Planetary Delivers First Net Ocean Alkalinity Enhancement (OAE) Credits to Shopify, Stripe

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Nov 18, 2024, 08:00 ET

HALIFAX, NS, Nov. 18, 2024 /PRNewswire/ - Planetary Technologies is thrilled to announce the delivery of the world's first net Ocean Alkalinity Enhancement (OAE) credits, a major milestone in carbon removal. A total of 138 net tonnes of OAE credits, generated from Planetary's project in Halifax Harbour, has been delivered to the advance market commitment group Frontier, with allocations to Shopify (96 tonnes) and Stripe (42 tonnes) under a 2023 prepurchase agreement.

This achievement underscores Planetary's leadership in carbon removal and highlights the power of strategic partnerships. "Delivering the first net OAE credits is a monumental step, not only for Planetary but for the entire field of ocean-based carbon removal," said CEO Mike Kelland. "Thanks to our pioneering partners, we're advancing the science and scalability of this technology to meet global climate goals."

The project's scientific rigour and the subsequent data analysis reflect the dedication of Planetary's science and operations teams, bolstered by collaboration with Dalhousie University. Planetary's project was conducted in partnership with Nova Scotia Power and was supported by Carbon To Sea, as well as a wide range of supplier partners, operational partners, academic institutions, and communities.

The successful removal of 138 net tonnes of carbon from the atmosphere was made possible by Planetary's deep collaborations, involving numerous Principal Investigators and respective teams. Planetary also acknowledges Isometric's contribution to achieving robust verification standards, emphasizing the collective effort required to drive innovation and establish sustainable carbon removal solutions.

Planetary's ocean alkalinity enhancement solution operates on coastlines and in tandem with existing infrastructure, such as powerplants and water treatment facilities, to safely remove carbon dioxide from the atmosphere. Responsibly scaled carbon removal solutions– such as OAE–in partnership with global decarbonization are critical components of tackling climate change. Planetary is proud to continue its mission of protecting and restoring the ocean and the climate for generations to come.

SOURCE Planetary Technologies