European carbon removal specialists to support new projects in India

A team of European carbon removal specialists launched an initiative on Tuesday to help Indian businesses develop projects that suck carbon dioxide out the atmosphere and mitigate global warming.

The Amsterdam-based group, called remove, has raised more than 220 million euros to support carbon dioxide removal projects throughout Europe, and will now accept applications from Indian start-ups.

Successful applicants will gain access to remove's network of experts and international buyers, and could be eligible for additional funding.

CDR refers to a wide range of interventions that sequester CO2 that has already been emitted.

It includes reforestation and filters that extract carbon directly from the air.

Indian projects are expected to focus on biochar - charcoal produced from burning organic matter - as well as "enhanced weathering", where materials like basalt are spread across land to absorb CO2.

Around 7-9 billion metric tons of CO2 need to be removed annually to keep temperature rises below the key 1.5 degree Celsius threshold, up from 2 billion tons currently, researchers have said.

The value of the CDR market could rise from $2.27 billion in 2023 to around $100 billion by 2030 if barriers to growth are addressed, a consultancy also said last month.

CDR projects are more expensive than conventional CO2 reduction, and their viability will depend on carbon markets.

Demand for CDR credits is currently limited to a few dozen mainly philanthropic buyers on the voluntary market, including the U.S. federal government, Microsoft and Google.

The European Union is currently exploring options to include CDR credits in its emissions trading system.