Fortum, Nasdaq team up to develop carbon removal market
Finnish energy utility Fortum has banded together with financial services company Nasdaq to develop a trading platform for carbon removal credits, the pair said on June 1.
Fortum has agreed to transfer to Nasdaq a majority share of its carbon removal startup Puro.earth for an undisclosed sum. Founded in 2019, Puro.earth offers verifiable and tradable carbon removal credits on an open, online platform.
"Unlike traditional carbon compensation, Puro.earth allows companies to neutralise their carbon footprint, beyond zero, by helping them source carbon removal to fulfil climate commitments," Fortum said.
"The partnership with Puro.earth will provide our global network of corporate clients access to a unique marketplace for carbon removal and will allow Puro.earth to scale its platform through the Nasdaq network and technology platform," Nasdaq's president of European markets, Bjoern Sibbern, commented.
Carbon removal credits enable companies to offset their emissions by obtaining third party-certified credits issued to projects that remove or avoid CO2 emissions. They are growing in popularity in the oil and gas sector, but more participants and eased trading are needed to give the market for the credits liquidity.