The startup Gigablue announced with fanfare this year that it reached a historic milestone: selling 200,000 carbon credits to fund what it describes as a groundbreaking technology in the fight against climate change.
Formed three years ago by a group of entrepreneurs in Israel, the company says it has designed particles that when released in the ocean will trap carbon at the bottom of the sea. By “harnessing the power of nature,” Gigablue says, its work will do nothing less than save the planet.
But outside scientists frustrated by the lack of information released by the company say serious questions remain about whether Gigablue’s technology works as the company describes. Their questions showcase tensions in an industry built on little regulation and big promises — and a tantalizing chance to profit.
Jimmy Pallas, an event organizer based in Italy, struck a deal with Gigablue last year. He said he trusts the company does what it has promised him — ensuring the transportation, meals, and electricity of a recent 1,000-person event will be offset by particles in the ocean.
Gigablue’s service is like “an extra trash can” where Pallas can discard his unwanted emissions, he said.
“Same way I use my trash can — I don’t follow where the truck that comes and picks up my trash brings it to,” he said. “I’ll take their word for it.”
Gigablue has a grand vision for the future of carbon removal. It was originally named “Gigaton” after the one billion metric tons of carbon dioxide most scientists say will be necessary to remove from the atmosphere each year to slow global warming.
The company began trials in the South Pacific Ocean last year, and says it will work with country authorities to create a “sequestration field” — a dedicated part of the ocean where “pulses” of particles will be released on a seasonal basis.
Gigablue says its solution is affordable, too — priced to attract investors.
“Every time we go to the ocean, we generate hundreds of thousands of carbon credits, and this is what we’re going to do continuously over the upcoming years and towards the future, in greater and greater quantities,” co-founder Ori Shaashua said.
Carbon credits, which have grown in popularity over the last decade, are tokens that symbolize the removal of one metric ton of carbon dioxide from the atmosphere. On paper, companies that buy credits achieve a smaller carbon footprint without needing to reduce their own emissions — for instance, by paying another vendor to plant trees or capture carbon dioxide from the air.
Only a few countries have required local industries to purchase carbon credits. Most companies that buy them, including Microsoft and Google, do so voluntarily.
The credits have helped fund a band of startups like Gigablue that are eager to tackle the climate crisis, but they are also unevenly regulated, scientifically complex, and have in some cases been linked to fraud.
Gigablue’s 200,000 credits are pledged to SkiesFifty, a newly formed company investing in greener practices for the aviation industry. It’s the largest sale to date for a climate startup operating in the ocean, according to the tracking site CDR.fyi, making up more than half of all ocean-based carbon credits sold last year.
And it could beckon a rapid acceleration of the company’s work. Gigablue hopes to reach a goal this year of capturing 10 metric tons of carbon dioxide for each ton of particles it deploys, Shaashua said. At that rate, Gigablue would disperse at least 20,000 tons of particles in the ocean.