
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