Verra launches consultation on carbon capture accounting methodologies developed by CCS+

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🗞️ Driving the news: Verra, a nonprofit that sets standards for environmental and social markets, has begun a public consultation on carbon capture accounting methodologies created by the CCS+ Initiative
• These methodologies are aimed at enhancing the Verified Carbon Standard (VCS) Program, covering various aspects of carbon capture and storage (CCS)

🔭 The context: The consultation seeks feedback on four main documents designed to expand eligible carbon capture activities, distinguish between carbon dioxide removals and emission reductions, and establish emissions accounting standards for carbon capture hubs
• This includes methods for capturing CO2 from bioenergy and for storage in saline aquifers or depleted hydrocarbon reservoirs, among others

🌍 Why it matters for the planet: The initiative underscores the importance of standardizing CO2 transportation, storage, and utilization to lower costs and accelerate carbon capture efforts
• This comes as both the EU and the U.S. intensify their focus on carbon removal technologies like direct air capture (DAC) and Bioenergy with Carbon Capture and Storage (BECCS), critical for reducing greenhouse gas emissions

⏭️ What's next: The consultation period will run until April 15, 2024, gathering insights from stakeholders to refine these methodologies
• This process is crucial for the future of carbon capture technologies and their role in both voluntary and compliance market contexts, ensuring reliable and consistent accounting standards

💬 One quote: "Providing a reliable accounting standard for [BECCS] will be of vital importance as more investments are directed towards energy-from-waste projects," highlights the importance of these methodologies in supporting sustainable investment in carbon capture and removal technologies

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