Mission from MaRS: Carbon Management aims to accelerate the adoption of Canadian carbon dioxide removal (CDR) solutions and develop a vibrant carbon markets ecosystem.
The Carbon Credit Purchasing Program will support the growth of the Canadian CDR ecosystem, tackling both the supply and demand challenges by encouraging the market adoption of early-stage carbon removal ventures.
This initiative will guide organizations through the entire carbon credit purchasing process, regardless of their knowledge or experience of purchasing carbon credits, by participating in small-scale purchases from early-stage Canadian ventures. This experiential approach will equip leaders with the skills they need to make future purchases — facilitating adoption at scale.
The first cohort of buyers has been assembled. Mission from MaRS is now seeking to pre-purchase CDR credits from six Canadian ventures with negative greenhouse gas (GHG) emission solutions.
Program structure
The Carbon Credit Purchasing Program is dedicated to accelerating the growth and market adoption of early-stage carbon removal ventures by partnering with a cohort of organizations to purchase CDR credits. This will provide ventures with an early reference customer during the critical market validation phase, while giving buyers the skills they need to meet net-zero goals. Here is how we will do this:
- Pre-purchase CDR credits from six Canadian ventures with negative GHG solutions: This initiative will support six Canadian ventures by becoming a key reference customer and sending a demand signal to the market.
- Educate organizations on how to purchase CDR credits: Many organizations are interested in carbon removal but encounter purchase barriers, including lack of knowledge of available solutions, the credit purchasing process, and the associated risks. MaRS will host educational programming to demystify the entire CDR credit purchasing process, equipping organizations with the skills and knowledge needed to begin purchasing.
Participant benefits
- Proof of market traction: Gain an early reference customer in your critical market validation phase.
- Build brand recognition: Create market awareness by being associated with an early purchase by prolific organizations.
- Deployment: $20,000 payment upon completion of pre-purchase agreement.
Eligibility criteria
The following criteria will determine if an applicant is eligible for the program:
The applicant must:
- be a leader (i.e., officer or executive) in the company that is an incorporated Canadian business engaged in climate technology;
- have the company’s authorization to submit this application;
- be comfortable with, and agree to participate in, the public nature of this program (i.e., speaking with the media, appearing at events, etc.); and
- submit a full application in a manner consistent with the Official Rules.
The company must:
- not be a subsidiary of a larger parent company that would otherwise not be eligible for the program;
- be incorporated, based, and operating in Canada;
- be majority-owned by Canadian shareholders;
- have been established for at least one year by the application end date;
- be a small and mid-sized enterprise (SME) with between 1 to 499 full-time employees as defined by Innovation, Science and Economic Development (ISED) Canada; and
As it relates to the carbon dioxide removal solution featured in the company’s application, the company must:
- own a CDR Solution including all intellectual property rights related to the solution;
- the solution must have the potential to significantly remove carbon dioxide from the atmosphere;
- the solution must be proprietary and/or patentable;
- the solution must have the potential to be scaled globally for major impact;
- fall within TRL5 and TRL8 on the nine-point Technology Readiness Level spectrum – as defined below:
- TRL 5: Component and/or validation in a simulated environment.
- TRL 6: A model or prototype tested in a simulated operational environment or laboratory.
- TRL 7: Prototype ready for demonstration in an appropriate operational environment.
- TRL 8: Actual technology completed and qualified through tests and demonstrations.
Key considerations
MaRS is looking for climate technology ventures with a CDR solution that has the potential to remove significant atmospheric carbon dioxide at scale. When reviewing and selecting applicants, MaRS will consider the following in relation to the CDR Solution:
- Carbon removal potential
- Durability
- Cost per ton
- Net negativity
- Monitoring, reporting and verification (MRV)
- Techno-economic analysis and life cycle assessment
- Safety and legality
- Community engagement
- Diversity, equity, inclusion, justice, and reconciliation (DEIJR) measures
Applications are now open!
Apply NowLet’s accelerate the adoption of Canadian carbon removal solutions together.
If you are a corporate leader interested in buying carbon removal credits as part of your net-zero strategy, MaRS can support you by pre-purchasing credits on your behalf and/or offering educational programming so you can learn how to begin making your own purchases.
If you are an individual who would like to offset your own activities through the purchase of carbon removal credits, we encourage you to consider a tax-receiptable donation to MaRS. Your gift will enable the purchase of carbon credits which will be retired to the public benefit and will support the program that makes these purchases possible.
Contact us to learn more.
Interested?
Let’s accelerate the drive to net zero in our communities together. Reach out to learn more or get involved.