Climate Insider Brief:
- Verra has released Verified Carbon Standard (VCS) Methodology VM0049 Carbon Capture and Storage, establishing a globally applicable framework for CCS activities, crucial for achieving corporate net zero goals.
- VM0049 introduces a modular approach that allows CCS projects to select and combine specific modules for CO2 capture, transport, and storage, tailored to their technological and operational requirements.
- This methodology significantly impacts hard-to-abate sectors such as industrial manufacturing, oil and gas, and power generation by providing a structured pathway to reduce CO2 emissions effectively.
PRESS RELEASE – June 27, 2024 – Verra has released Verified Carbon Standard (VCS) Methodology VM0049 Carbon Capture and Storage. VM0049 is a globally applicable framework for technology-based carbon capture and storage (CCS) activities that generate carbon dioxide removals (CDRs) and emission reductions. CDRs are considered a critical element of corporate net zero climate strategies.
CCS activities capture carbon dioxide directly from the atmosphere and/or from high-emitting industrial sources, followed by transportation (where required) and by permanent safe storage underground. The approach has significant potential to remove CO2 and reduce emissions in diverse and hard-to-abate sectors, such as industrial manufacturing (e.g., cement), oil and natural gas, and power generation.
VM0049 outlines the overarching requirements for CCS projects. Projects will select from a set of modules for different CO2 capture, transport, and storage activities to quantify the CDRs and emission reductions they generate. These modules can be combined to suit a project’s specific design or its technological needs. This modular format is adaptive to project expansions, the development of shared infrastructure, and future innovations.
Verra expects to release the first batch of modules in the next few months, covering the following activities:
- Direct air capture
- Transportation of CO2
- Storage of CO2 in saline aquifers and depleted oil and gas reservoirs
Several other modules are currently being developed (including those listed on the M0286 methodology page), covering a wide range of additional activities that VM0049 can support.
Key Implications for Climatetech
The release of Verra’s Verified Carbon Standard (VCS) Methodology VM0049 for Carbon Capture and Storage (CCS) marks a significant advancement in climate technology with profound implications for global carbon reduction efforts. VM0049 establishes a comprehensive framework applicable worldwide, specifically designed for technology-driven CCS initiatives aimed at carbon dioxide removal (CDR) and emission reductions.
This methodology is crucial for corporate strategies striving for net zero emissions, as it facilitates the capture of CO2 from both atmospheric sources and high-emitting industrial sectors like cement production, oil and gas extraction, and power generation.
By outlining standardized requirements and offering modular flexibility, VM0049 enables CCS projects to tailor solutions to their specific needs, whether in CO2 capture, transportation, or storage.
This adaptability not only supports current CCS implementations but also fosters future innovations and the scalability of carbon removal technologies.
As Verra prepares to release initial modules covering activities such as direct air capture and CO2 storage in various geological formations, VM0049 sets a precedent for a broader array of modules under development, promising a robust toolkit for advancing climate action across diverse sectors globally.
SOURCE: Verra
Featured Image: Credit: Verra
