CORCs: a game-changing way to reduce emissions
CO2 removal certificates (CORCs) are a new incentive for carbon emission reductions, and are used by platforms like puro.earth to distribute CDR services. One CORC is the equivalent of one tonne of CO2 removed from the atmosphere and stored, and they work using the following steps:
First the platform identifies net-negative businesses who remove more carbon than they emit (e.g. Nellie).
The carbon that this business sequesters is measured and verified by a trustworthy third party. A portion of the carbon captured goes towards accounting for the businesses’ own emissions and the net negative emissions left over are turned into CORCs.
Companies interested in decarbonising purchase CORCs from accredited suppliers such as Puro.earth to account for their carbon and achieve net-zero emissions.
Customers can use their CORCs to report on their sustainability as a business or to develop and sell carbon neutral products and services.
Where to get CORCs?
CORCs can be purchased now from established suppliers, or from future suppliers. With established suppliers, they can be purchased immediately from an inventory. Alternatively, a Pre-Purchase Agreement allows customers to purchase CORCs in the future at a pre-agreed price which they can choose.
Future suppliers work via advanced market commitments and Pre-CORCs. These are a digital tradable asset that becomes a CORC once the carbon removal they represent has occurred and been verified. This helps carbon removal companies grow faster in their early years by signalling strong interest in the company. They can then secure investors and partners more easily. It also helps buyers by giving them flexibility in securing their CORCs while still being able to claim commitment to reducing carbon emissions.
Most companies will not immediately switch to using 100% CORCs. Instead, gradually increasing the percentage of credits they have to reach 100% carbon removals by 2050 is sufficient to meet the Paris Agreement goals. Often a buyer will initially aim to reach net-zero for a certain office or event. This could be completely through carbon removal, or combined with other decarbonising strategies like switching to renewable energy. Over time, their net emissions will decrease, and eventually achieve net-zero for the whole company. At this stage, the goal for most buyers is not to be 100% net-zero immediately. Instead, CORC purchase is an important signal of the importance of carbon removal technologies and will get investors interested in these businesses.
