Tracking the Price of Removing Carbon Dioxide CO2 from the Atmosphere Using Carbon Removal Certificates (CORCs)
Today Nasdaq (Nasdaq: NDAQ) launched new carbon removal indexes, the first of their kind to track the price of removing carbon dioxide CO2 from the atmosphere, using Carbon Removal Certificates (CORCs) issued by Puro.earth.
Adding these indexes supports the need for transparency, evaluates methods for carbon removal, standardizes processes, and spurs investment. The new indexes are effective as of March 24, 2022.
Puro.earth is a pioneer in the B2B marketplace for carbon removal. Its primary index is the CORC Carbon Removal Price Index (CORCX), which evaluates the cost of sequestering one ton of CO2 using supported carbon removal methods approved by Puro Standard. Nasdaq acquired a majority stake in Puro.earth in 2021.
Additional indexes include the CORC Biochar Price Index (CORCCHAR) for carbon removal in biochar and CORC Bio-based Construction Materials Price Index (CORCWOOD), which evaluates bio construction materials like wood.
“The indexes will create a price benchmark to help our clients better understand the true cost of neutralizing their emissions. They will also serve to stimulate the growth of the carbon removal ecosystems by supporting the business case for new carbon removal projects and help potential investors make better informed decisions.”
It is voluntary to use carbon removal methods. Through these new indexes, Nasdaq and Puro.earth offer transparent tracking of these methods and encourage the creation of new financial products tied to climate. They provide corporate buyers with viable ways to fulfill their goals of net zero emissions.
Investing in carbon-neutral and fossil-free funds has accelerated in popularity in the last year. Stripe has also offered ways for companies to scale emerging carbon removal technologies through their system.
