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illuminem summarizes for you the essential news of the day. Read the full piece on ESG News or enjoy below:
🗞️ Driving the news: Climeworks has become the first direct air capture company certified under the Puro Standard for its carbon removal activities at the Orca plant in Iceland
• This milestone marks a significant achievement in the carbon removal industry
🔭 The context: The Puro Standard is the first comprehensive standard for engineered carbon removal methods, ensuring transparency and trust in the voluntary carbon market and recordkeeping of the lifecycle of CO₂ Removal Certificates in a public registry
• It verifies that Climeworks meets stringent criteria for carbon removal, including additionality and durability, ensuring the captured carbon remains securely stored
🌍 Why it matters for the planet: Certification under the Puro Standard enhances credibility and sets a benchmark for the carbon removal industry, encouraging higher standards and greater trust
• This step is crucial for scaling up climate impact initiatives and achieving global carbon reduction goals
⏭️ What's next: Climeworks aims to achieve gigaton-scale carbon removal capacity by 2050
• The certification paves the way for more companies to adopt stringent standards and methodologies, driving growth and standardization in the carbon removal market
📈 One stat: According to a 2022 report by the Taskforce on Scaling Voluntary Carbon Markets (TSVCM), the voluntary carbon market is expected to grow to $50 billion by 2030
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