Nasdaq buys significant share of carbon phase-out market
Nasdaq announced this week that it has taken a controlling stake in Puro.earth, an online marketplace that offers verifiable and marketable industrial carbon removal services to leading companies such as Microsoft and the giant. Swedish bank SEB.
The global capital markets technology company said its goal is to help evolve the market for Puro.earth to meet the growing demand for carbon removal from the growing number of large companies aiming for net zero, and also to support new methodologies to verify CO2 removal as technology evolves.
European energy company Fortnum remains a minority owner of Puro.earth and “an important partner in the business,” Nasdaq said.
Carbon removal is a process by which CO2 is physically captured from the atmosphere and stabilized in sustainable storage. The processes supported by the Puro.earth platform include direct air capture (DAC), biochar, carbon embedding buildings and bioenergy with carbon capture and storage (BECCS).
Bjørn Sibbern, executive vice president and president of European markets at Nasdaq, said adding Puro.earth to its growing portfolio of environmental, social and governance (ESG) technologies and services would further support its more than 4,000 corporate clients around the world.
“The partnership with Puro.earth will provide our global network of corporate clients with access to a single market for carbon removal and allow Puro.earth to scale its platform through the Nasdaq network and platform. technological, ”he said. “We look forward to working with the Puro.earth and Fortum teams to create a global, transparent and authenticated market for carbon elimination.”
Puro.earth claims to be the first marketplace in the world to offer industrial carbon removal instruments that are verifiable and tradable through an open online platform.
Company CEO Antti Vihavainen said he would work with Nasdaq to further strengthen governance around new methodologies for verifying credible carbon phase-out projects by establishing an external advisory committee with representatives from the industry, academia, buyers and suppliers.
“This investment and strategic partnership with the Nasdaq will enable us to achieve our mission of supporting the transformation of the global economy to reward negative carbon emissions and help our clients achieve their ambitious net zero goals,” he said. he declares. “So far we’ve seen the carbon elimination industry take small steps, and with the Nasdaq involved, we have the potential to make much bigger strides.”
Joachim Alpen, co-head of the Large Corporations and Financial Institutions division of SEB, said the carbon phase-out market is “still evolving” and more economic drivers are needed to accelerate the market.
“To stop global warming, it is not enough to limit emissions, measures are also needed to remove carbon dioxide from the air,” he said.