A Brief Overview
Carbon capture and storage (CCS) involves the capture of carbon dioxide (CO2) from diverse sources, followed by transportation (where required) and subsequent safe storage underground as is exemplified in the figure below. CCS captures CO2 directly from the atmosphere and/or from high-emitting industrial sources. Industries such as industrial manufacturing (e.g. cements), oil & natural gas and power generation can benefit from the application of CCS technology to reduce their emissions and achieve their carbon-neutral goals. CCS has significant potential to reduce and remove emissions in diverse and hard-to-abate sectors. Verra has identified CCS as being a key technology supporting the energy transition and achieving a net zero future.
Verra and CCS on a Global Scale
Verra is the selected standard setter for the CCS+ Initiative which is advancing the development of a CCS methodology for use in our world leading program, the Verified Carbon Standard (VCS). The CCS+ Initiative is advancing this work through collaborative efforts involving stakeholders across diverse industries globally where CCS can and will be advanced. The CCS methodology will support the reduction and removal of emissions globally by taking a phased and modular approach to be applied to diverse projects. The first phase of the work is focusing on geological storage in saline aquifers and depleted oil & natural gas reservoirs. Subsequent phases of the work will focus on utilization (CCUS) and geologic carbon mineralization.
Projects seeking registration within the VCS using the CCS methodology and modules will be required to adhere to the stringent requirements set out in these documents along with the VCS program rules. The high integrity of projects is further verified and validated by a 3rd party before the issuance of potential Verified Carbon Units (VCU’s). Verra anticipates that the initial CCS methodology and the forthcoming phases of the work will be instrumental in accelerating the development of CCS and CCUS projects, having a significant contribution to reducing and removing emissions globally and at scale.