Supercritical launches carbon removal offset marketplace for tech firms to reach net zero ' TechCrunch

It is a well-known fact that the technology sector has a higher carbon footprint than the entire aviation industry (Aalto University, LUT University). Tech companies, like many others, are attracted to carbon offset schemes that don't actually remove carbon from our environment and often have flaws.Carbon removal offsets are the only ones that contribute to net zero. They actively remove carbon from the atmosphere. Yet, there are not many schemes that make carbon removal a priority. This is partly because the technology is still in its infancy and cost prohibits even the largest companies from participating.Supercritical is a new startup.Startup claims its platform will help businesses reach net zero by measuring and selling high-impact carbon offsets.London's LocalGlobe venture company has provided pre-seed financing of $2.7 million. It now has 2 million. This raise is significant because Songkick was the one who exited.Supercritical claims its platform evaluates companies' carbon footprint and creates an action plan to reduce them. It also recommends a range of high-quality carbon offsets that companies can purchase. It will create a market for carbon removal projects, such as enhanced weathering and bio-oil storage.These technologies are currently expensive because they are still in early stages of development. However, Supercritical has the potential to become a market maker for emerging solutions by aggregating demand and helping them scale up and innovate faster.Already clients include accuRx and Tide. What3words is also a customer. Supercritical is also part of the TechZero taskforce, which consists of UK tech companies that claim to be working towards NetZero Carbon impact.Michelle You, a supercritical CEO and cofounder, stated: Companies are rightly skeptical of traditional carbon offset options. These options do nothing at all and at worst, are fraud. However, most companies lack the knowledge and time to find an alternative. Our mission is to make every business possible to begin the journey to net zero. Climate action is not something that should be reserved for the largest companies in the world. This crisis cannot wait.Remus Brett, the LocalGlobe investment leader, stated that Supercritical provides a service that is both timely and essential. The question of how businesses can effectively address climate change is a pressing issue for CEOs as COP26 approaches. Supercritical's exceptional team is our support. They are aiming to scale the only platform that allows companies to focus on carbon reduction and not offsets.The startup wants to open doors. The 2015 Paris Agreement stipulates that at least 8 million tonnes of carbon must be removed annually to keep global warming below 1.5C. This means that the voluntary carbon offset market will be worth at most $100 billion by 2030. And this is within nine years.