In a noteworthy turn within the carbon removal sector, Mati Carbon has clinched the $50 million prize in the Xprize Carbon Removal competition, announced recently. Their winning innovation, focused on enhanced rock weathering, effectively captures and stores carbon in soils for millennia.
The initiative was funded by the Musk Foundation, and highly regarded competitors included NetZero, which produces biochar, and Undo Carbon, another enhanced rock weathering contender. Shantanu Agarwal, the CEO of Mati Carbon, expressed pride in being selected among such esteemed competitors in his field.
Mati’s approach is fundamentally straightforward: the company processes basalt rock, which naturally converts carbon dioxide into stable minerals. By grinding the volcanic rock, they significantly enhance its surface area, enabling quicker carbon absorption. The resulting rock dust is then distributed to farmland, where it contributes to soil health while aiding in carbon mineralisation.
This method utilises basalt, typically a byproduct from construction aggregates, readily available in various regions. To optimise logistics, Mati offers basalt application at no cost to farmers, relying on grants and sales of carbon removal credits for funding. In 2023, the company is set to produce approximately 5,000 to 6,000 metric tons of carbon removal credits.
Mati aims to reduce the price of these carbon credits to below $100 per metric ton by the early 2030s, eventually dropping to between $70 and $80. Their validation process includes rigorous sampling, with a commitment to improve accuracy over time.
It is estimated that about 200 million smallholder farmers could benefit from this basalt application, encompassing roughly 800 million to 900 million acres of farmland and supporting nearly one billion individuals. The potential for carbon removal through this initiative is significant, with predictions of exceeding a gigaton annually while also enhancing the income of impoverished farmers.
The results of implementing basalt as a soil amendment have shown substantial increases in productivity, with reports indicating a 25% boost in fertilised fields, and a staggering 50% to 70% increase in degraded soils. Moreover, the material proves crucial in drought conditions, as seen in recent trials in Zambia, where fields treated with basalt produced crops while untreated areas failed.
To reach an expansive network of farmers, Mati will provide free licenses of its enterprise resource planning platform to organisations willing to share profits with farmers. Currently active in Zambia, India, and Tanzania, Mati plans to extend its operations to three additional countries, focusing on the Global South.
Mati Carbon operates as a public benefit company, unique in its governance structure under the Swahili Initiative, a registered nonprofit. Agarwal’s vision is to establish a market mechanism that maximises benefits for farmers, and winning the Xprize is anticipated to greatly accelerate progress towards that goal.
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