Patch and Varaha announce multi-million dollar climate finance deal

• Patch’s partnership with Varaha, a leading developer of carbon removal projects, has directly supported reforestation, regenerative agriculture and biochar projects in South Asia, including the world’s largest biochar project.

• The investments in durable carbon removal solutions have benefitted over 100,000 farmers, across more than 1M acres of land, and have removed over 1.5 million tonnes of CO2 from the atmosphere.

• Over 35 companies have already invested in Varaha through Patch, most notably Sendle, the carbon-neutral shipping service.

• The diverse projects are projected to remove 20 Mn+ tonnes of CO2 over the next five years

9 April, 2025 – Patch, the platform accelerating climate solutions, and Varaha, a leading developer of carbon removal projects in Asia, have reached a multi-million dollar agreement towards investments in durable carbon removal solutions. The partnership has supported over 100,000 smallholder farmers and their communities, while driving impactful carbon removal initiatives across Asia.

Patch and Varaha’s partnership has enabled corporates across the world to channel much-needed financing into high-impact, nature-based climate solutions. Over 35 companies have already invested in Varaha through Patch, most notably Sendle, the carbon-neutral shipping service.

These funds have supported a diverse portfolio of projects across regenerative agriculture, reforestation, and biochar initiatives in Southern Asia, driving both environmental and community benefits. Collectively, the projects have removed over 1.5 million tonnes of CO2 from the atmosphere.

The carbon credits in these transactions come from diverse projects, including the world’s largest biochar project, which removes invasive species and restores grasslands. The project has engaged 4,000 smallholders from 145 villages, provided part-time employment equivalent to 50,000 days of work, and distributed $2.19 million in carbon revenue to smallholders. It has also restored 4,000 hectares of grassland, reduced illegal logging & biomass burning by 100,000 tonnes, and increased grassland vegetation growth by 31%.

Brennan Spellacy, CEO and Co-founder of Patch, said:

“This partnership demonstrates the real-world impact of high-integrity carbon removal solutions, which are set to play an increasingly critical role in global climate action. Together, Patch and Varaha are helping companies responsibly deploy funds to carbon credit projects – helping to unlock billions in climate finance. This marks the start of an exciting journey — and we’re just getting started. With growing demand for high-quality climate action, we’re optimistic about the role carbon markets can play in accelerating a rebalanced future.”

Madhur Jain, CEO and Co-Founder of Varaha, said:

“At Varaha, we are committed to developing high-quality, scalable carbon projects that drive real climate impact. The projects that Patch has purchased carbon credits from are reaching more than 100,000 farmers, across more than 1,000,000 acres of land in 2 Asian countries, and have already removed more than 1.5 million tons of CO2. As our collaboration with Patch grows, we look forward to deepening our efforts in building a more transparent and efficient carbon market.”

Veena Harbaugh, Director of Sustainability at Sendle, said:

“As pioneers in carbon-neutral shipping, Sendle is proud to support innovative carbon removal projects through our partnership with Patch and Varaha. This collaboration is an important part of taking climate action and accountability for our carbon emissions as we work towards net zero emissions by 2040. We select high-quality environmental projects that prevent carbon emissions or remove them from the atmosphere, providing essential habitat and restoring ecosystems. We’re proud to be working with our partners to deliver a better future.”