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Paris headquartered water, waste and energy management solution provider Veolia and London-based Carbon Clean are in a pact to jointly set up bio fuels and carbon capture projects in India, a top executive told ET.

The two companies have identified the first two projects that will be set up with an investment of Rs 100 crore, and have plans to set up 100 such greenfield projects in the next three-four years in India. 

“Not a lot of people in India used carbon capture and utilization technology, what we call heavy industry decarbonisation. And neither have people been able to convert organic waste or agricultural residue into energy at a large scale. We believe that by bringing an overall comprehensive solution, we could unlock the value within the sector. If we do 100 projects, it will inspire others and unlock probably another 300-400 projects in India,” Aniruddha Sharma, co-founder and chief executive officer, Carbon Clean told ET.

India is among the top four emitters of carbon in the world. The carbon capture and utilisation technology can help reuse carbon dioxide already present in the system for further economic activity. Carbon Clean implemented this technology at Tuticorin Alkali Chemicals and Fertilizers unit, which is considered to be the first unsubsidised industrial scale example of carbon capture and utilisation unit. 

The joint initiative, Veolia Carbon Clean will finance, design, build and operate these projects. “Through Veolia Carbon Clean we look forward to creating resilient projects which will help companies to lower their carbon emissions in a sustainable manner and thus contribute towards reducing pollution levels in the country,” said Guillaume Dourdin, CEO Veolia India. 

The joint initiative aims to use technology to set up compressed biogas projects in India, which will use farm waste to produce gas and bio-manure. India struggles with its farm waste every year as farmers, especially in Punjab and Haryana burn the crop waste which aggravates pollution levels, choking the capital. Sharma said that the technology will help farmers get income out of waste. 

 Carbon Clean Solutions signed a memorandum of understanding earlier this year with state-run GAIL (India) for exploring project development opportunities in the compressed biogas (CBG) value chain in India.

“We will be the aggregator. We will set up the CBG project, we will ensure that the gas is sold to GAIL, or any other oil marketing company. And we will also ensure that all the organic fertilizer is sold to the fertilizer companies in India,” Sharma said. 

Sharma said his team is in talks with the industry and farmer groups for setting up these projects and hopes to finalise projects soon. He founded the company with fellow IIT alumnus Prateek Bumb in 2009.