The ship Polarstern is heading out to a small patch of the Scotia Sea between Argentina and the Antarctic Peninsula with 50 scientists from Germany, India, Italy, Spain, Chile, France and Britain to dump 20 tones of iron sulphate in hopes that the iron will induce an algal bloom in this usually nutrient-poor region. They will then observe the growth and decay of the organisms in unprecedented detail during the following eight weeks. It is estimated that the process could remove up to a billion tonnes of carbon from the atmosphere every year, but is being conducted despite a moratorium put in place last year by the United Nation's Convention on Biological Diversity.
Isn't this more a means to commercialize iron fertilization? The link below states that several companies in the United States and Australia have planned to sequester carbon in this way, which could then be sold as offsets on carbon credit markets.