De Beers Group announced a US$2 million investment in Kelp Blue, an innovative start-up focused on growing and managing large-scale giant kelp forests, initially off the Namibian coast. These underwater forests have the potential to permanently and safely store vast amounts of CO2 in the ocean.
Kelp forests have carbon sequestration properties that outperform terrestrial forests, and they help to sustain healthy marine ecosystems by providing food and shelter for countless species, according to research.
In line with the De Beers Group's Building Forever sustainability goals, the investment supports a pioneering nature-based solution for sequestering carbon and enhancing biodiversity, while also delivering skills development and job creation in Namibia, where De Beers has recovered diamonds in a joint venture partnership with the Namibian government for nearly three decades.
Kelp Blue was granted a license to cultivate Giant Kelp off the coast of Namibia in 2021, and the company is now in the pilot phase. The company will contribute to the development of infrastructure in and around Luderitz, benefiting the local community by creating employment and upskilling opportunities in kelp cultivation and processing.
During the pilot phase, the company will create a variety of direct and indirect jobs in Namibia in biotechnology, engineering, processing, support services, and logistics.
The initiative will also help De Beers achieve its goal of becoming carbon neutral across all of its operations by 2030. While De Beers Group's primary focus in achieving this goal will be on increasing efficiency and replacing fossil fuel and fossil-based energy from its operations with renewable alternatives, carbon credits generated by the investment in Kelp Blue will assist the company in removing any remaining emissions, in addition to other nature-based initiatives.
Giant Kelp underwater forests
Neil Ventura, Executive Vice-President, Strategy and Innovation at De Beers Group, said, "We are committed to being carbon neutral across our operations by 2030, and to achieve this ambitious target we will need to recover a share of our emissions after we have removed and replaced the majority of the fossil fuel energy in our business.
"Instead of simply purchasing carbon credits on the market, we are looking to identify potential long-term, sustainable, and innovative nature-based solutions for this - particularly those that can deliver additional carbon capture benefits beyond our own business. While there is still work to be done to understand more about the scale of the opportunity, Kelp Blue is an innovative start-up with significant potential, and we are proud to invest in its future."
