At Puro.earth, we aim to accelerate the pace of the voluntary carbon removal market by providing corporate buyers new ways to help grow the supply.
That’s why today we launch the Pre-CORC Framework, a service to match early-stage high-quality carbon removal projects with corporate offtakers who want to secure their supply of negative emissions to fulfill net zero pledges.
Offtake agreements are the missing piece for carbon removal suppliers, investors and banks. Just like corporates secure future supply of renewable energy, now they can commit to buy future carbon removal and help projects start operations or expand.
Why focus on commitments for future revenue?
Two reasons: Carbon removal demand has outpaced supply and, even though carbon negative industries are crucial to achieving the Paris Agreement climate goals, they still face high barriers to scaling.
In this emerging sector, carbon removal suppliers face tough challenges to get equity funding and loans to set up needed infrastructure, obtain permits, and commercialize their process. We have a record of assisting their entry to the market by co-creating the first carbon standard removal methodologies in biochar, building materials and geologically stored carbon, and trading them in our marketplace. Nevertheless, for the last two years, our team has met hundreds of projects that are too early to be verified, but that have high climate impact potential.
So, we take our innovation further by launching a new instrument called the Pre-CORC. It is a commitment that represents the future production and purchase of a CO2 Removal Certificate, CORC, our verified carbon removal credit.
We also launch a project listings platform for matchmaking and bi-lateral agreement facilitation. The framework provides buyers a way to manage risk and hedge price volatility in carbon offsetting and removal portfolios.
For suppliers, it means inclusive market entry and advance multi-year commitments for future carbon credit revenue, which will enable access to equity and debt.
There is lost economic activity and climate potential in the underdevelopment of the carbon negative industries, and we want to remedy it. The market needs scaling through liquidity, so with the Pre-CORC framework we enable both offtake agreements now and spot market availability later.
The international launch includes 13 projects in 9 countries, with a projected availability of 300,000 tonnes of CO2 removal from 4 methodologies. We are proud to continue channeling revenue, facilitating financing, and catalyzing global scaling for carbon removal.
If you are a buyer, visit the Pre-CORC project listings and secure your carbon removal availability.
If you are a supplier, register your interest to be listed here
Read the press release