Introducing Circonomy: 2023 IBI Pitch Competition Winner
“Imagine if we can fight against climate change and at the same time improve the lives of smallholder farmers.”
Circonomy, this year’s winner of the 2023 IBI Annual Symposium Biochar Pitch Competition, decided to apply their founders’ expertise in agriculture, sustainability, and software development to enable just that.
In November, air pollution reached alarming levels in Delhi, India, just like almost every year at the same period, due to crop burning. The annual practice, undertaken by farmers to clear fields before winter sowing, not only jeopardizes public health—with over 16,000 reported deaths in 2020—but also inflicts a staggering $30 billion economic loss.
Revolutionizing Agribusiness for a Sustainable Future
Smallholder farmers, lacking access to proper waste management infrastructure and unaware of the detrimental consequences of crop burning, face a dual challenge. Even when they are willing to implement alternative solutions like biochar, financial constraints and a lack of knowledge impede their progress.
The urgency for interdisciplinary solutions is clear; the climate crisis is impacting farmers directly and threatening food security due to declining soil health and fertility. This is where Circonomy can offer a game-changing solution. The surging demand for carbon removal, coupled with now-recognized standards, creates a fertile ground for innovation.
Innovative Solutions Beyond the Surface
As a one-stop platform that streamlines the implementation of biochar projects in Asia, Circonomy has a mission to maximize social and environmental co-benefits to make meaningful and lasting change. Their company turns agricultural waste streams into valuable resources and carbon removal solutions, increasing farmers ‘ revenue, and regenerating soil in the tropics.
Founded in 2022, the company offers a dashboard for project design and registration, as well as an app for farmers that provides financing solutions, biochar farming recommendations, and a digital measuring, reporting, and verification (dMRV) system.
Alongside their digital offerings, Circonomy offers a network of trainers that ensure project knowledge is effectively transferred and new practices are adopted seamlessly. They channel resources in biochar projects, like carbon finance from investors and net-zero pledging companies.
Trust and viability is crucial to prove the carbon market, and Circonomy offers a dMRV platform and app to address this. Farmers and partners upload proof of their carbon removal activities, and upon verification, farmers are remunerated directly through the app. The traceable process also ensures that the majority of credits benefit the local community.
Biochar Impact in India and Beyond
In their initial market of India, Circonomy aspires to reach the 150 million smallholder farmers through on-site and digital awareness campaigns, as well as partnerships with Farm Producer Organisations. Four biochar projects are already launched in India, involving 2,000 farmers and representing a 5,000 tCO2e of annual carbon removal capacity.
Looking forward, Circonomy plans to scale impact tenfold in the next six months. From strategic partnerships to reaching millions more farmers, exciting developments are on the horizon.
With an exciting roadmap ahead to increase their offerings, implement AI, and build a fintech module, Circonomy works on big challenges that make a positive impact.
The final round of the 2023 Biochar Pitch Competition also included finalists CarbonPilot, KMW Energy Group, Sun24, and Tafika Horticultural Enterprise and Services. Circonomy was selected as the Pitch Competition winner by our judging panel representing Spring Lane Capital, Village Capital, and XPRIZE.