Message from Jan-Willem Bode, President, Puro.earth

December is always a natural pause point. This year, it feels especially so for me - it marks nine months since I moved from the Board into the role of President at Puro.earth. 

I knew Puro.earth well from the outside. But stepping inside it - working every day with our team and the suppliers - has given me an even deeper appreciation for what drives this ecosystem forward. 

What stood out most is the strength of our foundation: a team grounded in purpose and integrity, and suppliers who continue to lead with conviction as they scale practical, high-integrity carbon removal. 

As the market matures, my role has been to guide our natural progression: moving from a pioneering standard into the trusted infrastructure that large-scale carbon removal now needs.  

What Changed in the Market This Year 

When I look back at the carbon market in 2025, it’s clear we crossed a threshold. 

We saw more new buyers entering than ever before, even if a handful of early movers still carry most of the volume. We saw more sophisticated purchasing structures - floor prices, long-term offtake, portfolio approaches - that create real benefits for suppliers. And we saw investors starting to treat CDR like a financeable asset class, asking for structured assessments that mirror our preliminary reviews. 

We also saw the regulatory picture sharpen. The EU ETS continues to send strong signals. And while the SBTi v2 consultation had its complexities, everything we’re hearing points to a real step change in demand for durable removals. 

And the numbers this year made that unmistakably clear. 

Within 2025, Puro suppliers issued 650,000 CORCs out of a total 1.4 million issued to date - a 60% year-on-year increase - with credits now originating from 22 countries across every continent. We reached 100 certified facilities (and counting), marking 34% growth, and reduced average audit time by 41%. Our fastest audit this year took just 6 days, and in October and November we saw multiple audit packages closed within 24 hours, reflecting the operational maturity. 

On the demand side, Puro CORCs represent a 74% market share of delivered CDRs. The Puro Registry now lists over 636 unique beneficiaries, and retirements accelerated sharply, with 344,026 CORCs retired - a 76% increase. 

Together, these numbers show a market and a Puro ecosystem that is no longer experimental. It is maturing and becoming increasingly more predictable.  

What Changed Inside Puro.earth 

As the market matured, we made our own shift. 

We launched MyPuro 2.0, giving suppliers a more professional, predictable environment to manage certification. 

We accelerated our work on digital integration - Puro dMRV Connect, the dMRV API that digitised data verification and more frequent issuance. 

We also achieved ICVCM programme-level approval - a formal confirmation that our governance, quality controls and registry infrastructure meets a benchmark of market quality. 

Suppliers have been asking for a simpler way to certify across multiple systems. This year, we took a major step in that direction by integrating with CCS+ so that BECCS and DACCS can get credits under the CCS+ Initiative’s CDR methodology framework through a single governed pathway with Puro.earth. And we are preparing for the upcoming EU CRCF requirements as well. 

This shift means something bigger: We’re moving from innovation to trusted market infrastructure. 

And I am genuinely excited about this evolution.  

Nasdaq, Series B and What It Really Meant 

Our Series B round with Nasdaq didn’t just provide capital. It set the tone for how we build. 

For me, the real story was not the funding itself - it was the signal. A major market institution backing Puro.earth means we can invest with discipline in the systems that durable carbon removal will rely on for decades: 

• certification infrastructure 
• digital verification 
• faster, more frequent issuances 
• tools that help suppliers secure financing 
• and the integrations needed to connect voluntary and emerging compliance markets 

Institutional ownership raises the bar. It also raises our ambition. 

Biochar: What Maturity Looks Like 

Biochar is the clearest example. 

Even though it represents just one methodology, our report published in June shows biochar CORCs account for 43% of all market deliveries. Issuances grew 166% year-on-year, and the long-term growth curve is incredibly strong. 

And we’re seeing something even more important: liquidity. 

• 93% of issued CORCs moved to primary transfer 
• 80% already retired 
• average time from issuance to transfer: 47 days 

Why CCS+ Mattered 

One of the most consequential decisions we made this year was integrating with CCS+. 

It solved a problem I heard from large-scale suppliers: “How do I navigate multiple disconnected systems just to certify one project?” 

By aligning with CCS+ and preparing for CRCF, we are giving suppliers a single, governed pathway to certification - and aligning that pathway with where regulation is clearly heading. 

It gives suppliers and buyers confidence that today’s decisions will hold tomorrow. 

Digital & Product: The Digital Foundation That Makes a Market Run 

Every market learns that time to settlement matters. With the MyPuro 2.0 launch, we’re making that time faster by removing friction. 

The dMRV API is another step in that direction. With more than 1.3 million CORC issuances, we have a responsibility to help make digital verification the norm across the sector. 

The irony of good infrastructure is that when it works, you barely notice it. That’s the bar we’re setting. 

Looking Ahead 

As we head into 2026, one thing is clear to me: 

Puro.earth is becoming more customer-centric, more digitally integrated, and more aligned with the direction of regulation and finance. We are committed to being the trusted partner for suppliers as the market evolves. 

And with the backing of Nasdaq, we have the stability and ambition to build what this market truly needs: a single, trusted infrastructure for durable carbon removal. 

Thank You 

To our suppliers - thank you. 

You are the pioneers of this market. You take on the financial risk long before demand is guaranteed. You build facilities, hire teams, expand operations, and push technical and operational boundaries because you believe in durable carbon removal. None of this market exists without your conviction, and we are committed to building the infrastructure that allows you to scale with integrity and confidence. 

To our buyers - thank you for continuing to lead. 

Your decisions send the clearest market signal: that durable removal is worth investing in today, not someday.  

To our partners - CCS+, our dMRV collaborators, marketplaces, the scientific community, and many others - thank you for helping to shape the systems that make this market work. Harmonisation takes effort, and your collaboration accelerates progress for everyone. 

To the Puro.earth team - thank you for bringing integrity and discipline to every part of this work. 

Together, we have shown what durable carbon removal can look like at scale. 

And together, we’ll take the next step in 2026. 

We are one team, building one market.