· 2 min read
illuminem summarises for you the essential news of the day. Read the full piece on AP News or enjoy below:
🗞️ Driving the news: Gigablue, an Israeli startup, has sold 200,000 carbon credits, marking a significant milestone for its ocean-based carbon capture technology
• The company claims its particles, designed to promote the growth of algae in the ocean, will trap carbon at the ocean floor, offering a solution to mitigate climate change
• However, the technology remains shrouded in mystery, with scientists questioning its effectiveness and potential impact on marine life
🔭 The context: Gigablue’s method involves deploying particles that capture carbon dioxide by supporting algae growth, which then sinks to the ocean floor, theoretically trapping carbon for centuries
• The company’s work has garnered attention in the emerging market for carbon credits, though its approach has raised concerns among experts due to the lack of detailed, publicly available research
• Some worry that the particles could disrupt marine ecosystems
🌍 Why it matters for the planet: While ocean-based carbon capture offers a promising potential solution to climate change, the unregulated nature of the carbon credit market and the nascent stage of this technology introduce risks
• Without solid evidence and rigorous scientific validation, Gigablue’s project could contribute to unreliable climate solutions and raise concerns over unintended environmental consequences
⏭️ What's next: As Gigablue continues its expansion, it will need to navigate increasing scrutiny from both scientists and regulatory bodies
• The company plans more trials in New Zealand and aims to scale its technology, but its future will depend on proving the efficacy of its approach through peer-reviewed studies and gaining regulatory approval for its ocean-based interventions
💬 One quote: “Sooner or later, I’ll catch a plane, go to New Zealand, and grab a boat to see what they’ve done,” — Jimmy Pallas, an event organizer who purchased carbon credits from Gigablue
📈 One stat: Gigablue has sold 200,000 carbon credits, a deal making up over half of all ocean-based carbon credits sold last year
See on illuminem's Data Hub™ the sustainability performance of companies in the carbon capture industry.
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