Carbon Removal Marketplace | Supercritical

The Growing Problem of Tech's Carbon Footprint

A relatively unknown statistic reveals that the technology industry’s carbon footprint surpasses that of the entire aviation sector (Aalto University and LUT University). Simultaneously, many tech corporations, mirroring a broader trend, are drawn to carbon offsetting programs that frequently lack genuine carbon removal capabilities and are often plagued by significant shortcomings.

The Importance of Carbon Removal

Genuine progress towards net zero hinges on carbon removal offsets, as these actively extract carbon dioxide directly from the atmosphere. Currently, however, few initiatives prioritize carbon removal, largely due to the substantial costs and the early stage of development of related technologies, limiting participation to the largest organizations.

Introducing Supercritical

The newly established startup, Supercritical, aims to address this challenge.

The company proposes a platform designed to assist businesses in achieving net zero by accurately measuring their climate impact and facilitating the purchase of high-impact carbon removal offsets.

Recent Funding and Team Background

Supercritical has successfully secured £2 million, equivalent to $2.7 million, in pre-seed funding, spearheaded by London-based venture firm LocalGlobe. This funding round is particularly noteworthy given the team’s prior success with the exit of Songkick.

How Supercritical's Platform Works

Supercritical’s platform functions by evaluating a company’s carbon impact, formulating a practical emissions reduction strategy, and recommending a curated selection of high-quality carbon removal offsets for purchase.

Essentially, the company is constructing a marketplace connecting buyers with carbon removal projects, encompassing technologies like enhanced weathering, bio-oil sequestration, and direct air capture.

Market Potential and Scalability

These technologies are presently expensive, owing to their nascent development stages. However, Supercritical is positioned to become a pivotal market facilitator, consolidating demand to accelerate their scaling and innovation.

Current Clients and Industry Involvement

The startup already serves clients such as accuRx, Tide, and what3words. Furthermore, Supercritical is an active member of the TechZero task force, a coalition of U.K. tech companies committed to achieving Net Zero carbon impact.

CEO Statement

Michelle You, CEO and co-founder of Supercritical, stated: “Businesses are understandably wary of conventional carbon offsetting options, which offer no benefit at best and can be fraudulent at worst. However, most companies lack the necessary time and expertise to identify viable alternatives. Our mission is to empower any business to embark on the journey to net zero. Climate action should not be exclusive to the world’s largest corporations, and this crisis demands immediate attention.”

Investor Perspective

Remus Brett, who led the investment from LocalGlobe, commented: “Supercritical is delivering a service that is both exceptionally timely and fundamentally essential. As COP26 approaches, the question of how businesses can genuinely address their climate impact is a paramount concern for CEOs. We are pleased to support the outstanding team at Supercritical as they expand the only platform focused on carbon removal rather than offsets.”

The Expanding Carbon Offset Market

The demand for solutions is clear. To maintain global warming below 1.5°C – a key objective of the 2015 Paris Agreement – at least 8 billion tonnes of carbon must be removed from the atmosphere annually.

Consequently, the voluntary carbon offset market is projected to reach a value of at least $100 billion by 2030, within the next nine years.