In a development for carbon dioxide removal (CDR) in Asia, NextGen CDR has announced a partnership with India-based Alt Carbon, aimed at scaling innovative CDR solutions in the region. The collaboration, unveiled at the Futures Summit 2024, represents a step forward in the global fight against climate change through scalable, high-impact carbon removal technologies.
NextGen CDR, a joint venture between South Pole and Mitsubishi Corporation, has been leading efforts to create a diverse portfolio of permanent carbon dioxide removal methods. With the integration of Alt Carbon into its operations, NextGen's portfolio now includes a full spectrum of CDR technologies, from direct air capture and bioenergy carbon capture and storage (BECCS) to high-temperature biochar and product mineralization.
Alt Carbon introduces a unique approach to carbon removal by combining enhanced rock weathering with traditional farming practices in the Darjeeling tea estates. This method involves spreading basalt rock across tea plantations in the Himalayan foothills, where the region's humid climate accelerates CO2 absorption, sequestering carbon in the soil for over 10,000 years. The initiative removes CO2 from the atmosphere and enhances soil health, supporting local farmers, a community vulnerable to the impacts of climate change.
The partnership between NextGen CDR and Alt Carbon creates new opportunities for global corporations to invest in high-quality CDR projects across Asia. With an average price of $200 per ton, NextGen’s purchase facility enables companies like Boston Consulting Group, LGT Group, and UBS to access certified carbon removals that align with corporate sustainability goals. This competitive pricing highlights that large-scale carbon removal can be both cost-effective and environmentally responsible.
K. Kartick, Head of NextGen CDR, emphasized the importance of a diversified portfolio approach to manage price and technology risks while maintaining high integrity in carbon removal projects. This strategy ensures that corporations can secure a long-term supply of certified CDRs, supporting their efforts to reduce carbon footprints while adhering to stringent sustainability standards.
The partnership’s impact is poised to extend beyond corporate sustainability efforts. If scaled to its full potential, enhanced rock weathering could remove up to 4 billion tons of CO2 annually, addressing approximately 40% of the climate target set by the Intergovernmental Panel on Climate Change (IPCC).
Additionally, Alt Carbon’s efforts include the establishment of a state-of-the-art geochemical laboratory in Darjeeling. This facility not only speeds up the quantification process of carbon removal but also fosters local job creation by employing postgraduate science degree holders. This initiative helps build a self-reliant local ecosystem while supporting the socio-economic development of the region.