Responsible Sourcing Strategy
Published by Running Tide | Read our announcement
Version | Published Date | Download Link |
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v1.0 | July 17, 2023 |
Running Tide is an ocean health company. Ocean health is critical to planetary and human health — but ocean health is in rapid and accelerating decline. At Running Tide, our mission is to restore ocean health and productivity, rebalance the carbon cycle, decarbonize global supply chains, and revitalize coastal communities. We do this by developing integrated software and hardware systems, designing cutting-edge monitoring and measurement capabilities, and deploying comprehensive nature-based interventions, including solutions for open ocean carbon removal and biodiversity enhancement.
Running Tide's primary operations are currently based in two fishing communities: Portland, Maine and Akranes, Iceland. These communities rely heavily on natural resource management and are directly affected by the climate crisis. By working in these locations, we aim to gain valuable insights and knowledge that can be applied to other communities facing similar challenges and dynamics.
This document provides an overview of Running Tide’s sourcing strategy and outlines the considerations that govern our selection of materials and suppliers. These measures are implemented to guarantee that we successfully obtain the intended climatic, ecological, and socioeconomic objectives of our carbon removal operations. Our strategy is outlined as follows:
Context – the need for positive interventions to restore ocean health
Our Sourcing Approach – the key tenets guiding our material procurement and use
Establishing Negative Carbon Supply Chains – ensuring our operations and supply chains are net negative carbon
Net Positive Forest Impact – ensuring our sourcing promotes healthy and resilient forests
Net Positive Ocean Impact – how we proactively mitigate environmental and ecological risks to the ocean
Net Positive Community Impact – implementing safeguards and evaluating socioeconomic benefits for communities within our supply chain
Material and Supplier Vetting – codifying our values and maintaining compliance
Appendix: Running Tide’s Governance Framework
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