A team of European carbon removal specialists has launched an initiative to help Indian businesses develop projects that extract carbon dioxide from the atmosphere. Carbon dioxide removal (CDR) initiatives around Europe have raised more than 220 million euros ($238 million) in donations from the Amsterdam-based organisation “Remove.”
Now that the organisation is accepting applications, Indian start-ups will have access to Remove’s network of professionals and foreign buyers and possible future funding.
Reforestation and air filters that remove carbon straight from the atmosphere are examples of CDR initiatives.
It is anticipated that Indian efforts will concentrate on “enhanced weathering,” which involves spreading rocks like basalt across the land to absorb CO2 and biochar, charcoal made from burning organic matter.
The amount of CO2 that must be removed annually to keep temperature increases below the crucial 1.5-degree Celsius barrier has increased from two billion to seven to nine billion metric tonnes. If growth restrictions are removed, the CDR market might reach a valuation of approximately $100 billion by 2030, up from $2.27 billion in 2023.
The U.S. federal government, Microsoft, and Google are among the very few altruistic customers with limited demand for CDR credits.
