CarbonCure and Invert signed the world’s biggest carbon credit purchase agreement for CO2 storage.
The current carbon credit purchase agreement will help speed up CarbonCure’s rapid scaling. It will also be a major step for the firm to reach its CO2 footprint target.
CarbonCure plans to create 500 million metric tons of annual CO₂ reduction and removal by 2030. That is roughly the same as removing 100 million cars from the road each year.
In effect, the carbon credit market may expect to see more activities on CO2 removal pathways. And the new credit purchase agreement formed by Invert, CarbonCure, and Ripple, is one of them.
The Biggest Carbon Credit Purchase Agreement to Date
The partnership worth $30 million is, so far, the biggest investment in permanent CO2 removal and storage.
CarbonCure and Invert are the majority stakeholders in the agreement. Ripple holds a minority investment stake.
The 10-year carbon credit deal centers on permanent CO2 storage through carbon mineralization. It will help increase investment in innovative carbon removal technology research and development.
Also, the agreement will contribute to massive reductions and removals of GHG from the air.
What does it mean for each party to the agreement?
For CarbonCure Technologies: Scale Up
CarbonCure Technologies is a carbon removal tech company. It offers solutions that allow concrete producers to use captured CO2 to make low-carbon mixes.
The firm’s technology injects captured carbon into fresh concrete, locking up the carbon so it doesn’t return to the air.
This process also lowers the amount of cement required in each mix. As such, the concrete producer’s carbon footprint decreases. This is critical as cement production accounts for about 7% of annual global emissions.
Hence, CarbonCure’s permanent carbon storage technology aids the concrete industry in cutting emissions.
The tech firm tracks and measures CO2 from the point of capture to mineralization. This method enables carbon credit buyers like Invert to track the precise date and location of CO2 they paid to store for good.
For Invert Inc: High-Quality Carbon Credit Purchase
Invert is a specialized emissions reduction and carbon offsetting firm. It invests in carbon offset projects that create high-quality reduction and removal credits.
In particular, it focuses on helping businesses to reduce their Scope 1, 2, and 3 emissions.
Part of that is investing in carbon reduction and removal credit purchases. Its carbon credit purchase agreement with CarbonCure and Ripple is one of them.
Invert’s Chairman, Mark Zekulin, said,
“We recognize that long-term removals are critical to achieving the world’s net-zero objectives…”
Hence, Invert commits to supporting developers and technologies in the carbon removal space. The firm believes that CarbonCure has the capacity to help them in this matter.
For Ripple: A lot of carbon credits
Ripple provides crypto and blockchain solutions to other businesses. It’s a minority funder to this largest carbon credit purchase agreement.
It invests in return for millions of carbon credits for permanent carbon storage.
All parties agree that concrete offers a global and immediate option for permanent storage of captured CO2.
This agreement suits the concrete industry’s pledge to reduce its emissions by 25% by 2030.
And on its way to net-zero by 2050, the industry plans to cut 36% of its emissions by using CO2 capture and storage technologies.