The Climeworks Orca project, a pioneering Direct Air Capture with Carbon Storage (DACCS) project, has achieved a significant milestone by receiving the first-ever AAA rating from BeZero Carbon.
This prestigious rating validates the project’s effectiveness in removing and safely storing carbon dioxide from the atmosphere.
The AAA rating is the highest possible score awarded by BeZero Carbon, a leading carbon ratings agency. It signifies that the carbon credits issued by Orca are highly likely to deliver the promised carbon removal benefits.
The rating further solidifies Orca’s position as a trailblazer in the field of DACCS.
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Orca, located in Iceland, utilizes geothermal energy to capture CO2 directly from the air and store it in underground rock formations.
The project has been operational since 2021 and aims to remove 2,600 tonnes of CO2 equivalent annually.
BeZero Carbon’s rating platform rigorously evaluates carbon credit projects based on their effectiveness and reliability.
By providing transparent ratings, BeZero Carbon empowers carbon credit purchasers to make informed decisions and allocate their resources to high-quality projects.
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The rating system is particularly important for the emerging market of engineered carbon removal projects, which often require higher upfront costs but can more accurately quantify their carbon removal benefits compared to nature-based approaches.
The ratings agency has already rated 43% of all issued engineered carbon removal credits, including 100% of DACCS issuance.
The BeZero Carbon’s AAA rating for Orca is a testament to Climeworks ‘ commitment to developing innovative and effective carbon removal solutions.
It also sends a strong signal to the market that DACCS projects can play a crucial role in addressing climate change.
