According to Pat Sapinsley, managing director of clean-tech initiatives at the Urban Future Lab / ACRE at the NYU Tandon School of Engineering, the act of reducing greenhouse gas emissions itself won’t be enough to keep global warming at manageable levels. She says that carbon dioxide must be removed from the atmosphere.
Providing leadership in this area together with partners Greentown Labs and Fraunhofer, in the second quarter of this year NYU launched the Carbon to Value Initiative (C2V) acceleration program, which seeks to create an ecosystem for the commercialization of technologies that capture and convert carbon dioxide (CO2) into valuable products or services – an area known as ‘carbontech.’
While Sapinsley has stated to green design site INHABITAT, that over 100 gigatons of carbon must be removed from the atmosphere by 2050, she further said that analysts predict that this need could lead to a trillion dollar market opportunity, in “sectors as diverse as fuels, cement production, industrial gases, chemicals … polymers and new materials.”
The accelerator program selected 10 startups for 2021 and these “innovative young companies” will be connected with industry leaders in chemicals, advanced materials, energy and other sectors who can “provide the resources and market access necessary to enable rapid commercialization of carbontech.” They will also be provided access to Greentown Labs 100,000 square feet of lab space.
Of the roughly 400 startups globally in the industry, which is still in its early stages, Sapinsley says that 131 of them, representing roughly 25%, applied to the program.