The startup Gigablue announced with fanfare this year that it reached a historic milestone: selling 200,000 carbon credits to fund what it describes as a groundbreaking technology in the fight against climate change.
Formed three years ago by a group of entrepreneurs in Israel, the company says it has designed particles that when released in the ocean will trap carbon at the bottom of the sea. By ''harnessing the power of nature,'' Gigablue says, its work will do nothing less than save the planet.
But outside scientists frustrated by the lack of information released by the company say serious questions remain about whether Gigablue's technology works as the company describes. Their questions showcase tensions in an industry built on little regulation and big promises — and a tantalizing chance to profit.
Jimmy Pallas, an event organizer based in Italy, struck a deal with Gigablue last year. He said he trusts the company does what it has promised him — ensuring the transportation, meals, and electricity of a recent 1,000-person event will be offset by particles in the ocean.
Gigablue's service is like ''an extra trash can'' where Pallas can discard his unwanted emissions, he said.
''Same way I use my trash can — I don't follow where the truck that comes and picks up my trash brings it to,'' he said. ''I'll take their word for it.''
‘Hundreds of thousands of carbon credits'
Gigablue has a grand vision for the future of carbon removal. It was originally named ''Gigaton'' after the one billion metric tons of carbon dioxide most scientists say will be necessary to remove from the atmosphere each year to slow global warming.