Climate technology startup Covalent launched the first forward-crediting platform for carbon removal (CDR) projects that the company said ensures at least 1,000 years of permanence, connecting innovators with new financing.
Following the launch, nearly 1 million forward carbon removal credits, which are issued in metric tons of CO2 equivalent, were issued on the platform by CaptureCrete developer Carbon Limit. CaptureCrete, a cement technology, actively captures atmospheric CO2 and stores it permanently in concrete.
“Covalent is taking bold steps to help early-stage CDR businesses, including mine,” said Carbon Limit CEO Tim Sperry. “We are literally paving the way for more widespread, more effective carbon removal from one of the world’s most pervasive sources of CO2, with the help of Covalent and its forward crediting platform.”
In addition to the 1,000-year minimum permanence threshold, the Covalent Certification Standard limits carbon leakage to no more than 0.1% and enforces remediation should it be needed. The standard has been adopted by Bureau Veritas, a leader in independent testing, inspection and certification services with global and North American headquarters in Paris and New York.