Carbon exchange and marketplace Climate Impact X (CIX) and Nasdaq-backed carbon removal marketplace Puro.earth announced today a new collaboration to provide a carbon credit portfolio blending nature- and technology-based removal credits, addressing the demand for net zero-aligned solutions for the voluntary carbon market (VCM).
According to the companies, the new strategic partnership is aimed at meeting growing demand for carbon credits that combine long-term carbon removal and storage, in alignment with The Oxford Principles for Net Zero Aligned Carbon Offsetting, which outlines the key elements to credible net zero aligned offsetting.
Professor Myles Allen of the University of Oxford, the Chairman of Puro.earth’s Advisory Board and co-author of the Oxford Principles, said:
“Carbon removals with durable, meaning geological time-scale, storage will inevitably play a role in stabilising atmospheric concentrations of carbon dioxide, and potentially even reducing them after net zero is achieved. To support this transition, users of offsets must increase the portion of their offsets that come from carbon removals, rather than from emission reductions, ultimately reaching 100 per cent carbon removals with durable storage by mid-century to ensure compatibility with the goals of the Paris Agreement. Creating demand for carbon removal offsets today will send a signal to the market to increase supply of this scarce but vital resource.”
The partnership brings together CIX’s and Puro.earth’s expertise in nature-based projects and technology-based removal methodologies, respectively.
Singapore-based CIX was launched last year through a joint venture between DBS, Singapore Exchange (SGX), Standard Chartered and Temasek, aimed at offering distinct platforms and products that cater to the needs of different buyers and sellers, leveraging satellite monitoring, machine learning and blockchain technology to enhance the transparency, integrity and quality of carbon credits. The exchange offers access to nature-based solutions that protect, restore and grow natural ecosystems such as forests, mangroves and coastal habitats.
Puro.earth, acquired last year by Nasdaq, is the world’s first B2B marketplace, standard and registry focused solely on carbon removal, bringing together suppliers of carbon net-negative technologies and companies looking to reduce or counter their carbon footprints, through the issue of verified CO2 Removal Certificates (CORCs), a carbon offset based on carbon removed from the atmosphere for the long term. The company has pioneered the development of carbon removal methodologies including biochar, carbonated building materials, and geologically stored carbon.
Mikkel Larsen, CEO of Climate Impact X, said:
“In a complex and fast evolving carbon market, businesses seek products that are designed to be net zero aligned and that can effectively address tomorrow’s demands. An appropriate mix of nature- and tech-based solutions helps to facilitate this. We need a blend of solutions to restore ecosystems as well as deliver broader socio-economic benefits for local communities.”
The partnership also marks Puro.earth’s entry into Asia, enabling access for companies in the region for credits issued under its VCM standard for engineered carbon removal methods, the Puro Standard.
Antti Vihavainen, CEO of Puro.earth, said:
“Permanent carbon removal projects are in their infancy and therefore supply is very constrained. At Puro.earth, we are looking to change this. A ready-made high-quality portfolio with an annually increasing share of permanent removal will prove companies progress on their carbon net zero pathway. Puro.earth is the multi-methodology standard that focuses on carbon removal with a long-term sequestration guarantee. We will continue to innovate and, together with leading scientists and organizations, to enable the best local ways to remove carbon in the APAC region.”