Two climatetech trailblazers have announced a groundbreaking partnership that will revolutionise the carbon credit market.
DOVU and Puro.earth have come together to create a more efficient, transparent and accessible ecosystem for buyers and sellers of carbon credits. It combines the power of tokenisation, facilitated by DOVU’s technology, and Puro,earth’s crediting platform for engineered carbon removal products.
At the heart of this partnership is a shared vision for a more sustainable future. As the world grapples with the urgent need to combat climate change, the carbon credit market has become an increasingly important tool in the global effort to reduce greenhouse gas emissions. By joining forces, DOVU and Puro.earth aim to create a cutting-edge platform that will significantly enhance the way in which carbon credits are bought, sold and managed.
Unleashing the potential of carbon credits
Tokenisation is a process in which real-world assets are digitally represented on a blockchain. Tokenising carbon credits will reshape the carbon credit market through:
- Enhanced transparency: Blockchain technology provides a transparent, immutable record of transactions. This allows for greater confidence in the authenticity and origin of carbon credits, ultimately reducing fraud and enhancing trust in the market.
- Increased liquidity: Tokenisation enables carbon credits to be traded more easily, with lower transaction costs and faster settlement times. This increased liquidity will encourage greater participation in the market, driving demand for carbon offsets and promoting sustainable practices.
- Improved accessibility: Tokenised carbon credits can be bought and sold in smaller increments, making it more feasible for smaller businesses and individuals to participate in the market. This democratisation of access will help drive further investment in carbon-reducing projects.
- Streamlined portfolio management: By leveraging blockchain technology, tokenised carbon credits can be easily tracked, managed, and audited. This simplifies portfolio management for buyers and sellers, ensuring compliance with regulatory requirements and enhancing overall market efficiency.
The future of the carbon credit market
Irfon Watkins, Founder and CEO, DOVU said, “This partnership has the potential to be truly transformative. By uniting our organisations’ expertise, we’re pioneering a new era in the carbon credit market. This will ultimately benefit the planet, through driving global progress towards a more sustainable future.”
Puro.earth is the world’s leading carbon crediting platform for engineered carbon removal. Our mission is to mobilize the economy to reward carbon net-negative emissions by helping voluntary corporate buyers accelerate carbon dioxide removal at an industrial global scale. Through the Puro Standard we create carbon credit methodologies for processes that remove carbon dioxide from the atmosphere for at least 100 years. We then certify suppliers that run those processes and issue digital tradable CO2 Removal Certificates (CORCs) into the public Puro Registry per metric ton of carbon dioxide removed. CORCs are then purchased directly from suppliers or via sales channel partners by ambitious corporations like Microsoft, Shopify, and Zurich Insurance, to help reverse climate change and neutralize their residual carbon emissions. With Puro Accelerate, our program to scale the carbon removal ecosystem, we assist suppliers who require financing to launch or expand operations through CORC advance market commitments and prepayments. In 2021, Nasdaq acquired a majority stake in Puro.earth and together we are driving forward the carbon removal industry, via Puro Standard certified CORCs enabling new revenue streams to accelerate its growth. Visit us at puro.earth or on LinkedIn Puro.earth and Twitter @PuroCO2Removal