A Canadian tech startup, Planetary Technologies, launched a new Measurement, Reporting, and Verification (MRV) protocol for quantifying ocean-based carbon removals on 23rd February 2023.
This advanced carbon sequestration technology is expected to boost the market for marine or ocean-based carbon removals and contribute to the fight against global climate change.
Read the complete story below to know more about planetary and its innovative carbon removal technique.
The Story- What is this new Oceanic Carbon Removal Protocol?
Planetary technologies claim their development to be the first of its kind-Ocean Carbon Dioxide Removal (oCDR) MRV Protocol.
oCDR MRV protocol is open-sourced and designed to facilitate ocean alkalinity enhancement projects to deliver and track carbon removals accurately with transparency.
Through the growth of this technology, the adoption and development of ocean-based carbon dioxide removal (CDR) projects will accelerate, which will enable the sale of carbon offset credits.
Carbon offset credits are a type of financial instrument used to incentivize individuals and organizations to reduce their greenhouse gas emissions.
Engaging in activities to reduce carbon footprint, such as investing in renewable energy, allows individuals and organizations to earn carbon offset credits, which signify a reduction in carbon emissions and can be traded on carbon markets.
This Canadian startup is gaining approval from major investors such as Shopify, an e-commerce giant, as it is open to public access and expert feedback.
The startup has invited dedicated and expert scientists and investors in green technology to review and improve its technological framework.
The process will ultimately help to verify carbon removals in Planetary's first public carbon removal project and allow carbon removal purchasers to acquire Planetary credits with full trust and confidence.
Planetary tech’s oCDR MRV protocol also features a standardized methodology for assessing carbon removal performance, which increases trust and drives further investment.
Since the beginning of 2022, Planetary has been testing its technology in the UK, Canada, and the U.S. and claims progress toward successful carbon dioxide removal from the air and restoring the oceanic environment.
Their oCDR technology works by introducing a mild alkaline substance into the ocean, which lowers the acidity of the marine environment.
This process converts the dissolved carbon dioxide (CO2) into a salt that remains in the ocean for an extended period, up to one hundred thousand years. By reducing carbon levels in the ocean, the technology enables seawater to absorb more atmospheric CO2, leading to a cleaner and more sustainable environment.
Mike Kelland, co-founder and CEO at Planetary, believes that “the startup's ambitious approach has the potential to remove billions of tonnes of carbon dioxide from the air.”
Meanwhile, Stacy Kauk, head of sustainability at Shopify, believes that Planetary's new MRV framework will instill confidence in credit buyers that ocean-based carbon removal projects are removing emissions as advertised.
Furthermore, Kauk added, "Ocean alkalinity enhancement (OAE) has the potential to remove and sequester gigatonnes of CO2 annually at a low cost.”
Although the technology is promising, it has not been an easy task, and the team is already working on incorporating key issues such as the proper representation of CDR, iterative refinement of the holdback factor to improve the accuracy of the model, and various alkalinity loss factors.
Conclusion
The launch of the oCDR MRV protocol marks a significant achievement in the journey toward a sustainable future.
By providing a standardized and transparent framework for measuring and reporting carbon emissions, this protocol will enable individuals and organizations to take more effective action to reduce their carbon footprint.
With continued progress in this direction, we can hope to create a world that is healthier, more equitable, and more sustainable for future generations.
According to BIS Research, the global carbon dioxide removal market was valued at $0.41 billion in 2021, which is expected to reach $ 2.08 billion in 2031, growing at the CAGR of 18.2% during the forecast period 2022-2031.
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