In June of 2021 Nasdaq announced it had acquired a majority stake in carbon innovator puro.earth.
In a statement, Nasdaq explained that the new partnership would enhance it’s Environmental Social and Governance products and services for corporate clients and customers.
The news of Nasdaq’s investment in puro.earth comes after Nasdaq’s 2019 and 2020 Sustainability Report announced the companies third consecutive year of carbon neutrality [1] [2]. This investment in the carbon-neutral industry sets an example for other global companies to urgently tackle their own emissions.
Antti Vihavainen, puro.earth CEO, welcomed the strategic partnership in an announcement by the company, “the investment will enable our growth and set us on the path to mobilizing carbon removal at a global industrial scale”. [3].
According to Nasdaq’s statement, puro.earth will continue to operate as an independent company following this new investment from Nasdaq [4].
Puro.earth is a business-to-business marketplace, standard and registry focused on carbon removal. Carbon dioxide removal requires physically capturing CO2 from the atmosphere and stabilizing it into a durable storage. Puro.earth provides carbon removal as a service, helping corporate buyers create a long-term procurement portfolio to neutralize their carbon footprint and reach net zero. [5]. Customers are issued Carbon dioxide Removal Certificates (CORCs) for each ton of carbon dioxide removed. These CORCs are verified by an independent party to ensure they comply with puro.earth’s methodology.
Puro.earth has attracted major clients with SEB, a leading financial services company, Microsoft and Shopify amongst a growing list of customers increasingly conscious of their own carbon impact.
Fortum, a major European energy company, will remain as a minority shareholder after agreeing to the sale. Fortum has supported puro.earth as part of Fortum’s Valkea Growth Club for over two years. Llkka Lassila, COO of Valkea Growth Club, expressed hope for the future of this partnership, “We are confident that together with Nasdaq, puro.earth will help the carbon removal industry to take a giant leap forward”[6].
The success of puro.earth as a start-up in the carbon market place sets a shining example for other developing companies in the low-carbon industry.
Establishing a carbon removal market is an example of collaboration between the financial industry, innovative start-ups, investors and engineering and scientific experts. Continued partnership is key to limiting and reversing the impacts of anthropological carbon emissions.
The rapid growth of carbon markets is a reminder of the urgency to transitioning the global economy towards a net-zero future. The removal of carbon from the atmosphere will curb the rise in future global temperatures, reducing the worst consequences of global warming for current and future generations.
“The global temperature will stabilise when carbon dioxide emissions reach net zero” [7]
BioCare is committed to a sustainable future and strives to play its role in a zero carbon future.
[1] Nasdaq, “Nasdaq 2019 Sustainability Report,” 2020. Accessed: Apr. 08, 2022. [Online]. Available: https://www.nasdaq.com/sustainability-report
[2] Nasdaq, “Nasdaq 2020 sustainability report,” 2021. Accessed: Apr. 08, 2022. [Online]. Available: https://www.nasdaq.com/docs/2021/06/16/2020_Sustainability_Report.pdf
[3] A. Vihavainen, “Nasdaq becomes majority investor in Puro.earth,” puro.earth, Jun. 03, 2021. https://puro.earth/articles/nasdaq-becomes-majority-investor-in-puro-earth-643 (accessed Apr. 08, 2022).
[4] Nasdaq, “Nasdaq Acquires Emerging Carbon Removal Market Puro.earth,” Nasdaq Investor Relations, Jun. 01, 2021. https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-acquires-emerging-carbon-removal-market-puroearth (accessed Apr. 08, 2022).
[5] Puro.earth, “Puro.earth carbon removal standard, registry and marketplace,” 2020. https://puro.earth/ (accessed Apr. 08, 2022).
[6] Fortum, “Fortum partners with Nasdaq to accelerate growth of the carbon removal marketplace Puro.earth,” Fortum Coropration Press Release, May 01, 2021. https://www.fortum.com/media/2021/06/fortum-partners-nasdaq-accelerate-growth-carbon-removal-marketplace-puroearth (accessed Apr. 08, 2022).
[7] IPCC, “The evidence is clear: the time for action is now. We can halve emissions by 2030. ,” Apr. 04, 2022. https://www.ipcc.ch/2022/04/04/ipcc-ar6-wgiii-pressrelease/ (accessed Apr. 08, 2022).