Verra Launches Consultation On Carbon Capture Accounting Methodologies Developed By CCS+

Verra Launches Consultation On Carbon Capture Accounting Methodologies Developed By CCS+ - Carbon Herald

Verra, a nonprofit organization that operates standards in environmental and social markets, is opening a public consultation on draft versions of carbon capture accounting tools and modules developed by the CCS+ Initiative.

These components are intended as the building blocks of the Methodology Framework for Carbon Capture and Storage (CCS) in the Verified Carbon Standard (VCS) Program. The four main documents that stakeholders and industry are invited to provide feedback on are designed to broaden the types of eligible carbon capture activities, differentiate carbon dioxide removals from emission reductions where applicable and set up emissions accounting standards and processes in carbon capture hubs.

The consultation starts today and will accept inputs until April 15, 2024 and it covers the following documents:

The focus on CCS hubs in this framework highlights how important a common approach to CO2 transportation, storage and utilization is for reducing costs for emitters. The U.S. has already focused efforts and resources on developing both carbon capture and direct air capture hubs in several states.

One of the important components in the consultation is the inclusion of Bioenergy-CCS (BECCS), which has elements of both carbon capture and carbon removal. Providing a reliable accounting standard for this sector will be of vital importance as more investments are directed towards energy-from-waste projects and with a view to including it in both voluntary and compliance market contexts.

This announcement comes shortly after the EU’s agreement on its Carbon Removal Certification Framework which is set to place an emphasis on DAC and BECCS. In the U.S. the Carbon Removal Purchase Pilot Prize is also aimed at seeding a market for both of these technologies.

Interested parties can share their feedback on this methodology framework by completing this comment template by April 15, 2024.

Relevant: EU Council And Parliament Reach Agreement On The Carbon Removal Certification Framework

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