The decarbonization market is expected to receive a significant boost as the carbon removal marketplace Supercritical signs a momentous partnership with biochar climate tech company Carbo Culture on a joint mission to scale carbon removal impact and increase committed financing.
The deal will enable Supercritical’s clients to pre-purchase carbon removals through services provided by Carbo Culture, with the first client, a global fintech brand, signing a deal for 7,500 tonnes of CO2 removed over a period of 3 years.
CO2 removal is the most effective way to fight climate change, as the removed amounts are collected directly from the atmosphere and stored away permanently.
The technologies include solutions such as biochar, direct air capture (DAC), and enhanced weathering, but all of these options are in their initial growth phases and have yet to be implemented in the larger industrial market.
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In order to keep global temperatures from warming by 1.5 C, the Intergovernmental Panel on Climate Change (IPCC) has determined that the carbon removal market needs to work at a pace where 10 gigatonnes of CO2 are removed annually by the year 2050.
However, the reality of this scenario is far from the projected targets. For example, for the year 2022, a total of less than 600,000 tonnes were purchased, which indicates the severe need for immediate carbon removal action.
This is the exact problem that the two partnering companies are hoping to help solve by combining their services and bringing decarbonization options closer to businesses.
Carbo Culture specializes in sequestering emissions by producing biochar out of carbon-containing biomass.
The cooperation with Supercritical will enable Carbo Culture to reach a new expansion milestone, where the guaranteed funds received via pre-purchase deals will finance the development of their new C1 site, a commercial-scale biochar facility powered by Carbolysis technology.
Read more: Research Shows Biochar May Be Durable For More Than 1000 Years