We are delighted to announce the launch of Pre-CORCs, a new digital carbon asset to facilitate carbon removal prepayments!
Pre-CORCs are validated projections of future carbon removal activities that can be purchased by corporations to prepay for projected CO2 Removal Certificates (CORCs) providing an early source of revenue to scale projects. Pre-CORCs are also tradable and can be sold on Puro.earth and other marketplaces.
To be issued Pre-CORCs, a project will be subject to a rigorous commercial and technical risk assessment. Only after the carbon removal has been realized and independently verified, Pre-CORCs are converted into CO2 Removal Certificates, CORCs. Only then can they be retired to support net zero claims.
To strengthen carbon market data availability, transparency and traceability we will issue the new digital prepayment innovation to the public Puro Registry.
The prepayments for CO2 Removal Certificates are part of the Puro Accelerate program, which aims to lift impediments for suppliers who require financing, to expand their operations or start new projects, through two main instruments: offtake agreements and Pre-CORCs.
Buyers of negative emissions are eager to help the carbon removal industries to grow, but they want to be protected against price volatility and delivery uncertainty. We aim to give confidence to buyers by providing five main mitigation measures against non-delivery of CORCs.
To view these risk mitigation measures plus examples of projects that can use Pre-CORCs read the blog post here
https://puro.earth/articles/launching-pre-corcs-new-digital-assets-to-facilitate-carbon--784