Climate Insider Brief:
- Verra has released three modules (VMD0056, VMD0057, and VMD0058) under the Verified Carbon Standard (VCS) to quantify carbon dioxide removals from direct air capture (DAC) projects, making the CCS methodology operational for global emission removals.
- The framework supports collaborative CCS hubs, enabling multiple projects to share CO2 transportation and storage infrastructure, thus improving cost-effectiveness and scalability for deploying CCS technologies.
- The methodology facilitates carbon credit generation, helping scale the carbon capture and storage sector, which is increasingly critical for mitigating climate change.
PRESS RELEASE – October 24, 2024 – Verra has released three modules intended for use under the methodology VM0049 Carbon Capture and Storage (CCS) in the Verified Carbon Standard (VCS) Program. These modules enable projects to quantify the carbon dioxide removals resulting from direct air capture (DAC) projects.
With the publication of the modules VMD0056 CO2 Capture from Air (Direct Air Capture), VMD0057 CO2 Transport for CCS Projects, and VMD0058 CO2 Storage in Saline Aquifers and Depleted Hydrocarbon Reservoirs, Verra’s CCS methodology is now operational and can be used by projects to deliver real, additional, and high-integrity emission removals globally.
VM0049 and the modules arrive as CCS and, specifically, technological carbon dioxide removal (CDR) have an increasingly important role in mitigating the disastrous effects of climate change. Finance generated by carbon credits can help scale this sector and accelerate its development.
The framework will also allow emissions accounting in collaborative CCS hubs where VCS projects include only a portion of the captured carbon. This makes VM0049, along with the related modules, the first global methodology that allows and encourages collaborative CCS hubs and shared infrastructure for the efficient and scalable deployment of multiple CCS technologies.
CCS hubs are systems shared by several emitters that use the same CO2 transportation, storage, or utilization infrastructure. They are an important mechanism for scaling the climate impact of CCS by improving their cost-effectiveness and development times.
VM0049 and the associated modules were developed by the CCS+ Initiative (external) and Verra.
SOURCE: Verra
Featured Image: Credit: Verra
