The Puro Standard and crediting rules are managed by an independent, external Advisory Board established in October 2021. The Advisory Board governs all changes to Puro Standard as defined in their Terms of Reference. Prior to the formation of the Advisory Board, when the Puro Standard was first created in 2019, it was designed and managed by a group of 22 companies from 6 countries. This group of organizations was called the Original Signatories. They include: Fortum, IFPEN, AFRY (Pöyry at the time of signing), Compensate Foundation, Nordic Offset, SEB, Skanska, StoraEnso, Yara, South Pole, Fazer Group, TietoEvry, St1, L&T, S-Group, Eurapco, Valio, Carbofex, Orbix, Hirsitaloteollisuus.
A dedicated working group was created by the Original Signatories to develop the Puro Standard and carbon crediting methodologies between March and May 2019. Prior to the design phase, the Puro.earth project group met with and consulted more than 100 scientists, researchers, potential buyers and projects. Puro.earth has since then been established as a separate legal entity, which resulted in the appointed of the independent, external Advisory Board in October 2021. The Advisory Board was established to house the Puro Standard and oversee the crediting rules.
All changes to Puro Standard are subject to the Advisory Board’s approval. New methodologies are co-created in working groups involving industry experts and are subject to public consultation prior to be presented to the Advisory Board.
Puro.earth suppliers use their own discretion to decide how to take the credits to the market. The third-party verified credits are issued to the project’s Puro Registry account. Projects are free to sell their credits directly to corporate buyers in a bilateral agreement or through a third-party intermediary, such as a marketplace or broker, that is independent from Puro.earth. Puro Standard has no restrictions on sales channels or how to bring the credits get to market.
Puro.earth does not derive any revenue from brokerage or marketplace services. Puro.earth is not a party or a beneficiary in the market transaction. Puro.earth holds no equity in any members of the platform, and we have not established any revenue sharing arrangements with the account holders.
Puro.earth requires all project’s carbon removal activities to be independently verified by a third-party auditor that has been approved to assess carbon removals against the Puro Standard. The project proponent is responsible for preparing all the documents needed for the audit. The number of credits issued to the project’s account in the Puro Registry is the number verified by the auditor.
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