Trailblazing startups, AgriProve, Agrimix, and FarmLab are at the forefront of carbon sequestration technology, bolstering Australia's fight against climate change.
As Australia sets ambitious goals to reduce carbon emissions by 43% by 2030 and achieve net-zero by 2050, a new wave of agtech startups is making strides in soil carbon sequestration. These companies are capitalizing on cutting-edge technologies to offer actionable solutions that could reshape the global approach to climate change.
A Spotlight on Innovators
AgriFutures growAG., a digital platform that connects Australian agrifood research and innovation with global opportunities, is bringing attention to these groundbreaking technologies. Among the startups at the forefront are soil carbon project developer AgriProve; pasture management and carbon startup Agrimix; and FarmLab, which offers environmental measurement software and soil sampling services.
These startups have already begun seeking investment and strategic partnerships, as better monitoring, reporting, and verification (MRV) systems are considered crucial in decarbonization efforts and in achieving the goals set by the Paris Agreement, according to the World Bank.
Overhauling Current MRV Systems
Existing MRV processes often suffer from a lack of standardized methodologies, as well as data inaccuracies and a high time-cost factor. Digitizing MRV, or D-MRV, is seen as a pivotal step to overcoming these challenges.
AgriProve: Pioneering Soil Carbon Management
AgriProve, which received a grant from the Australian Government’s National Soil Carbon Innovation Challenge in 2022, has developed a unique, cost-effective model for measuring soil organic carbon. Its technology leverages spectroscopy remote sensing and satellite imagery to predict and measure soil carbon levels.
The company aims to make soil a reliable asset class, and so far, 550 farmers have registered in soil carbon projects with Australia’s Clean Energy Regulator, with 38 projects showing validated measured increases.
Agrimix: The Path to Carbon Neutral Meat
Partnering with Queensland University of Technology, Agrimix is developing a "measure-model-verify" technology that employs eddy covariance flux tower technology to provide continuous data on CO2 levels and photosynthetic parameters. Ben Sawley, CEO of Agrimix, said the technology could significantly change agricultural systems, making them more productive and environmentally friendly.
FarmLab: Streamlining Soil Testing
FarmLab advocates for soil testing to be as streamlined and precise as blood testing in healthcare. Their software enables effective soil management and has seen a 20% month-on-month growth, doubling its revenue over the past three months.
As the need for effective carbon capture solutions intensifies, these startups are positioning Australia as a leader in soil carbon measurement and modeling. Their innovations could be crucial in not only achieving Australia's environmental targets but also in offering scalable solutions for global carbon capture efforts.