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Verra introduces consultation for CCS+ carbon capture accounting methodologies.

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TLDR:

  • Verra is conducting a consultation on draft carbon capture accounting methodologies developed by the CCS+ Initiative.
  • The consultation covers four main documents focused on expanding eligible activities, differentiating removals from reductions, and setting emissions accounting standards.

Verra, a nonprofit organization overseeing environmental and social market standards, has initiated a public consultation process on draft carbon capture accounting tools and modules developed by the CCS+ Initiative. These components aim to establish the Methodology Framework for Carbon Capture and Storage (CCS) within the Verified Carbon Standard (VCS) Program. Stakeholders and industries are invited to provide feedback on four key documents that encompass a range of carbon capture activities, emissions accounting standards, and the differentiation between removals and reductions.

The consultation, open until April 15, 2024, focuses on specific modules and tools, such as capturing CO2 from bioenergy facilities, storing CO2 in saline aquifers, and accounting for non-VCS CO2 streams in CCS projects. By emphasizing CCS hubs and common approaches to CO2 transport, storage, and utilization, Verra aims to reduce costs for emitters and enhance carbon accounting standards. Particularly, the inclusion of Bioenergy-CCS (BECCS) underscores the importance of reliable accounting practices for energy-from-waste projects, aligning with market contexts and regulatory frameworks.

This initiative coincides with the EU’s Carbon Removal Certification Framework and the U.S.’s Carbon Removal Purchase Pilot Prize, highlighting the global focus on carbon capture and removal technologies. Interested parties can provide input on the methodology framework to contribute to the development and adoption of standardized carbon capture accounting practices.

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