Undercurrents: June 2024
Seaweed Generation's roundup of company news and perspective on all things climate.
Blythe Taylor, Chief of Staff
Start-up life is tough. Even with investment, driving innovation and change comes with a whole host of challenges. Combine that with a new or emerging market and those challenges increase exponentially. So it was with real sadness that we learnt about the closure of Running Tide’s operations last week. A forerunner in the marine CDR space, Running Tide had a singular focus to sequester carbon into the deep ocean through biomass sinking and ocean alkalinity enhancement. As we know (and the IPCC have stressed) carbon dioxide removal will be essential in limiting warming to below 2°C by 2100, regardless of whether global emissions reach net zero levels. Running Tide’s ambitions are therefore needed and noble, but the world of climate tech is complex, and the voluntary CDR markets - well they’re a mess.
Acknowledgement of the need for CDR has not led to the legislation and regulation one might expect. Nor are there a host of willing customers looking for ways to offset their emissions. Given the damage already done to our planet and the oceans, it’s also no surprise that the scientific community are calling for a slower, evidence based approach to marine CDR pathways.
Marine CDR, and any large scale ocean operation, is part of a complex ecosystem, where the impacts of any action must be properly understood. That is why our current focus is on building the technology that can gather data. MRV (Measurement Reporting Verification) is the biggest challenge to delivering large scale marine CDR. Understanding how much carbon is being sequestered, the permanence of that removal, and the impact on benthic ecosystems are all questions that need answering - not just for the scientific community but carbon credit customers too.
Start-up funding success is often predicated on a singular focus. Tell us how you’ll do x to make us y millions. It’s how business has always worked, success is measured in profit. But if we look around at the mess the planet is in now, it’s the lack of nuance in success indicators that has got us here. We need a better understanding of the impact companies have on human and global welfare. We all need to appreciate the broader context businesses operate in and adjust our parameters of success accordingly.
A huge step in the right direction was the adoption of the Nature Restoration Law by the European Council on June 17th. This new law recognises that 80% of EU habitats are in poor shape, and sets targets to restore at least 20% of the EU’s land and sea areas by 2030, and all ecosystems in need of restoration by 2050. It’s a clear signal to business that nature is moving up the agenda, and industry will need to introduce compliance programmes accordingly - as well as face financial risks due to nature loss if not.
This news represents opportunity for businesses too. Those that move early, monitor and address their impact on nature, will see their reputation rise among consumers, investors, and partners.
For SeaGen it’s confirmation that our approach is the right one. Environmental and biodiversity monitoring will, and should be an increasing global focus. Our technology will ensure that data collection and dissemination becomes easier, ultimately unlocking the mCDR pathways the world urgently needs.
Progress and Press
BBC Radio 4, 11th June, SeaGen features on the PM programme
We were immensely proud to have CEO Paddy Estridge feature on Radio 4’s PM programme to discuss all things seaweed. Listen from 43 minutes in to catch her chat with Evan Davis.
New SeaGen team member Rebecca McShane
This month we welcomed Rebecca to the team. Rebecca brings a wealth of experience to Seaweed Generation with a solid 17-year background in telecommunications. She is excited to leverage this expertise at Seaweed Generation, where she will oversee operations in Glasgow and support the team in enhancing project efficiency.
