Ocean-Based Carbon Removal is genuinely underexplored and potentially massive margin territory. Two variants:
Seaweed farming at scale — grow kelp, it absorbs CO₂, sink it to deep ocean. Permanently removed. Cost potentially very low given India’s coastline. But methodology approval is still nascent — registries haven’t fully figured out how to verify it yet. Early mover advantage is enormous here.
Ocean Alkalinity Enhancement (OAE) — essentially ERW but done in seawater instead of farmland. Crush limestone or similar minerals, dissolve in ocean, accelerates natural carbon absorption. Some people think this is the largest scale carbon removal pathway that exists — oceans can absorb vastly more than land. Still very early stage scientifically but a few startups globally are working on it.
Soil Carbon Sequestration via Regenerative Agriculture — this is what Varaha mainly does alongside biochar. Lower margin ($15-50/tonne) but the volume potential is staggering given India’s farm coverage. Margin per credit is thin but if you’re doing 10 million tonnes a year the absolute numbers work.
Peatland and Wetland Restoration — one of the most carbon-dense ecosystems on the planet. Degraded peatlands release enormous CO₂. Restoring them locks it back. India has some peatland, Southeast Asia has massive reserves. Credits sell at $50-150/tonne and the science is well established. Very underpursued in India.
Mineralization via Industrial Waste — some industrial processes produce alkaline waste (steel slag, cement kiln dust, fly ash) that naturally absorbs CO₂ when exposed to air. You’re essentially getting paid to dispose of industrial waste and generating carbon credits from the same transaction. Margin structure is very interesting — negative feedstock cost essentially.