Driving Net Zero Goals: Barclays and Shell Back Agricarbon’s £9m Funding Round
Agricarbon, the soil carbon measurement company, is set to announce a £9m Series A funding round during the COP28 climate summit in Dubai. This funding includes contributions from Barclays and Shell, marking a significant move by two FTSE 100 giants to support early-stage efforts in achieving net-zero emissions targets.
Revolutionizing Soil Carbon Removal
Founded by Annie Leeson and Stewart Arbuckle, Agricarbon focuses on leveraging soil’s capacity to absorb large amounts of carbon emissions. This funding round, led by Shell Ventures and featuring Barclays’ Sustainable Impact Capital arm, highlights the growing interest in sustainable solutions from major corporations.
Unlocking Sustainable Market Incentives
Estimates project the global market for soil carbon removals to reach $175 billion by 2030. Agricarbon, based in Dundee and operational since 2021, has witnessed a threefold increase in revenues this year. The company’s services attract businesses eager to decarbonize their supply chains.
“To increase funding for large-scale soil carbon restoration, benefit claims must rely on high-integrity, consistent, and independent primary data,” states Annie Leeson, emphasizing the importance of their approach.
Catalyzing Growth and Expansion
The new funding infusion will support the establishment of a dedicated US entity to serve substantial projects and enable a broader geographical expansion. Agricarbon’s growth aligns with the surging interest in carbon removal infrastructure, particularly the potential of agricultural soils to sequester one to five gigatonnes of carbon dioxide annually.
Addie Pinkster, founder and CEO of Adelpha, which advised Agricarbon on the deal, emphasizes the sector’s vast potential. “As agricultural lands transition to regenerative farming practices, soils could technically sequester significant amounts of carbon dioxide,” she notes. This investment reaffirms the need for credible and effective soil carbon removals as a key player in the fight against climate change.
Source：news.sky.com
