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Nasdaq has acquired a majority stake in emerging carbon removal market Puro.earth.

The acqusition expands Nasdaq’s ESG strategy into a new online marketplace to support the sustainability efforts of corporate clients.

Bjørn Sibbern, EVP and president of European Markets at Nasdaq, says: “The partnership with Puro.earth will provide our global network of corporate clients access to a unique marketplace for carbon removal and will allow Puro.earth to scale its platform through the Nasdaq network and technology platform.

Puro.earth already provides verifiable carbon removal services to some of the world’s leading corporations, including Microsoft and SEB, where the product is already used inhouse and as a service for corporate clients.

“To stop global warming, it is not enough to limit emissions, measures are also needed to remove carbon dioxide from the air,” says Joachim Alpen, co-head of SEB’s large corporates & financial institutions division. “The market for carbon removals is still evolving. We appreciate initiatives to create economic drivers to accelerate carbon removal.”

The value of the transaction was not disclosed. European energy company Fortum will remain a minority owner in Puro.earth.