AP Report Highlights Firm’s Sale of 200K Carbon Credits

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    Founded three years ago by a group of innovative entrepreneurs in Israel, Gigablue aims to revolutionize carbon capture technology in an effort to combat global warming. The company, previously known as “Gigaton,” refers to the goal of removing a billion metric tons of carbon dioxide from the atmosphere annually. Gigablue claims to have developed unique particles designed to sequester carbon in ocean environments. However, despite the ambitious nature of their work, many scientists express skepticism due to the limited information available about the technology.

    Last year, Gigablue initiated trials in the South Pacific Ocean, with plans to collaborate with local governments to develop a “sequestration field.” This area of the ocean would serve as a site for seasonal “pulses” of carbon-trapping particles. The company’s announcement earlier this year regarding the sale of 200,000 carbon credits marked a significant achievement as it represents the largest deal by an ocean-based climate startup, according to the climate tracking platform CDR.fyi.

    Carbon credits, emerging as a popular tool over the past decade, allow companies to effectively reduce their carbon footprint without directly lowering emissions. This is typically done by purchasing credits that equate to the removal of one metric ton of carbon dioxide, which supports initiatives such as tree planting or direct carbon capture projects. While only a handful of countries mandate the purchase of carbon credits, many companies voluntarily participate. Nevertheless, the carbon credit market remains under-regulated, complex, and at times associated with controversy.

    The credits sold by Gigablue have been pledged to SkiesFifty, a new entity focusing on adopting greener practices within the aviation industry. Despite the pioneering transaction, key details regarding the earnings from the sale have not been disclosed, and SkiesFifty’s team has declined interviews. Gigablue’s pricing appears noticeably lower than most existing carbon sequestration methods, suggesting a competitive edge in this pioneering sector.

    Central to Gigablue’s approach is a patented particle technology aimed at capturing and sequestering carbon through algal growth. These particles are designed to float in ocean waters, where they promote algal growth and subsequently sink along with attached carbon to the ocean floor. The premise hinges on algae’s natural ability to absorb carbon dioxide, potentially securing carbon for extensive periods, thus contributing to atmospheric carbon reduction and climate stabilization.

    Despite some commercial achievements, Gigablue remains secretive about the exact composition of its particles. According to permit-related documents, their initial trials involved various substances, such as vermiculite, clay, ground rock, with later tests incorporating additional materials like plant-based waxes, manganese, and iron. Different formulations may be developed to suit varying oceanic conditions.

    In anticipation of ecological concerns, Gigablue has reportedly engaged an environmental institute to verify the ecological safety of its particles for marine organisms. However, the cautious scientific community remains unconvinced by the company’s assertions without access to detailed empirical studies. Some external scientists cast doubt over whether algae could receive sufficient sunlight while attached to such particles and question if other marine life could significantly impact the particles’ effectiveness.

    A major marine research institute in New Zealand, the National Institute of Water and Atmospheric Research, has reviewed and approved Gigablue’s methodology, providing an endorsement that adds credibility to the company’s scientific endeavors. Nevertheless, the broader scientific community still awaits more substantive evidence to substantiate the effectiveness of Gigablue’s innovative technique in enhancing oceanic carbon absorption and driving climate mitigation efforts.