Companies news
Circonomy Partners with GK91 Bioeconomy and Soil Agro India Producer Company Limited, affiliated companies from Varhad Capital’s network, to Remove and Store 3000 tCO2e
Circonomy, climate tech startup based in Singapore, has signed Memoranda of Cooperation (MoC) with GK91 Bioeconomy and Soil Agro India Producer Company Limited, both biochar producer organizations based in India. The overarching objective of this strategic collaboration is the development of biochar production and soil application projects, collectively possessing a carbon removal capacity of 3000 tCO2
Biochar has emerged as a pivotal solution for carbon removal from the atmosphere, offering substantial potential in mitigating climate change and effectively curbing temperature escalation, thereby contributing to the achievement of the ambitious sub-2°C target
This charcoal-like element is produced from agricultural waste that would have otherwise been burned or left to decay. When biochar is applied back to the land it stores carbon for hundreds of years. In agriculture, biochar offers several benefits, including nutrient and water retention. Thus, biochar serves to uplift farmers' soil health, facilitating reduced dependence on fertilizers while concurrently amplifying crop yields.
Circonomy has developed a digital Measuring, Reporting, and Verification system (digital MRV) to account for the carbon captured and stored. This system ensures that the process adheres to the requirements of the Global Artisan C-Sink guidelines of the Carbon Standards International. Each bag of biochar produced and applied to the land is traceable, allowing tracking of the biomass used, production facility, and carbon sink location.
In July, Circonomy successfully tested the beta-version of its digital MRV while producing biochar in collaboration with Varhad Capital and GK Bioeconomy. As a result, the digital MRV tool has reached a significant milestone in the process of becoming accredited by Carbon Standards International.
Prasad Dahapute, Founder and Director of Varhad Capital, expressed his enthusiasm: 'We are thrilled to embrace the digital era with Circonomy's innovative solution. Moving from a manual Measuring, Reporting, and Verification system to their comprehensive digital tool is a transformative step for our organization. This shift not only ensures compliance with Carbon Removal standards but also propels us towards a more scalable and impactful production process. Circonomy's user-friendly interface and its capacity to exceed mere compliance requirements stand as a testament to our commitment to diffuse biochar and regenerative agriculture, enhancing our social footprint.'
Kul Kauwid Rora, Co-founder & COO of Circonomy: "We are thrilled about the latest developments at Circonomy, as we embark on a series of impactful initiatives this year. The strategic partnerships forged through MoCs with GK91 and Soil Agro, along with the partnership agreement with Varhad Capital for biochar production and training, mark the dawn of a multitude of exciting projects set to come to fruition. Varhad Capital’s extensive experience in Biochar Production brings invaluable expertise, enhancing the value of these collaborations.
Adrien (my Co-founder) and I are personally invigorated by the opportunities unfolding in the Indian market. Our keen understanding of the specific pain-points faced by biochar producers in India fuels our determination. The digital MRV system is a remarkable tool, underscoring our commitment to revolutionize the industry, address critical challenges, and drive sustainable change."
As a result of these cooperative schemes, Circonomy is hoping to accelerate knowledge sharing and provide training and tools to smallholder farmers in order to scale the carbon removal potential of biochar and offer high-quality carbon removal credits to the market.
SOURCE: CIRCONOMY
