New Report Shows U.S. Among Global Leaders in Quickly Growing Carbon Removals Market

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Apr 08, 2024, 07:00 ET

Puro.earth data from 2019-2023 on the global engineered carbon removals market indicates imminent readiness to scale as project development accelerates and demand for removal credits soars.

SAN FRANCISCO, April 8, 2024 /PRNewswire/ -- Puro.earth, the world's leading carbon crediting platform for engineered carbon removal, released a first-of-its-kind report offering new insights into the growth of engineered carbon removals as a key climate solution across industry sectors. These carbon removal methods are defined by their use of technology to remove and store carbon long-term. The report, "Ready for Offtake: U.S. Leads Expanding Global Market for Engineered Carbon Removals," demonstrates that new industries are purchasing engineered carbon removal credits at accelerating rates, and removal projects continue to scale faster than ever, both in the U.S. and worldwide.

"2023 was a huge year for engineered carbon removals, and 2024 is shaping up to be even more exciting," said Antti Vihavainen, CEO of Puro.earth. "We are seeing tremendous growth in supply and demand for engineered carbon removals in the U.S., and other countries are not far behind. Our expanding supplier funnel shows the market is working and ready for growth. If the world is to avoid the worst impacts of the climate crisis, there is no time to waste in scaling the market for engineered carbon removals."

The report finds that businesses retired over 160 times the number of carbon dioxide removal (CDR) credits than they did four years ago and that credit retirements are no longer dominated by the information and communication sector, which was responsible for nearly 80% of retirements in 2021. The business and finance sectors, among others, are increasingly relying on CDR removals to help meet their climate and sustainability goals.

"The demand for high-integrity, durable CDR credits is higher than ever, driving amazing advancements in climate innovation and technologies," said Marianne Tikkanen, Head of Standard at Puro.earth. "With the introduction of three new science-backed removal methods, increased confidence in both the quality and integrity of new CCS methodologies is leading CDR suppliers to gear up for a rapid global expansion in the coming year."

The U.S., which led the market in both credit supply and retirement in 2023, is home to 140 CDR projects that have passed Puro's initial qualification stage – accounting for more than half of the removal projects currently seeking certification under the standard. Many of these projects are using new, high-integrity removal methods - such as Bio-CCS or Enhanced Rock Weathering. These projects are shaping up to be some of the largest durable carbon removal projects registered to date, indicating that a vibrant U.S. CDR market is set to continue.

The full report, which includes additional data on global market trends, as well as supply and demand insights, is available for download here.

About Puro.earth

Puro.earth is the world's leading carbon crediting platform for durable carbon dioxide removal. Via the Puro Standard carbon credit methodologies, suppliers that remove carbon dioxide from the atmosphere for at least 100 years are certified and issued CO₂ Removal Certificates (CORCs) into the public Puro Registry. CORCs are then purchased by corporations like Microsoft, Shopify, and Zurich Insurance to help reverse climate change and neutralize residual carbon emissions.

In 2021, Nasdaq acquired a majority stake in Puro.earth; together they are driving forward the carbon removal industry, enabling new revenue streams to accelerate its growth.