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Nasdaq this week announced it has snapped up a majority stake in Puro.earth, an online marketplace that offers verifiable and tradeable industrial carbon removal services to leading corporates such as Microsoft and Swedish banking giant SEB.

The global capital markets tech firm said its aim was to help scale Puro.earth’s marketplace to address growing demand for carbon removal from the rising number of major corporations setting their sights on net zero, and also to support new methodologies for verifying CO2 removal as technology evolves.

European energy firm Fortnum remains a minority owner of Puro.earth and “an important partner in the venture,” Nasdaq said.

Carbon removal is a process through which CO2 is physically captured from the atmosphere and stabilized into durable storage. Processes supported by Puro.earth’s platform include direct air capture (DAC), biochar, carbon-embodied buildings, and bioenergy with carbon capture and storage (BECCS).

Bjørn Sibbern, executive vice president and president of European markets at Nasdaq, said the addition of Puro.earth to its growing stable of environmental, social and governance (ESG) technologies and services would further support its more than 4,000 corporate clients worldwide.

“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,” he said. “We look forward to working together with the Puro.earth and Fortum teams to create a global, transparent and authenticated market for carbon removal.”

Puro.earth claims to be the world’s first marketplace to offer industrial carbon removal instruments that are verifiable and tradeable through an open, online platform.

Firm CEO Antti Vihavainen said it would work with Nasdaq to further strengthen governance around new methodologies for verifying credible carbon removal projects by establishing an external advisory committee with representation from industry, academia, buyers and suppliers.

“This investment and strategic partnership with Nasdaq will enable us to realize our mission to support the transformation of the world’s economy to reward carbon negative emissions and help our customers reach their ambitious net-zero goals,” he said. “So far we have seen the carbon removal industry take small steps, and with Nasdaq involved we have the potential to make much bigger strides.”

Joachim Alpen, co-head of SEB’s large corporates and financial institutions division, said the market for carbon removals was “still evolving,” and that more economic drivers were needed to accelerate the market.

“To stop global warming, it is not enough to limit emissions, measures are also needed to remove carbon dioxide from the air,” he said.