Running Tide selects Deloitte to review its carbon removal system to increase transparency and verifiability

PORTLAND, Maine, Feb. 13, 2023 /PRNewswire/ -- Today, Running Tide and Deloitte announce their cooperation in the form of an independent review of key components of Running Tide's carbon removal system towards the generation of high quality carbon removal credits.

Transparency and independent validation and verification are critical to the advancement and eventual large-scale deployment of carbon removal technologies. In Running Tide's case, this includes a review of processes for quantifying net carbon removed, assessing its permanence and additionality, the application of the best available science, and a comprehensive consideration of environmental and ecological impacts associated with deploying Running Tide's carbon removal systems.

The review will be carried out by carbon experts from Deloitte and will focus on Running Tide's planned 2023 carbon removal research and operations in Iceland.

• The first phase will include Deloitte's review of Running Tide's project proposal and Environmental Impact Assessment plans.
• During phase two, Deloitte will review Running Tide's Framework Protocol detailing the quantification approach for their carbon removal system in accordance with ISO standards, specifically ISO 14064-2, which describes the principles and requirements carbon projects must follow as the basis for generating high quality carbon credits.

Deloitte's review of the Framework Protocol is being conducted in parallel with a thorough peer-review process. The peer-review process is currently ongoing and has garnered feedback from experts in the carbon removal, oceanographic, and climate spheres, and will ensure stakeholder considerations are effectively integrated into the public release of the Protocol.

It is expected that this expert review and independent oversight will be a requirement for all planned and future carbon removal projects conducted by Running Tide, which will also be subject to additional third party validation and verification.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world.

For over 20 years, Deloitte has helped organizations make progress toward delivering sustainable value for their stakeholders – from investors, customers and business partners, to regulators, governments, and communities. Deloitte serves organizations as they redefine their strategies, embed sustainability into their operations, meet disclosure and regulatory requirements and helps them accelerate the transformation of their organizations.

Running Tide is a global ocean health company. Our mission is to restore ocean health, rebalance the carbon cycle, decarbonize global supply chains, and revitalize coastal communities. We develop integrated software and hardware systems, design monitoring and measurement capabilities, and deploy solutions, including systems for open ocean carbon removal and combatting ocean acidification.

For additional information, please reach out to [email protected].

SOURCE Running Tide