Cultivated for millennia, rice is the staple food for half of humanity. However, rice cultivation is also one of the biggest contributors to global warming, accounting for 12% of global methane emissions, which is a larger carbon footprint than aviation. Â
Yet, solutions exist. Simple changes to rice farming practices can reduce emissions by 50% and water consumption by 30%, at no cost to farmers and without yield loss.
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This is the value proposition of CarbonFarm Technology, a French startup specializing in satellite imagery and artificial intelligence, co-supported by CentraleSupĂ©lec & AgroParisTech. It has closed a €2.5 million funding round with two main investors: Racine², operated by by Serena and makesense, and Techmind (via the Jeriko club), as well as Ponderosa, AgFunder, Climate Capital, and BPI France.Â
How can 140 million rice farmers be encouraged to adopt these sustainable practices?
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CarbonFarm Technology believes that carbon markets have a role to play. “A rice farmer who adopts these practices and reduces their carbon footprint can access up to 20% additional income through carbon markets,” explains Vassily Carantino, co-founder and President of the young company. CarbonFarm's goal is to facilitate rice farmers' access to these carbon revenues and become the benchmark solution for carbon certification in rice farming.
To do this, CarbonFarm Technology has developed a satellite monitoring solution that allows for verification of cultivation practices used and precise quantification of greenhouse gas emissions from a plot.
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On the one hand, CarbonFarm uses this technology to help rice farmers and agribusinesses access carbon markets, creating a financial incentive for practice change.
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On the other hand, the use of satellites offers complete transparency to carbon investors, restoring confidence in a market often considered opaque. Mr. Carantino explains: "Satellites are impartial and independent. They enable scientific monitoring of practices and emissions to prevent greenwashing and ensure that 100% of generated carbon credits are additional.".
CarbonFarm Technology was founded in 2022 by Vassily Carantino and James Hastwell, who met through the Entrepreneur Firstprogram, a long-standing investor in the startup.
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‍“This fundraising will allow us to accelerate the deployment of a reliable solution that supports sustainable practices and generates additional income for small-scale producers” explains Carantino.
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To achieve this, the company has developed partnerships in 5 countries, including the first rice-based carbon project in Vietnam, and a partnership with the United Nations Development Programme in Ghana.
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‍“We work with everyone who shares our ambition to decarbonize rice farming. This includes major agribusiness groups like Mars Food, Danone, or Ebro, carbon project developers, governments, and international organizations” explains the founder.
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