Puro.earth announces the commercial launch and global rollout of its new approach to scaling carbon transformation. It matches companies removing atmospheric CO2 with companies that have pledged to get to neutral carbon dioxide emissions (Net Zero), enabling the latter to achieve their goal. In combination and at scale, this is the only way we can effectively apply the brakes to the growing impact of GHG emissions on climate change while stimulating a greener, regenerative economy.
A $300bn marketplace by 2050
Many leading businesses such as Swiss Re, AstraZeneca and Microsoft, as well as the 500 B Corps who announced at COP 25, are now targeting Net Zero, many with no realistic plan for how to get there in the stated time frame. Puro.earth is on a mission to support these business pioneers with a marketplace that will accelerate the business of CO2 removal with consistent pricing, measurement and reporting.
Puro.earth aims to help create a global ‘green’ market that could be worth as much as $300bn by removing 10 Gigatons of CO2 a year by 2050. This approach brings transparency, liquidity, critical mass, acceleration and scale. In the beta testing phase, a coalition of 22 companies traded verified carbon dioxide removal certificates (CORCs) through Puro.earth. Throughout the last year another 69 companies bought CORCs to neutralize emissions.
Some carbon removal methodologies are at best unproven or unverified, while some carry environmental risk. Puro.earth has made a clear decision to focus unequivocally on scaling only the known, trusted and verifiable industrial business processes that store CO2 for the long term in commercially available products, like biochar and building materials. Additional industrial carbon removal methods will be added in the coming months.
Funding from Net Zero companies to technology companies who remove carbon was the missing link for carbon removal to be possible at scale. Bringing them together is part of the global effort to ‘Build Back Better’ – a movement that is still gathering momentum for a more sustainable post-Covid pandemic world.
How does it work? Carbon Removal as a Service
Carbon net negative industries already exist. They offer long term (50y+) proven carbon removal that can be measured and verified. Using Puro.earth’s marketplace approach the net negative component of their emissions can attract funding. This new revenue stream enables them to scale rapidly. The funding comes from organisations seeking to neutralize their carbon emissions.
They are effectively paying for carbon removal as a service instead of having to search and source (typically unverified) negative emissions with their own resources. Puro.earth issues verified CO2 removal certificates (CORCs), with one CORC equalling one tonne of CO2 removed. CORCs are traded through the Puro.earth marketplace.
“Our carbon transformation means companies can act now. The climate crisis is getting worse and with our ecosystem of carbon transformers, we cracked a way to scale carbon removal globally. We have tested the marketplace and investors are using Puro prices as a de-facto reference price for carbon removal industry. Now is the time to launch it at scale”, says Antti Vihavainen, Co-Founder of Puro.earth. “The climate cannot wait, and our marketplace supports resilient recovery by encouraging businesses to accelerate carbon removal.”