The aim is to build an innovation ecosystem for the commercialisation of carbontech – technologies that capture and convert carbon dioxide into valuable end products or services.
A group of climatetech innovation organisations are launching three-year initiative to accelerate the trillion-dollar carbon-to-value market.
Urban Future Lab at New York University-Tandon, Greentown Labs, and the Fraunhofer USA TechBridge Programme are joining forces to create the Carbon to Value (C2V) Initiative. The aim is to build an innovation ecosystem for the commercialisation of carbontech – technologies that capture and convert carbon dioxide (CO₂) into valuable end products or services.
The C2V Initiative is supported by the New York State Energy Research and Development Authority (NYSERDA) and the Consulate General of Canada in New York (CNGNY).
According to scientists, reducing greenhouse gas (GHG) emissions alone will not be enough to keep global warming below an average of two degrees Celsius globally. More than 100 gigatons of carbon, in the form of carbon dioxide, must be removed from the atmosphere by 2050.
These efforts will be particularly important in hard-to-decarbonise industries, such as construction materials and agriculture. Analysts predict that carbontech could comprise a trillion-dollar market opportunity, in sectors as diverse as fuels, cement production, industrial gases, chemicals and polymers, and new materials. However, the carbontech industry is still nascent, and many promising solutions will not be cost-effectively scaled in the timeframe necessary without support for their expedited development.
The C2V Initiative will connect innovative young companies with industry leaders in the chemicals, advanced materials, energy, and other sectors who can provide the resources and market access necessary to enable rapid commercialisation of carbontech. The C2V Initiative will seek applications from carbontech-focused start-ups in the coming months.
The C2V Initiative will also create a first-of-its-kind collaborative ecosystem among carbontech innovators and leading corporations with the end goal of making carbontech cost effective and achieving its deployment at scale.
A select group of corporate, academic, and government thought leaders will be invited to join the programme’s Carbontech Leadership Council (CLC) to foster commercialisation opportunities and to identify avenues for technology validation, testing, and demonstration.
“Commercially viable solutions to the removal of carbon from the atmosphere and the creation of high-value end uses for that carbon are necessary, as we seek to solve the climate change problem”
Through participation in the CLC, corporations will both advance their sustainability goals and take a leadership role at the forefront of a new industry as the world seeks to rapidly decarbonise in response to climate change.
The CLC will consist of senior executives representing diverse industries that have made formal commitments to reducing carbon emissions in their core businesses and beyond. These organisations may be interested in making carbontech a core part of their business strategy or may be future customers or supporters of carbontech products and services.
Members of the CLC will create a technology roadmap for the future of the carbontech industry and will also have the opportunity to work closely with the highly selective first cohort of start-ups participating in the C2V Initiative. The CLC will be assembled throughout the Summer of 2020 ahead of the global call for carbontech startups in the Fall of 2020.
“Commercially viable solutions to the removal of carbon from the atmosphere and the creation of high-value end uses for that carbon are necessary, as we seek to solve the climate change problem,” said Pat Sapinsley, managing director of Cleantech Initiatives at NYU Tandon. “Corporations worldwide would be negatively impacted if we don’t do this and can prosper if we do.”
Programme lead partners Urban Future Lab, Greentown Labs, and Fraunhofer USA have strong experience jointly curating, testing, and launching successful game-changing climate solutions into the marketplace. The combination of incubation space, innovation services, and technical testing capacity and knowhow they provide forms the basis of a highly unique and proven technology acceleration model that will now be applied to carbontech as part of the C2V Initiative.
To find out more, go to C2V Initiative
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