Planetary Technologies released a measurement, reporting, and verification (MRV) protocol for ocean-based carbon removals. The protocol is designed to provide accurate and transparent information about Ocean Alkalinity Enhancement (OAE) projects to deliver carbon removals. It also aims to boost the development and adoption of ocean-based carbon dioxide removal (CDR) projects. Planetary invites experts to review the MRV protocol, available on its GitHub account, and provide their input until April 15, 2023.
Dolphins traveling along the coast in blue ocean water.
MRV protocol measures carbon emissions reduced by a mitigation activity over time and reports the results to an accredited third party. The third party verifies the reported findings, which can be certified and converted into carbon credits. One credit is equal to one tonne of reduced emissions expressed in tonnes of carbon equivalent. Carbon credits are used in the carbon markets to meet Nationally Determined Contributions under the 2015 Paris Agreement and to offset footprints or support environmental projects.
Planetary's MRV protocol is the first Ocean CDR protocol designed to ensure the accuracy and transparency of OAE projects. Since the summer 2022, Planetary has been testing its OAE technology in the United Kingdom, Canada, and the United States. It found that its technology can remove up to 1 million tonnes of carbon by 2028 while restoring coastal and marine ecosystems.
Planetary's open-source protocol provides guidelines for developing ocean CDR projects, including calculating carbon removal and estimating lifetime storage. It also includes a standardised methodology for assessing the CDR performance, increasing trust and climate finance.
Planetary's MRV protocol is crucial in ensuring the success of its OAE technology. The issued carbon removal credits must be real and verified, making MRV a key factor in showing progress on climate goals and attracting more investments into the sector.
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