Last week an alliance of organizations announced the formation of the CCS+ Initiative, a new venture to leverage carbon markets and to scale up global decarbonization and carbon removal efforts.
The CCS+ Initiative will focus on advancing carbon accounting for a range of carbon capture, utilization, storage, and removal technologies that are underpinned by robust ‘cradle-to-grave’ life cycle assessments (LCA) and rigorous verification standards to ensure environmental integrity.
As explained in the initiative’s launch announcement, “Both the Intergovernmental Panel on Climate Change (IPCC) and most recently the International Energy Agency have reinforced the importance of safe carbon storage solutions in the global ‘race to zero’. Such solutions will be critical, both as a decarbonization tool and in meeting global climate targets. Safe geological carbon storage of CO2 combined with carbon removal from the atmosphere via direct air capture (DAC) or photosynthesis (biomass), for example, allows for carbon dioxide removal of excess CO2 that is already in the atmosphere. But these solutions will also be key in decarbonizing hard-to-abate industries where there are very few alternatives to getting to a net zero emissions pathway by 2050 or earlier.”
To ensure environmental integrity through proper carbon accounting and independent verification of the climate benefits, CCS+ will develop a comprehensive methodological framework under the Verified Carbon Standard (VCS), which is managed by Verra.
“Recognizing the critical role carbon capture, utilization and storage can play in tackling the climate crisis, Verra welcomes the focus and leadership of the CCS+ Initiative, and looks forward to enabling the development of robust VCS carbon accounting and crediting methodologies to support and scale up such activities, while maintaining the highest environmental integrity,” said Toby Janson-Smith, Chief Innovation Officer of Verra.
Please visit the CCS+ Initiative website to learn more.