Carbon credits
Carbon markets
Blue carbon
In support of its commitment to sustainability and reaching net zero, Shopify Inc has acquired inaugural carbon removal credits from ocean carbon removal innovator Running Tide. Running Tide sank 1,000 tonnes of limestone-coated wood waste to the ocean floor south of Iceland, preventing the release of carbon dioxide into the atmosphere when the wood would have been burned. This process securely stores the CO2 in the material for up to 10,000 years.
Yellow fish swimming around a healthy coral reef in an ocean.
Although the carbon removed by this project is small—a net total of 275 tonnes of carbon dioxide equivalent, with 100 tonnes allocated to Shopify—in comparison to Shopify’s total emissions, its focus is to support entrepreneurial companies at the early stages of their projects, emphasising these types of solutions. While Shopify hasn't specified the precise allocation of these credits, it has been actively offsetting emissions with over 23,000 tonnes of carbon removal credits in 2022.
Running Tide addressed concerns related to the ecological impact of its project diligently. It is exploring various carbon removal techniques, including methods to enhance the ocean's alkalinity, potentially boosting its capacity to absorb CO2. Running Tide also plans to venture into macroalgae-based removal credits.
Read more: What are blue carbon projects?
Running Tide’s CEO, Marty Odlin, emphasises a cautious approach, focusing on ecological safety, even as the carbon removal industry pushes for rapid expansion. Independent verification is crucial, and Running Tide is evaluating options for third-party validation. With its monitoring systems and research collaborations, it aims to ensure minimal environmental impact.
As the partnership progresses, Running Tide plans to scale carbon removal efforts while keeping a watchful eye on ocean health. Odlin recognises the urgency of the challenge, stating that re-establishing the carbon balance is essential to prevent impending climate catastrophes.
Read more: Australia's first soil carbon project approved by the Clean Energy Regulator
DGB Group is actively creating expansive, worldwide initiatives focused on biodiversity and carbon sequestration. Through these endeavours, sustainability takes centre stage, aiding businesses and individuals in achieving their net-zero goals. Our projects not only contribute to carbon reduction but also yield additional environmental benefits by restoring biodiversity and empowering communities. You can become nature positive too with DGB.
