The Urban Future Lab at New York University-Tandon, Greentown Labs, and the Fraunhofer USA TechBridge Programme have launched the Carbon to Value Initiative (C2V Initiative).

A unique partnership driving the creation of a thriving innovation ecosystem for the commercialisation of carbon tech, the C2V Initiative will look at technologies that capture and convert carbon dioxide into valuable end products of services.

Supported by the New York State Energy Research and Development Authority (NYSERDA) and the Consulate General of Canada in New York (CNGNY), the three-year initiative also hopes to connect innovation young companies with industry leaders in the chemical, advanced materials, energy, and other sectors.

“Commercially viable solutions to the removal of carbon from the atmosphere and the creation of high-value end uses for that carbon are necessary, as we week to solve the climate change problem,” said Pat Sapinsley, Managing Director of Cleantech Initiatives at NYU Tandon.

“Corporations worldwide would be negatively impacted if we don’t do this and can prosper if we do. We, at the Urban Future Lab, are both delighted and fortunate to collaborate with Greentown Labs, Fraunhofer TechBridge, and NYSERDA on this important carbon to value initiative.”

According to scientists, more than 100 gigatons of carbon, in the form of carbon dioxide, must be removed from the atmosphere by 2050, and such efforts will be particularly important in hard-to-decarbonise industries.

Analysts predict that carbontech could comprise a trillion-dollar market opportunity, in sectors as diverse as fuels, cement production, industrial gases, chemicals and polymers, and new materials. 

Doreen Harris, Acting President and CEO, NYSERDA said, “NYSERDA is proud to support this initiative as part of our efforts to scale-up cutting edge, innovative solutions that lower greenhouse gas emissions and ramp-up clean energy under Governor Cuomo’s plan to build back better with a more resilient, cleaner energy grid.” 

“The C2V Initiative is a collaborative opportunity for innovators, developers and industry experts to introduce compelling ideas that will advance our progress at a more rapid pace, driving growth of the green economy and charting our path to carbon neutrality for the benefit of all New Yorkers.”