Carbon removal headlines are rolling out this week. Three companies Invert Inc., Ripple Inc., and CarbonCure Technologies have signed a carbon credit purchase agreement for permanent carbon removal through carbon mineralization. The agreement is worth $30 million and marks the largest investment to date in durable, verifiable carbon mineralization and storage.
CarbonCure is a company founded in 2012 that offers a sustainable solution for the production of concrete. Its technology is still nascent and injects captured CO2 into fresh concrete, where it is immediately mineralized and permanently locked away, never to return to the atmosphere.
The mineralization process reduces the amount of cement needed in each mix and lowers the concrete’s carbon footprint. Reducing concrete emissions is an urgent priority for the economies willing to cut their carbon footprint as it is the most used building material on Earth, and its production is responsible for about 7% of global CO2 emissions each year.
Invert – a company that invests in carbon credits projects is a majority funder, and Ripple – a provider of blockchain and crypto solutions is a minority funder. The companies will provide up-front capital in exchange for hundreds of thousands of carbon credits for permanent, immediate, and verifiable carbon storage to be delivered over a 10-year period.
“This is an investment to catalyze positive change and remove significant amounts of greenhouse gasses from the atmosphere,” said Mark Zekulin, Chairman of Invert.
According to him, the company also recognizes the massive potential concrete carbon reduction technologies offer to the global economy and the opportunity it provides for immediate permanent storage of captured CO2 to meet the world’s climate goals.
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CarbonCure is uniquely positioned to tap into that opportunity with its rapid scale around the world and innovative portfolio of technologies that are now in operation. Additionally, it is the only carbon removal technology company with a methodology approved by Verra – the world’s most widely used voluntary greenhouse gas crediting program.
CarbonCure’s process involves rigorous measurement and tracking of the CO2 from the point of capture to mineralization, allowing Invert and other carbon credit buyers to trace the precise deployment date and location of the emissions they paid to be stored permanently.
The deal between three major industry players is a milestone for the carbon removal market as it opens doors for future opportunities that accelerate global deployment and scale. Leveraging emissions reduction technologies is critical for setting the world on track to net zero so every sector of the economy could be expected to do that.