New $300bn business opportunity designed to address climate change powered by carbon neutral global businesses
HELSINKI, Finland, July 2, 2020 /PRNewswire/ --
- Scaled, the platform has the potential to remove 10 Gigatons of CO2 a year by 2050, equivalent to half of global emissions cuts required to hit Net Zero
- Initiated and beta tested by 22 corporations, Puro.earth's first clients include Swiss Re, SEB and TietoEvry
- Industrial, scientific and DNV GL verified process enables trading of CO2 removal certificates
Puro.earth today announces the commercial launch and global rollout of its new approach to scaling carbon transformation, matching companies that lock away carbon dioxide (CO2) in environmentally sound processes for the long term with companies that have pledged to get to neutral carbon dioxide emissions (Net Zero).
Experts including The World Resources Institute and the UN IPCC agree removal of CO2 from the atmosphere is the necessary way to address increasing CO2 concentrations.
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, harnessing carbon net negative industries and creating a new revenue stream to enable them to build and scale rapidly.
The market sells DNV GL verified CO2 removal certificates (CORCs) to companies looking to meet Net Zero targets. During beta testing, a coalition of 22 companies traded verified CORCs through Puro.earth and a further 69 companies have since bought CORCs, including Swiss Re.
Puro.earth scales trusted and verifiable industrial businesses that store CO2 for the long term in commercially available products, like biochar and building materials, with additional industrial carbon removal methods to be added in the coming months.
Puro.earth's model represents part of the global effort to 'Build Back Better' – a movement that campaigns for a more sustainable post-coronavirus world. It is on a mission to support business pioneers that are targeting Net Zero with a marketplace that offers consistent pricing, measurement and reporting.
"With our ecosystem of carbon transformers, we cracked a way to scale carbon removal globally. The carbon market is using Puro.earth prices as a de-facto reference price for the 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 through the marketplace we can accelerate economic activity that is climate positive."
For more information: https://puro.earth/join