In the UK, the marketplace for removal and capture methods has slowed, with Ministers facing continued criticism over their 2015 decision to axe a £1bn competition fund for carbon capture and storage (CCS) – a move which may cost the UK an additional £30bn if it is to meet its 2050 carbon targets.
The same can’t be said for Finland, where a string of businesses have partnered with global financial solutions firm South Pole and Swedish bank SEB to launch a new marketplace for science-based CO2 removal certificates. The venture, called Puro, is currently developing verification methodologies for atmospheric CO2 removal.
Acting as a voluntary market mechanism, it will create verified and tradable CO2 Removal Certificates (CORCs) certifying that one tonne of CO2 that has been removed or captured. Certificates will be offered to removal methods used in wooden and carbonated building elements and biochar for soil improvements, with the first auctions set to begin in May or June. Early business backers of the venture include dairy firm Valio and Estonian legal services firm Hedman Partners.