Puro.earth, the first crediting company for durable high-quality carbon removals, announced its latest milestone that strengthens its Puro Standard – the first carbon removal standard for engineered carbon removal methods in the voluntary carbon market.
Puro.earth became the first crediting program focused on durable carbon removal with storage time of 100+ years that obtained official endorsement by the International Carbon Reduction and Offset Alliance (ICROA).
Relevant: ‘There Is Value When Each Carbon Removal Project Is Rated The Same Way’ – Co-Founder Marianne Tikkanen, Puro.Earth
The endorsement means that the CO2 Removal Certificates of Puro.earth, CORCs, will follow the ICROA Code of Best Practice for the purchase of carbon credits which increases the credibility of the CORCs.
Puro.earth’s CORCs will now be 100% fungible to all global buyers of carbon credits for credits validated, verified and registered under ICROA-endorsed voluntary carbon market (VCM) Standards.
The Puro Standard offers CORCs for various long-durability carbon removal methods such as biochar, enhanced rock weathering, carbonated building elements and direct air capture and storage, allowing corporations to align their climate strategies with the Oxford Net Zero Principles for Carbon Offsetting, which recommend progressively increasing the volume of durable carbon removal in offsetting portfolios.
The International Carbon Reduction and Offset Alliance is a non-profit membership organization that promotes best practices across the voluntary carbon market. ICROA was launched by eight carbon reduction and offset providers back in 2008 and aims to represent the interests of service providers in promoting emissions reductions and offsetting.
The ICROA Code of Best Practice defines international best practices for offset-inclusive carbon management and has the minimum requirements that all ICROA-accredited organizations must meet.
”The ICROA endorsement of the Puro Standard is another important milestone for Puro to rapidly scale carbon removal projects and make a meaningful difference for the climate. It will unlock new demand from corporate buyers needing external assurance that they are making a solid choice and thus spur the development of new carbon net-negative industries,” commented CEO, Antti Vihavainen.
“We are delighted to endorse Puro.earth as a valuable addition to the ICROA Code of Best Practice. The program provides the opportunity for all ICROA Accredited Organisations to transact credits from durable carbon removal projects,” said Andrea Abrahams, Managing Director at ICROA.
The endorsement also means some changes to the Puro Standard that will strengthen it:
- Puro will no longer operate its own carbon marketplace, it will shift focus to partnering with ecosystem players who offer CORCs to their customers;
- Puro Registry will now provide additional information like annual CORC issuances and verification reports, in addition to previously public project listings, verification statements and CORC retirements;
- The company will enhance oversight of third-party Validation and Verification Bodies, stakeholder consultation requirements, social and environmental impact assessment requirements, and formalized and published Grievance and Conflict of Interest policies.
Relevant: Top 10 Carbon Removal Marketplaces In 2023
Strengthening carbon removal standards is a critical part of the development of carbon markets that are currently expanding rapidly globally. Carbon markets have to ensure rigorous adherence to the highest levels of additionality, credibility and measurement that reflects the precise amount of carbon removed if it is to succeed in fulfilling their mission of reducing atmospheric greenhouse gases.