EU adopts first-ever standard for carbon removal projects

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illuminem summarises for you the essential news of the day. Read the full piece on ESG Today or enjoy below:

🗞️ Driving the news: The European Commission has adopted its first-ever certification methodologies for permanent carbon removal projects
• This new framework includes certifications for technologies like Direct Air Capture with Carbon Storage (DACCS), Biogenic Emissions Capture with Carbon Storage (BioCCS), and Biochar Carbon Removal (BCR), with goal to help ensure projects meet climate objectives and provide transparency, countering greenwashing
• The methodologies will soon be implemented, setting the stage for EU certification of carbon removal projects

🌍 Why it matters for the planet: By establishing voluntary standards for carbon removals, the EU is encouraging responsible carbon offset projects, which can play a critical role in achieving climate goals
• This move will also provide clarity for investors and buyers, facilitating the growth of a global carbon market and fostering further innovation in carbon removal
• Over time, this approach will be essential to reducing the world’s carbon footprint and achieving net-zero emissions

⏭️ What’s next: The new carbon removal certification will be published in the EU Official Journal in April, and eligible projects can begin applying for certification
• The Commission is expected to finalize regulations for carbon farming, which could expand the scope of certified removal projects this year

💬 One quote: “By setting clear, enforceable rules for permanent carbon removals, the Commission is effectively de-risking the sector for investors and buyers alike.” — Christoph Gebald, CEO of Climeworks

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