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With this historic issuance, Varaha Emerges as the Frontrunner in Scaling Tech-driven, Industrial Biochar Solutions in the Developing World
INDIA, New Delhi & Bengaluru, October 24, 2024 – Varaha, India’s leading carbon removal company, today announced it has issued durable carbon dioxide removal (CDR) credits from industrial biochar under Puro.Earth, the world’s leading CDR registry. This is the first-ever issuance of industrial biochar credits in India.
Varaha’s project, located in Telangana, India, produces biochar, a carbon-rich material, using agricultural waste (corn shanks) as the feedstock. Biochar helps improve soil fertility and locks carbon away for thousands of years. By generating biochar via a gasifier facility, Varaha not only sequesters CO2 but also prevents emissions that would have resulted from waste mismanagement and fossil fuel usage. The carbon credits issued under the scientific standards of Puro.Earth are a testament to this high-quality, tech-based approach to carbon removal.
Varaha’s trailblazing issuance positions it as the leading project developer for industrial biochar credits in South & Southeast Asia. Varaha’s in-house, industry-leading, digital measurement, reporting and verification (MRV) platform quantifies the sequestration from biochar projects. Beyond carbon removal, Varaha’s efforts extend to improving soil health, boosting crop yields, conserving water, and enhancing biodiversity across its projects.
Varaha has already enrolled over 900,000 acres of farmland across India, Bangladesh, Nepal, and Kenya, working with more than 100 partners across these geographies to expand its impact. This positions Varaha as the go-to solution provider for global companies striving to achieve net-zero goals through its diversified portfolio of high-quality, science-backed carbon removal credits.
“This issuance of carbon removal credits from industrial biochar has opened a new chapter in India’s carbon removal journey,” said Madhur Jain, Co-Founder and CEO of Varaha. “We are now poised to become the world’s leading destination for high-quality, industrial carbon removal projects, and Varaha is committed to being at the forefront of this effort. Moreover, our MRV technology is highly scalable and we are confident of deploying it across smallholder geographies, with our global implementation partners.”
“On behalf of the Puro.earth team, I want to congratulate the Varaha team on their diligence to align their operations to Puro Standard Biochar Methodology, and for having received independent confirmation of this by the Validation & Verification Body,” said Alvin Lee, Regional Head of Asia-Pacific for Puro.earth. “Having spoken with leading experts on the CDR Panel at IETA Asia Climate Summit in Delhi this year, as well as with project developers and proponents who were delegates, the growth potential of the carbon removal services market in India is palpable.”
Varaha has raised nearly USD 13 million in equity financing, including a recent (in Feb 2024) US$ 8.7 million Series A round led by RTP Global, with support from Omnivore, Orios, Norinchukin Bank, among others.
