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    FORTUM   FI0009007132

FORTUM OYJ

(FORTUM)
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Nasdaq and Fortum join forces to develop carbon removal market

06/01/2021 | 07:22am EDT
FILE PHOTO: Finnish energy company Fortum sign is seen at their headquarters in Espoo

OSLO (Reuters) - Financial services company Nasdaq and Finnish state-owned utility Fortum have joined forces to develop a trading platform for carbon removal credits, they said on Tuesday.

Various forms of carbon trading have gained traction as tackling climate change has become urgent and industry is under pressure to cut or offset its emissions by buying into carbon reduction schemes, such as tree planting or emissions sequestration.

Backed by Fortum, Puro.earth was founded in 2019 and offers verifiable and tradable carbon removal credits on an open, online platform, with existing corporate clients including Microsoft, the companies said.

Puro.earth's CO2 Removal Certificates (CORCs) are based on technologies for long-term carbon removal, such as storing carbon in a solid structures made from industrial waste.

This allows companies to reduce their carbon footprint, in some cases to less than zero.

Nasdaq is taking a majority stake in the Puro.earth platform for an undisclosed sum, they said.

"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," Bjoern Sibbern, Executive Vice President and President of European Markets at Nasdaq, said.

Puro.earth seeks to help its customers reach ambitious emissions goals, Chief Executive Antti Vihavainen said.

Carbon offset credits are traded in small, bilateral and typically project-specific deals but exchanges are increasingly exploring opportunities to standardise trading.

Offsets are voluntary initiatives, differing from mandatory emission trading systems set up as policy tools to help cut emissions by putting a price on carbon dioxide emissions. Here, participating companies are required to buy and render certificates for all or a share of their carbon dioxide emissions.

(Reporting by Nora Buli; editing by Barbara Lewis)

By Nora Buli


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
FORTUM OYJ 2.15% 24.26 Delayed Quote.20.56%
MICROSOFT CORPORATION -0.21% 286.51 Delayed Quote.29.09%
NASDAQ COMP. 0.13% 14780.533084 Real-time Quote.13.91%
NASDAQ, INC. 0.37% 189.36 Delayed Quote.42.14%
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Financials
Sales 2021 61 494 M 72 785 M 72 785 M
Net income 2021 1 628 M 1 927 M 1 927 M
Net Debt 2021 6 570 M 7 776 M 7 776 M
P/E ratio 2021 14,0x
Yield 2021 4,66%
Capitalization 21 550 M 25 506 M 25 507 M
EV / Sales 2021 0,46x
EV / Sales 2022 0,45x
Nbr of Employees 20 036
Free-Float 47,3%
Chart FORTUM OYJ
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Technical analysis trends FORTUM OYJ
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TrendsBullishBullishBullish
Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 19
Last Close Price 24,26 €
Average target price 23,21 €
Spread / Average Target -4,32%
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Managers and Directors
Markus Heikki Erdem Rauramo President & Chief Executive Officer
Bernhard GŘnther Chief Financial Officer
Veli-Matti Reinikkala Chairman
Anja McAlister Deputy Chairman
Essimari Kairisto Independent Director
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