Puro.earth Surpasses 1 Million Tonne Carbon Removal Milestone

Puro.earth, which is backed by Nasdaq, has registered a record issuance of over 1 million CO2 removal certificates (CORCs). It translates to over 1 million tonnes of carbon certified removal and marks a rapid up-take of the carbon credit market. The firm has witnessed exponential growth with its issuance rate doubling over the past year.
It was founded in 2018 and was acquired by Nasdaq in 2021. Puro.earth is a platform that brings suppliers and companies together for carbon removal technologies. It certifies and gives the Firms that sequester and capture CO2 for at least 100 years CORCs. These credits are subsequently purchased by firms to help offset their carbon emissions.

As the first CORCs were released in 2019, it has already taken almost five years to get to 500,000 certificates in early 2024. However, because of growing demand, it doubled to 1 million in one year. Puro.earth expects to release another million CORCs by mid-2026, reflecting growth in the industry.

Among carbon removal technologies, Geologically Stored Carbon (GSC) technologies such as Direct Air Capture Carbon and Storage (DACCS) and Bio Energy Carbon Capture and Storage (BECCS) and Biochar have made a huge splash. All these approaches represent more than 34% of issuances in aggregate because they present quantifiable and scalable carbon removal solutions.

Geographically, the U.S. leads the market with 45% of the total issuances for CORCs. Finland has 9.9%, while Bolivia and Brazil have 9.6% and 9.2%, respectively. Other leaders in the market are Austria, Norway, and the UK, which confirm the international nature of carbon reduction initiative.

Increased corporate involvement and changing buyer attitudes drive the exponential expansion of the carbon credit market. Large multinationals like Microsoft, Google, and the Frontier Buyers group have taken up early-stage carbon removal initiatives to scale. In addition, industries with difficult-to-abate emissions—aviation, concrete, steel manufacturing, shipping, and chemical production—ever more turn to carbon credits for chasing sustainability goals.

Conclusion:-
Puro.earth's sale of more than 1 million CORCs is a benchmark for the carbon credit market. With greater demand from companies and industries, the company will grow its presence over the next two years. With developing carbon removal tech at an accelerating rate, the market will continue to grow and offer scalable solutions against climate change.

Source: ESG Today
Credits: Mark Segal