Parvat Say #6 | Highlights from the Futures Summit | Global South's first CDR conference
ParvatSay is a newsletter bringing to you important news and perspectives, relating to Climate Finance and Carbon Dioxide Removal (CDR), from the Global South.
In this special edition of ParvatSay, we cover the recently concluded Futures Summit, Global South’s first Carbon Dioxide Removal (CDR)-focused climate conference. Over three days, global leaders in policy, finance, technology, and environmental science came together to explore transformative pathways to reduce atmospheric carbon at scale. This edition is divided into two sections: the Darjeeling Leg and the Delhi Leg, with a focus on the immersive and cultural experiences that made this summit a truly unique event.
NextGen announces partnership with Alt Carbon at the Futures Summit
We’re excited to announce that Alt Carbon has signed a groundbreaking agreement with NextGen CDR—a joint venture between South Pole and Mitsubishi Corporation—at the Futures Summit 2024. This partnership will scale carbon removal from Darjeeling’s tea plantations using our Enhanced Rock Weathering method. The deal opens India’s CDR market to global buyers like Boston Consulting Group, LGT Group, Mitsui O.S.K. Lines, SwissRe and UBS. This is the first purchase for NextGen outside of Europe and the US, showcasing the country’s potential to lead in cost-effective, high-quality carbon removals. NextGen’s portfolio approach allows them to purchase cumulative credits across categories at an average of $200/tonne, proving climate solutions are within reach, benefiting both the planet and local farmers.
Check out the the recent Forbes article covering this here.
ERW Site Field Tour
Participants from the Darjeeling leg were invited to visit Alt Carbon’s operational Enhanced Rock Weathering (ERW) deployment site at the Kamala Tea Estate in Bagdogra, where they observed our on-ground deployment practices. This hands-on experience illustrated the impact of basalt dust on soil health and carbon sequestration along with a detailed briefing on our deployment, sampling and MRV practices.
Full Moon Tea Plucking
Under the silvery glow of the moon, guests journeyed into the heart of the Selim Hill tea estate, participating in this rare, night-time ritual. Legend has it that the biodynamic practices of agriculture at Selim Hill Tea Estate channel the moon's gravitational forces causing tea leaves to absorb more nutrients and flavonoids, producing the most White Teas that Darjeeling has to offer, with a unique flavor and aroma.
Guests participated in the plucking ceremony as women-folk from the tea estate continued chanting with torches in their hands and plucking the finest buds of Darjeeling tea.
Fireside Chat with Awais
The Full Moon Fireside Chat brought together Sparsh Agarwal, Co-Founder of Alt Carbon, and Awais Ahmad, Co-Founder & CEO of India’s leading space tech company, Pixxel, for a captivating conversation on climate, fiction, and deep tech in India. The discussion explored key innovations driving India’s deep tech landscape, from satellite technologies to carbon monitoring, while also addressing the challenges and opportunities unique to the country’s ecosystem. Sparsh and Awais shared insights into the future of climate tech, highlighting the potential for India to lead global advancements in sustainability and innovation.
A meticulously crafted 7-course menu was served that artfully blended the rich culinary culture of Bengal with the sophistication of fine dining. The menu was designed using locally sourced, seasonal ingredients, with a focus on head-to-tail cooking, offering a sustainable and delicious tribute to the region’s flavors.
Sunset Hike
The summit concluded with a sunset hike, under the blanket of a thick Darjeeling mist. The nature of organic agriculture and tea-making were merely anchors for free-flowing conversation about Carbon Removal, scaling up markets, and mobilising climate finance for the Global South.
CDR Workshops
The Darjeeling leg of the Futures Summit featured a dynamic panel on Equity and Debt Financing, moderated by Shrey Agarwal from Alt Carbon, where industry leaders such as Subhadeep Sanyal, Partner at Omnivore, Shridhar Narayan, CEO of Real Estate & Infrastructure at Hiranandaniand Anahitaa Bakshi, Lead at ACT for Environment, discussed innovative financial mechanisms driving climate action and the pivotal role of private sector funding in sustainable business models.
From Left to Right: Anahitaa Bakshi (ACT for Environment), Subhadeep Sanyal (Omnivore), Shridhar Narayan (Hiranandani), Shrey Agarwal (Alt Carbon)
The Futures Summit in New Delhi was kicked off with a powerful keynote by Mr. Jairam Ramesh, Member of Parliament, Rajya Sabha & Former Minister of Environment, Forests and Climate Change, Government of India, who highlighted the need for regulatory support for Indian startups to mobilise climate finance in the billions to move to India for climate adaptation & Carbon Removal (CDR).
Left : Mr Jairam Ramesh (Rajya Sabha MP) , Right : David Armstrong (Isometric)
David Armstrong's (Isometric) CDR Primer, provided a comprehensive overview of the global carbon markets and policy landscape, setting the tone for the day.
Catch the exciting highlights from the Delhi leg of the Futures Summit in our latest video!
The Venture Capital Opportunities in Climate Tech for India panel brought together key investors, such as Pranav Pai, Founding Partner at 3one4 Capital; Sanchayan Chakraborty, Partner at Aavishkaar Capital; Shiva Shanker, Partner at Ankur Capital; Arpit Agarwal, Investment Partner at Blume Ventures; and Ashis Nayak, Founding Partner at Shastra VC, who shared their vision of driving climate-tech innovation in the country. The headlines: India needs many more deep-tech climate-focused companies and VCs are ready to fund them. By doing so, India can become a hub for CDR through patient and intelligent capital deployment.
From Left to Right: Ashis Nayak (Shastra VC), Pranav Pai (3one4 Capital); Sanchayan Chakraborty (Aavishkaar Capital); Shiva Shanker (Ankur Capital); Arpit Agarwal (Blume Ventures)
The conversation on Policy Frameworks for Supporting CDR featured experts like Aman Srivastava - Fellow: Sustainable Futures Collaborative, R R Rashmi, The Energy and Resources Institute; and Rathin Roy, Former Economic Advisor - PMO, who delved into the essential policy actions India needs to undertake for scaling carbon removal efforts & making our climate finance frameworks more robust.
From Left to Right: Aman Srivastava (Sustainable Futures Collaborative), Dr. Rathin Roy (Overseas Development Institute) and Mr R.R Rashmi (TERI)
The panel on Climate Finance: Innovations in Funding Sustainability brought together leading voices like P.D. Singh, Eminent banker; Rachit Verma, Senior VP - Hexa Climate; Laura Fritsch, Residual Carbon & Lecturer - University of Oxford; Rahool Gadkari, Co-Founder - Neufin, who discussed how innovative financial instruments are critical for sustainable climate action.
From Left to Right: Rahool Gadkari (Neufin), P.D Singh (Former JP Morgan India), Rachit Verma (Hexa Climate) and Laura Fritsch (Residual)
The CDR Primer Session 2 was led by Dr. Krishna Gupta, Additional Chief Secretary of the Government of West Bengal, who provided a deep dive into the intricacies of compliance markets and their significance for Carbon Dioxide Removal (CDR) in India.Â
Discussions on Client Perspectives for the Global South underscored the growing importance of buyer commitments to ensure the success of CDR pathways in emerging markets. The panelists, including K Kartick, CDR - NextGen; Yusuke Tsuji, CDR - Mitsubishi; Pankaj Tanwar, Managing Director - Climate Services - CarbonBetter; Ted Christie-Miller, Co-Founder - Residual; Alvin Lee, Head APAC - Puro.earth shared valuable insights into the potential for collaboration to drive impactful carbon removal solutions across the region.
From Left to Right: Ted Christie Miller (Residual), K. Kartick (NextGen), Yusuke Tsuji (Mitsubishi), Pankaj Tanwar (CarbonBetter) and Alvin Lee (Puro Earth)
Don’t miss CarbonBetter's insightful blog on the Futures Summit and the engaging client panel.
In the session titled Decarbonizing India: A Pathway, Dr. Shirish Sankhe, Director and Founding Partner of ISEG Foundation, joined Sparsh Agarwal, Co-Founder of Alt Carbon, for an engaging discussion on India’s decarbonization strategies focusing on the seminal 2022 McKinsey reportthat he co-authored.
Dr. Shirish Sankhe (left) in conversation with Sparsh Agarwal (right)
The summit concluded with a deep dive into CDR Strategies in the Global South, where industry leaders like Marian Krueger, Co-Founder at remove; Shrey Agarwal, Founder at Alt Carbon; Flo Oberhofer, COO at PyroCCS; Mahima Swarup, Director at Paharpur Cooling Towers & Co-Founder at Captur Tower highlighted the unique challenges and opportunities in deploying large-scale CDR solutions across the region. The discussions emphasized the critical role of partnerships, innovation, and infrastructure in overcoming these hurdles and scaling solutions that benefit both local communities and the global climate effort.
From Left to Right: Marian Krueger (remove), Shrey Agarwal (Alt Carbon), Flo Oberhofer (PyroCCS) and Mahima Swarup (Captur Tower)
Overall, the Futures Summit was a resounding success, opening doors to new collaborations, actionable insights, and pathways for scaling CDR in India and beyond. The event underscored India’s potential to lead the Global South in climate action, leveraging innovative financial instruments, robust policy frameworks, and cutting-edge technologies.
Check out Climes' latest blog reflecting on the Futures Summit. Dive into the insights from Delhi and Darjeeling on how innovative financing and partnerships can accelerate Carbon Dioxide Removal (CDR) and drive impactful climate action.
If you enjoyed this newsletter, please forward it to friends/colleagues who might find it useful. My inbox is always open at madhusmita@alt-carbon.com to discuss what is happening in the world of Climate Action in India.Â
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