New Carbon Dioxide Removal Methodology Launched for Consultation
Gold Standard has announced the launch of a consultation on a new carbon capture and storage methodology. The consultation period will be open for 30 days, starting on May 11, 2023.
GENEVA, SWITZERLAND – 11 May 2023 – Gold Standard is pleased to announce the opening of a public consultation on a new methodology for biomass fermentation with carbon capture and geologic storage. This is the first Gold Standard methodology for carbon dioxide removal (CDR) with geological storage.
This methodology is for projects that involve capturing CO2 from the fermentation of renewable biomass (such as from the production of bioethanol and animal feed products), transporting the CO2 via pipeline, and injecting it into secure underground formations.
Margaret Kim, CEO of Gold Standard, said:
“Reducing emissions requires a range of strategies. At Gold Standard, we're committed to supporting only the most rigorous and effective technologies. This new methodology for biomass fermentation with carbon capture and geologic storage is an exciting addition to our standard, and we're eager to hear feedback during the public consultation period.”
The methodology includes applicability criteria for determining project eligibility, as well as monitoring and quantification protocol for accurately measuring and verifying the CO2 removed through capture and storage. This ensures that the CO2 has been successfully removed from the atmosphere.
It was developed by Summit Carbon Solutions, developer of the world’s largest carbon removal project, and adheres to GS4GG's rigorous requirements for environmental integrity, safeguards, stakeholder engagement, and sustainable development.
Gold Standard are committed to supporting only those technologies and projects that meet our rigorous requirements. We do not support technologies or projects that involve the use or storage of captured CO2, which leads to the enhancement or prolongation of fossil fuel recovery or production.
CDR solutions should not be seen as a replacement for emission reductions or an excuse to delay them. Instead, they are a complementary strategy to help achieve our climate goals. By mid-century, these systems will likely need to operate at a billion-tonne scale in order to be effective. However, the development of these removal technologies is expected expensive due to the complexity of the industrial activities involved, such as capture, transport, and storage. Such activities don’t currently generate revenue. Therefore, it is important to explore alternative methods for funding the development and implementation of these technologies such as the voluntary carbon market.
This methodology is a crucial step in this process, and we are pleased to be affiliated with Summit Carbon Solutions in this important endeavour. We look forward to receiving feedback from stakeholders during the consultation period.
The public consultation period is open for 30 days: from Thursday 11 May until Friday 9 June.
We welcome feedback from stakeholders during this consultation period, a critical part of our process to ensure that the development process is transparent, informed, and conservative. Responses should be sent to Vikash Talyan - firstname.lastname@example.org.
About Summit Carbon Solutions:
Summit Carbon Solutions is developing the largest carbon removal and storage project in the world while expanding economic opportunities for renewable fuel producers, strengthening the marketplace for farmers, and creating jobs. The company seeks to lower greenhouse gas emissions by connecting industrial facilities via strategic infrastructure to store carbon dioxide safely and permanently in the Midwestern United States.