Image credits: Isometric
London-based Isometric, a carbon removal registry and science platform, announced on Monday, July 17, that it has raised $25M (approximately €22M) in a Seed round of funding led by Lowercarbon Capital and Plural.
The UK company says it will use the funds to hire more scientists and engineers to continue building its public registry for verified credits — the first carbon registry to list only high-quality long-duration carbon removal credits.
Eamon Jubbawy, founder and CEO at Isometric, says, “There are two non-negotiable challenges for the human race over the coming decades: first, decarbonise our economy; second, scale carbon removal. I decided to build Isometric as the critical missing piece of infrastructure required to scale carbon removal.”
“I knew it would only be feasible to tackle this difficult and important problem with the backing of trustworthy, long-term financing partners who think in terms of decades, not months or years. So I’m happy that Lowercarbon and Plural have put their faith in me. We have a tough journey ahead of us and it was crucial for me to pick partners that were 100 percent aligned with my vision,” adds Jubbawy.
The role of carbon registries and the need for an Isometric approach
Carbon registries play a vital role in issuing carbon credits, ensuring the legitimacy of the claimed climate impact.
However, major carbon registries such as Verra, Gold Standard, American Carbon Registry, and Climate Action Reserve have recently faced criticism.
The CEO of Verra resigned under pressure due to mounting concerns.
The traditional carbon offsetting market, governed by these major registries, has been predominantly characterised by avoidance-based offsets, lacking verifiable impact and scientific rigour.
This lack of transparency and misaligned incentives has earned the market a reputation akin to the “Wild West.”
In contrast, carbon removal activities offer a verifiable means to quantify carbon reduction, making them a crucial component of the climate crisis response.
While the current industry annually removes only a few kilo tons of carbon, there is a strong consensus that it must grow significantly to at least 3.8 gigatonnes per year or potentially even triple that, leading to the emergence of a $1 trillion industry.
Here’s where Isometrics comes into play!
Isometric: Transparent registry for durable carbon dioxide removal
Founded in 2022 by Eamon Jubbawy, Isometric aims to accelerate the scale-up of the nascent carbon removal industry.
By transparently reporting data and verification results from its partner network on its new science platform and a publicly accessible registry to be launched soon, Isometric seeks to instil confidence in the market and encourage buyers to make larger purchases over time.
The company’s science platform provides valuable data to suppliers, buyers, and the academic community, fostering advancements in carbon removal.
Based on rigorous scientific protocols, the platform helps quantify the net amount of carbon removed by various processes, enabling verification of carbon credits.
Isometric has been actively developing protocols for multiple carbon removal suppliers, with plans for public consultation on the science platform later this year.
Adopting a modular protocol framework
Isometric’s forthcoming registry will exclusively feature credits for ex-post verified, delivered tonnes, allowing the public to review the evidence and calculations behind each credit.
To ensure consistency in carbon removal MRV (monitoring, reporting, and verification), Isometric adopts a modular protocol framework.
This framework can be updated and customised as technology and science evolve, facilitating equitable comparisons among companies involved in carbon removal.
This approach simplifies the understanding of credit purchases for customers seeking to take carbon out of the atmosphere.
The company charges buyers a single flat fee per offtake or purchase, covering all expenses related to protocol development, verification, and credit issuance.
Khaled Helioui, who led the investment round at Plural, says, “Bringing trust to carbon dioxide removal is fundamental to allow the kind of investments needed to avoid a climate catastrophe. Eamon is one of the most impressive founders of his generation. His experience building Onfido makes him uniquely equipped to steward the responsible and fast scale-up of carbon removal space. He has already built a stellar team whose talent & devotion are critical to solving the climate crisis we face.”
…your recruitment or product development with our curated community partners!
