MaRS Purchases Carbon Removal Credits From Five Promising Canadian Ventures

Apr 23, 2024

MaRS Discovery District, Canada’s largest urban innovation hub, is taking a trailblazing step in the fight against climate change. Today, it announced the purchase of carbon removal credits from five Canadian ventures through its Mission from MaRS program.

According to CDR.fyi, the most comprehensive database for tracking CDR credits, MaRS is one of the first Canadian charitable organizations to purchase carbon removal credits.

Carbon removal is a critical technology for achieving climate targets. It is the process of capturing carbon dioxide from the atmosphere and locking it away for centuries. Organizations trying to achieve their climate targets can purchase carbon removal credits as a mechanism to reduce their emissions. This allows them to compensate another party for removing carbon on their behalf. When a company buys a carbon credit, it represents one tonne of carbon dioxide emitted, typically from legacy or hard-to-abate emissions, such as industrial processes.

Canada is already showing leadership in carbon removal, including being home to world-class innovations like the companies we are purchasing from through this initiative,” says Krista Jones, chief delivery officer at MaRS. “We just need to jumpstart the market. We hope that through this purchase, MaRS will inspire others to take action.”

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