A new carbon removal marketplace called Supercritical, today announced the launch of its carbon removal offset platform at gosupercritical.com. The carbon startup just raised £2m ($2.78m) in funding and is set to expand the platform and its team. Two multiple goals are in sight – tapping into a market valued at $50 billion by 2030, according to Mckinsey, as well as removing carbon dioxide at scale in the coming decades.
Co-founder Michelle You says the mission of the platform is “..to make it possible for any business to start the journey to net zero. Climate action can’t just be the reserve of the world’s biggest companies, and this is a crisis that can’t wait.”
Companies like accuRx, Tide and what3words have already signed up as customers and it seems that the marketplace will be focused (at least initially) on tech companies looking to reduce their carbon footprint.
A (Super)Critical Look At Carbon Marketplaces
Supercritical’s approach relies on doing the heavy lifting for those companies that want to truly offset their emissions through carbon removal. With a simple sounding three-step process they aim to make it a seamless experience, unlike existing recommendations filled with complicated terminology and variables flying in from different directions, obstructing assessment and actions despite good will. Here’s their ABC:
- Measuring a company’s carbon footprint – done automatically with software that measures it in several weeks with data imports.
- Suggestions how to reduce the footprint – tailormade and actionable net-zero plan.
- Removal – focusing only on permanent carbon removal, they will source high quality suppliers and walk the customer through the purchasing process that meets their budget.
Carbon Removal Marketplace Hopes
Supercritical offers a variety of options to their customers and along the well known tree-planting and biochar, it can already offer enhanced weathering, bio-oil sequestration, and direct air capture methods. All these options have their pros and cons, as well as varying levels of complexity and risk (we’ve recently seen forests slated for carbon capture offsets burn in devastating fires in California).
The startup joins Puro.earth in what is becoming a rapidly growing B2B niche focused on creating markets for carbon offsets. Other companies like Compensate and Climeworks and have chosen the B2C route.
It remains to be seen if this approach will work, as it relies on correct data input to determine the exact quantity of emissions that need to be removed. A steady stream of reliable carbon offset providers who stand up to scrutiny could also be a challenge, although market forces are likely to produce more in the coming years. But the promise of being an early arrival into what can be a potentially huge market, while helping reduce corporate carbon emissions at scale is probably worth the risk.