Ocean-Based Climate Solutions, Inc. is an ocean environmental technology development company. Their tool, “The Oxygenator” uses wave energy to produce upwelling of nutrient-enriched seawater from 200m deep. It promotes growth of phytoplankton and then sends particulate organic carbon (POC) as well as dissolved organic carbon contained in the upper ocean, below 400m where it is out of contact with the atmosphere for many decades.
This year, Ocean-based is pleased to introduce its Corporate Gigaton Challenge as an alternative financing mechanism to remove CO2. The target is one gigaton of cumulative CO2 removed within 15 years, using technologies provided by Ocean-based. Under this program, multi-national corporations fund the deployment of CO2-removal technologies by issuing common stock rather than paying in cash. Rather than reduce corporate earnings, this program expands the number of shares issued, with the corporate market capitalization recovered as investors allocate more funds to public companies with higher “ESG” profiles. With a higher market cap, the net result is the company eliminates its CO2 footprint at zero or even “negative” cost.