ONCRA Launches at COP27: Carbon removal credits for natural climate innovation

Today, during the COP27 in Sharm-el-Sheikh, an accounting platform was launched for nature-based removal credits to return CO2 from the atmosphere back to earth’s surface. The ONCRA platform (Open Natural Carbon Removal Accounting) was developed by the non-profit Climate Cleanup in collaboration with financial parties, NGOs and regional governments. So says the organisation in a press release.

Effective solution

Removing CO2 from the atmosphere is crucial to achieving global climate goals, according to recent IPCC reports. At the same time, the global supply of carbon removal credits – certificates that allow companies to compensate for their CO 2 emissions by cleaning them up – is scarce. As a result, companies that want to meet climate targets can not always find these credits.

On the other hand, long and uncertain certification processes make it difficult for smaller companies to enter the carbon removal market. To enable supply, Climate Cleanup developed ONCRA (Open Natural Carbon Removal Accounting), a platform that facilitates the accounting of carbon removal credits. Regenerative CO2 removal projects such as bamboo and seaweed solutions can be financed with these credits.

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For the last year, ten European and Japanese research expert organisations have been working together on the LAURELIN project to develop innovative processes to convert this.

Onsetting: offsetting without greenwashing

ONCRA works together with financial parties, regional governments of South Holland and Gelderland and global natural CO2 removers. Entrepreneurs from BambooLogic, Scave, The Seaweed Company and greenSand already offer their removal credits on the platform. The credits can only be purchased by parties that – in line with the Oxford Offsetting Principles – have already fundamentally reduced their own emissions. This is called onsetting. Moreover, climate polluters with a place on the Carbon Underground, a list of oil, gas and coal companies with the largest fossil fuel reserves in the world, are not eligible for the removal credits.