Pioneering Climate Action at India’s Futures Summit 2024

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Co-Founders of Alt Carbon, Sparsh and Shrey Agarwal, pictured on the Selim Hill Tea Estate where their carbon removal project is taking root | Credit: Alt Carbon
India’s Futures Summit 2024 highlights key partnerships & innovative technologies in carbon removal, bolstering global sustainability efforts & brewing tea

The India’s Futures Summit 2024 is a hub of fresh ideas and astonishing innovations, with state and industry leaders converging to build a sustainability-driven future. Amid the talks, a milestone in the carbon dioxide removal (CDR) market was quietly established through an impactful agreement between Switzerland's NextGen and India's Alt Carbon.

NextGen, with its roots in a collaboration between South Pole and Mitsubishi, is a forefront CDR portfolio globally, covering an array of carbon removal projects. The company operates by purchasing carbon credits from ventures like Alt Carbon, thereby allowing businesses to offset their carbon footprints by claiming these credits. This practice, known as carbon offsetting, helps companies meet their net zero targets by essentially buying the right to count the carbon removal efforts of others towards their own sustainability goals.

Alt Carbon shines as a premier carbon removal entity in India, significantly backed by NextGen. This partnership stands as a testament to a growing geographical diversification in the carbon removal sector, traditionally dominated by Europe and North America. Such strategic collaborations unlock opportunities for global entities—including notable names like Boston Consulting Group, UBS and Swiss Re—to buy carbon removal credits from emerging markets like India.

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Carbon-removal methods on Indian tea plantations

Alt Carbon’s innovative approach involves implementing enhanced rock weathering techniques on Himalayan foothill tea plantations in Darjeeling. By distributing finely ground basalt across these lands, an accelerated chemical reaction occurs with atmospheric CO₂, transforming it into stable bicarbonates which securely store in the soil for over a millennium. Favourable regional climate conditions further catalyse this weathering process, boosting the efficiency of CO₂ absorption.

"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," shared K. Kartick, Head of NextGen. "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."

K. Kartick (third from left), Head of NextGen, pictured at the announcement of the deal | Credit: Alt Carbon

Mitigating climate risks for Darjeeling tea

The need for robust climate solutions is undisputed with entities like the Intergovernmental Panel on Climate Change (IPCC) emphasising the urgent removal of at least 10bn tonnes of CO₂ annually by 2050. Alt Carbon’s method via enhanced rock weathering could contribute to nearly 40% of this target, situating it as a critical strategy in the global climate response arsenal.

Focusing on Darjeeling’s tea plantations not only aids the broader climate change battle but also promotes the resilience of this heritage sector. Facing threats from temperature fluctuations and unpredictable rainfall, integrating weathering with traditional farming could potentially stabilise and rejuvenate local agriculture, enhancing both crop yield and quality.

Empowering local scientific talent

Expanding their impact, Alt Carbon is setting up a geochemical lab at Kamala Tea Estate to precisely measure the effectiveness of their basalt application. This enables detailed quantification of carbon absorption, attracting investors and certifying the removal capacities.

"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,” said Dr Sambuddha Misra, Associate Professor at the Centre for Earth Sciences in Bangalore. "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."

This project not only represents an advancement in practical climate action but also paves the way for financial feasibility with carbon credits priced at an accessible US$200 per tonne, anticipated to hit the market by 2025. This offers a cost-effective, integrity-driven opportunity for companies aiming to meet environmental mandates.

“As fourth-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,” added Shrey Agarwal, Co-Founder and CEO of Alt Carbon.

 

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