A new open letter signed by 55 buyers and stakeholders from the carbon dioxide removal (CDR) sector urges for changes to be made in the Science-Based Targets Initiative’s (SBTI) draft Corporate Net-Zero Standard Version 2.0.
This initiative, anchored by Nordic Carbon Removal Association, comes in response to the public consultation launched on November 6th, when SBTI published a new draft for its forthcoming version of the Corporate Net-zero Standard.
The open letter signees signal that the current wording used in SBTI’s draft standard creates uncertainty around the eligibility of carbon removals for neutralization claims, painting a scenario in which it would be very costly or even impossible for companies to reach net-zero.
Instead of promoting corporate climate action, the signees warn that the current wording in the SBTI draft standard risks hindering progress and causing more damage than positive impact.
To avoid these limitations and pave the way for positive future results, the open letter from the CDR community calls for specific amendments to be made to the draft standard.
One of the big changes requested in the open letter is a revision of paragraph C29.6 to reflect that a corporate can make a neutralization claim based on a permanent CDR certificate if it is not simultaneously claimed by another company for compliance or voluntary purposes, while making sure that the removal is included in no more than one Nationally Determined Contribution (NDC).
The second request outlined in the publication asks for an amendment of the Additionality definition in point 1.3 of the draft standard that would enable neutralization activities to contribute toward a host country’s NDC granted there is proof of additionality for voluntary applications, and corresponding adjustments have been applied when ITMO transactions are involved.
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With this motion, the Nordic Carbon Removal Association and remaining open letter signees aim to help the SBTI in enabling corporate entities to use CDR towards net-zero goals.
Besides buyers support, the letter has also garnered signatures from suppliers, market-makers, trade associations and relevant CDR stakeholders, including Puro.earth, Isometric, Climeworks, 1PointFive, Stocklolm Exergi, South Pole, Stripe, Nasdaq, the Carbon Business Council, DVNE, Heirloom, and many other leading field representatives.
The open letter and the full list of signatories can be found here.
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