Published on February 24, 2022
When our work started in 2018 the voluntary carbon market was focused on reductions and avoidances. But knowing that the world could not wait to remove carbon from the atmosphere we looked for a way to incentivize the formation of a carbon net-negative economy.
Puro.earth developed the first carbon removal standard in the market, Puro Standard, for engineered carbon removal methods such as biochar, construction materials and geologically stored carbon, kickstarting the voluntary carbon removal market. Today we are known to corporations as the go-to partner to find high quality carbon removal projects to fulfill their climate pledges in a credible way.
And we continue to meet the challenges of the market – transparency, traceability and integrity - with the launch of the public view of the Puro Registry, a user-friendly registry for CO2Removal Certificates, CORCs.
Puro Registry adds transparency to the carbon markets by enabling beneficiaries of CORCs to make their retirements public and by allowing market stakeholders to verify if climate claims have been fulfilled with carbon removal.
Beneficiary is the term used in the carbon markets for the organization making a climate claim such as “we are now carbon neutral“ or “we have reached net zero“ based on a carbon credit, such as the CORC. After purchase, the credit needs to be retired in the standard’s registry to support the climate claim, so that no other organization can claim that credit.
“The carbon market is evolving quickly, but it lacks transparency – which is paramount for trust,” says Marianne Tikkanen, Head of Carbon Removal Supply at Puro.earth. “During the transition period from carbon offsets to removals, it is the media and the general public that will validate the truthfulness of corporate claims. Now you can go to registry.puro.earth and verify these claims for yourself by searching for corporates that have made carbon removal claims based on CORCs,” continues Tikkanen.
The complete lifecycle of the carbon removal credit is recorded from issuance to retirement, as emphasized by the likes of Voluntary Carbon Markets Integrity Initiative and ICROA. In order to avoid double counting, each CORC has a unique identifier and the ownership cannot change once retired. Besides, Puro.earth has exclusive contracts with the carbon removal projects and the annual carbon removal impact is audited by an independent third party. Yearly project issuance can be seen by clicking on the project names.
Corporations are increasingly using CORCs to neutralize residual emissions in support of carbon neutrality, Net Zero, ESG and climate finance claims, so the data will be updated daily. Retirements done prior to January 2022 will be made available when consent is received from both parties, supplier and beneficiary. The beneficiary can request a delay in publishing, no longer than 12 months, as companies may have a specific announcement date such as the publication date of a sustainability or annual report.
The development of the public view of the Puro Registry was made possible by Nasdaq’s capital investment, which is speeding up our efforts to grow a high-integrity carbon removal market to address the climate crisis. We hope that this transparency will enable further support to the projects that remove carbon from the atmosphere.
If you are ready to include carbon removal in your climate actions, welcome to learn more about our carbon removal suppliers and don't hesitate to contact us.