Nasdaq-backed Puro.Earth Launches Pre-Paid CO2 Removal Certificates to Help Scale Carbon Removal Market
Nasdaq-backed carbon removal marketplace Puro.earth announced the launch of “Pre-CORCs,” a new digital asset enabling companies to prepay for the projected carbon offsets from early-stage carbon removal projects, and aimed at helping to stimulate the growth of the carbon removal market.
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.
The new Pre-CORCs represent one metric ton of future net negative emissions each. The assets are converted into CORCs once the carbon removal has been realized and independently verified.
Arnaud Defrance, VP Funding Solutions at Puro.earth said:
“Pre-CORCs as digital assets are our response to buyers who want to streamline procurement of their future CORCs from early projects, with full traceability. Pre-CORCs will now be issued in the Puro Registry, a big step forward for the carbon removal industry. Moreover, buyers will be able to play a direct role in enabling suppliers’ growth by filling real funding gaps.
The launch of the Pre-CORCs forms part of Puro.Earth’s initiative to help scale the carbon removal ecosystem, Puro Accelerate, by helping suppliers in early-stages or expansion to secure advance market commitments for their CORCs. The new assets are aimed at providing suppliers with an alternative source of funding for their projects.
Antti Vihavainen, CEO and co-founder at Puro.earth said:
“Right now, the capital for the much-needed, large-scale growth of the carbon removal industry is insufficient to reverse climate change. Buyers of negative emissions are eager to help the carbon removal industries to grow, but they want to be protected against price volatility and delivery uncertainty. The Pre-CORC framework mitigates those risks, for buyers and suppliers.”