Yes.
Thanks for the reminder of the great funding that the Ocean Frontier Institute received. I have to say that the scale of funding is transformative. Our community is completely different now from what it was in 2016. It's absolutely exploding here in terms of the intellectual intensity and the connectivity with industry and government.
We are becoming a big international hub for graduate student training. I want to endorse and support my colleague Dr. Gaffield with his comments on graduate student training being so critical.
The deep sea is a huge unknown. It is absolutely the place where most of the carbon in the world sits, and that means technologies can pull more carbon there. They can do that by sinking things like kelp and plankton down into the deep sea. They can chemically change the ocean so that it absorbs more carbon. They can do that by putting what they call alkalinity—the opposite of acidity—into the ocean and then sinking that water.
These technologies are under way. They're being tested here in Halifax. They're being tested in teacups, in tanks and in embayments now, and what we need is regulatory movement so that we can start to test these technologies broadly and scientifically in a really robust way. We had a philanthropist say to us a couple of months ago, “I have $923 million to put into buying carbon credits.” We want blue-chip credits and that means a scientifically robust measurement of carbon sinks in the ocean.
We are revving this up. Research is relatively slow, and we need to be fast because the industry is moving super quickly. Regulation is moving a little more slowly than that, so we have people working on the London protocol. We are working provincially and federally to see what we can do in terms of regulation, and then we need the research to be revved up as quickly as it can be to support these massive venture capitalists. I note that at Economist Impact's world ocean tech summit in Halifax a couple of months ago, we were flooded in our offices with venture capitalists coming in and saying, “Where can we invest? Build these blue-chip carbon futures and we will come.”
We're super excited, but this would not be possible without that investment in the Ocean Frontier Institute that started in 2016. When the Government of Canada invests intensively in one sector, you get a lift in that sector that can be globally transformative. We can do this in the ocean. We need more.