On July 24, NYK and Verdant Bloom, the parent company of Urchinomics Group, signed a share purchase agreement for NYK to invest in Verdant Bloom. Both parties aim to contribute to the prevention of global warming by restoring kelp forests to sequester CO2.
Current issue
Kelp forests, inhabiting sea beds, support marine biodiversity by providing a habitat for small fish and other aquatic life. These underwater forests are attracting attention as a “blue carbon”, because they absorb and store CO2 from the atmosphere through photosynthesis.
However, in recent years, overabundance of sea urchins, eating up kelp forests, has become a serious problem worldwide. Without a food source, the proliferating sea urchins then starve and become unsuitable for food because they contain little or no “uni”, the delicate meat inside an urchin’s spiny shell, thus making them undesirable.
The Urchinomics solution
Urchinomics collects sea urchins from the increasing number of urchin barrens in Japan and overseas, feeds them with naturally derived feed to transform them into a delicacy suitable for human consumption. The cultured sea urchins are sold, and profits from sales are re-invested into sea-urchin removal and kelp-bed restoration projects.
Urchinomics’ efforts to restore kelp forest and circular business model have received much attention from the public. In fact, the group is one of only three commercial companies to be endorsed by the United Nations Ocean Decade for Sustainable Development.
Purpose of NYK investment
As a comprehensive logistics company centered on marine transportation, the NYK Group has positioned “giving back to the oceans” through marine environmental conservation as one of the company’s key themes. NYK aims to preserve marine biodiversity by regenerating seaweed beds and contributing to the ocean’s decarbonization. The company will accumulate knowledge to establish an evaluation method for blue carbon, which contributes to carbon removal and is expected to be instrumental. NYK will also acquire know-how on the conversion of blue carbon to credits.
Giles Cadman, Verdant Bloom Chairman and CEO, said: “Partnering with NYK is a significant milestone for Verdant Bloom and Urchinomics. As we have been scaling our efforts, we have placed significant importance on collaborating with partners with the aligned vision on fighting climate change with holistic nature-based solutions. NYK’s considered and forward-thinking approach to these issues is an excellent fit with our business.
“We are grateful for NYK’s confidence in our mission, and together, we are embarking on an important journey to restore kelp forests and combat climate change. This partnership underscores the critical importance of our work and the positive impact we can achieve together.”
Shinichi Yanagisawa, NYK Executive Officer, said: “Through this investment, NYK would like to vigorously pursue solutions to the social issue of rocky-shore denudation and the new challenge of creating blue-carbon credits. The NYK Group continues to seek opportunities to add value to its corporate activities.”
Photo credit: NYK. Ocean with rocky-shore denudation.
