It is a little known fact that the carbon footprint of the technology sector is greater than the entire aeronautical industry (Aalto University and LUT University). At the same time, tech companies (like many others) are generally drawn to carbon. compensation programs that do not actually remove carbon from the environment and are often riddled with flaws.
Only carbon deletion offsets contribute to net zero because they actively remove carbon from the sky. And yet, so far, very few programs focus on eliminating carbon, largely because only the largest companies are able to play in this space, in part due to the cost and the nascent nature of technology.
This is where the new start Supercritical Between.
The startup says its platform can help companies achieve net zero by measuring their climate impact and selling high-impact carbon removal offsets.
He has now raised Â£ 2million / $ 2.7million in pre-seed funding led by London-based venture capital firm LocalGlobe. The raise is also important because the team is the one that brought Songkick out.
Supercritical says its platform assesses a company’s carbon impact, creates an action plan to reduce its emissions, and recommends a portfolio of high-quality carbon removal offsets that companies can purchase. It will effectively create a market for carbon removal projects such as improved weathering, bio-oil sequestration and direct air capture.
These technologies tend to be expensive right now, as many are at such an early stage of development, but Supercritical has the opportunity to become a market maker for these emerging solutions, aggregating demand to help them evolve and innovate more quickly.
The startup already has clients, including accuRx, Tide and what3words. Supercritical is also a member of the TechZero task force, a group of UK tech companies claiming to be working on the NetZero Carbon impact.
Supercritical CEO and Co-Founder Michelle You said, âBusinesses are rightly wary of traditional carbon offsetting options, which at best do nothing and at worst are outright fraud, but most companies miss it. time and expertise to find a suitable alternative. Our mission is to enable any business to begin the journey to net zero. Climate action cannot only be the preserve of the world’s biggest companies, and it is a crisis that cannot wait.
Remus Brett, who led the LocalGlobe investment, said: âSupercritical provides a service that is as timely as it is essential. As COP26 approaches, the question of how companies can effectively tackle their climate impact is a crucial issue for CEOs. We are excited to support the exceptional team at Supercritical as they develop the only platform that helps companies focus their efforts on removing carbon rather than offsets. “
The startup is pushing an open door. Keeping warming below 1.5 Â° C – one of the main goals of the Paris Agreement 2015 – at least 8 billion tonnes of carbon must be removed from the atmosphere each year, so the voluntary carbon offset market should be worth at least $ 100 billion by 2030, and that’s nine years from now.