Fortum launches world's first marketplace for CO2 removals - Puro
Introducing Puro, the world’s first marketplace to kick-start CO2 removal from the atmosphere. Puro is an internal startup at Fortum. This shared experiment pilot is joint by a group of 23 pioneering companies aims to find a way to verify, compare and trade CO2 removals. The companies joining the experiment across industry boundaries are Fortum, Tieto, Valio, St1, ÅF Pöyry, Compensate Foundation, Carbofex, Yara Suomi Oy, Lassila & Tikanoja, SOK, Orbix, Nordic Offset, Hedman Partners, South Pole, and SEB.
In order to mitigate climate change, humanity must both radically reduce emissions and balance the carbon dioxide (CO2) going to and from the atmosphere. Currently, less than 50% of the CO2 emitted annually is absorbed naturally, so it’s vital to accelerate the development of CO2 removal. There are many underutilized and underdeveloped methods that lack revenue for the CO2 removal that they provide.
Puro is developing new verification methodologies for CO2 removal. Science-based quantification of different CO2 removal methods is the foundation for credible CO2 removal certificates. Initially, Puro will offer certificates from three long-term CO2 removal methods at an industrial scale: CO2 fixated in carbonated building elements, wooden building elements and in biochar. As quantification and verification methodologies are developed further, new removal methods may be added to the marketplace.
Puro will hold the first auctions where CO2 Removal Certificates (CORC) will be traded in May and June. Puro auctions are open to all companies wanting to provide CO2 removal or to explore CORC as a solution to meet their voluntary climate objectives.
Source : Strategic Research Institute