SocialCarbon on Friday released a methodology for public consultation that will award carbon credits for dealing with harmful algae blooms in freshwater, its latest in a growing number of carbon methodologies with strong biodiversity components.
The new methodology, SCM0007, will help project developers quantify and earn credits for the sedimentation of the biomass coming from programmed cell death of cyanobacteria (blue-green algae) in freshwater.
“This is the first methodology of its kind and offers a new CCS project type with a permanence of at least several hundred years. However, unlike other long-term carbon removal project types, the projects enabled through this methodology offers a number of co-benefits including protecting biodiversity and human health,” SocialCarbon said.
“We already have a strong pipeline of projects to implement this methodology, the majority of which are planned in developing countries,” CEO Mike Davies added in an email.
Harmful algae blooms have been a problem for more than four decades, and unmanaged outbreaks release methane emissions and produce toxins that kill fish, mammals, and birds.
However, a recently discovered treatment can induce programmed cell death, or apoptosis, which triggers a form of cell suicide, killing the algae.
Sinking to the bottom, carbon still stored in the algae will then be trapped in sediments for centuries, ensuring it is not released into the atmosphere, for which the developer will be rewarded with carbon credits.
“The purpose of this methodology is to support areas that typically lack the funding required to treat their local freshwater bodies and manage harmful algae blooms,” the draft methodology said.
Eligible treatment solutions must at a minimum have been approved by the US Environmental Protection Agency or equivalent authorities, and been proven effective. The water body involved must have a mean depth of at least 1 metre.
Carbon reductions will be based on a scenario under which such blooms are untreated, and developers must produce data for such outbreaks going back at least three years.
To be deemed additional, there must not be a regulatory requirement in the region to treat harmful algae blooms, according to SocialCarbon, which is inviting opinions on the methodology until March 17.
It adds to the growing number of SocialCarbon methodologies that come with strong biodiversity co-benefits, an element that a growing number of buyers are willing to pay a premium for.
A number of companies expecting to in time participate in the emerging biodiversity credit market, either as a seller or a buyer, say that in lieu of a developed framework for such projects, the bulk of market-based action to battle biodiversity loss in the near term will likely come as integrated carbon and nature projects.
The latest SocialCarbon methodology comes less than three months after the standard finalised its SCM0006, addressing the conservation of areas of biodiversity importance.
It also has project methodologies related to the regeneration of Spekboom thicket, also called elephant bush, in southern Africa and for regenerative land management.
Earlier this month, SocialCarbon told Carbon Pulse it has launched a review of its methodology for methane emissions reductions by adjusted water management practice in rice cultivation, adopted from the UN’s Clean Development Mechanism, after standard Verra did the same following concerns raised by a whistleblower over problems related to additionality and MRV.
By Stian Reklev – stian@carbon-pulse.com
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