UPDATED 21 June 2024

media release

First Carbon Dioxide Removal and Storage Methodology Approved by Gold Standard

date
18 Apr 2024
location
Ames, United States and Geneva, Switzerland
Released by
Summit Carbon Solutions and Gold Standard
  • media contact Jamie Ballantyne, Director, Marketing and Communications

    [email protected]

Gold Standard and Summit Carbon Solutions have announced the publication of an engineered carbon removal and storage methodology - the first to be approved under Gold Standard for the Global Goals.

Summit Carbon Solutions (SCS) and Gold Standard are pleased to announce a significant milestone in the journey towards decarbonisation. After a rigorous two-year process, the Methodology for Biomass Fermentation with Carbon Capture and Storage (BFCSS), developed by SCS with significant support from Anew Climate, has been approved by Gold Standard, and is now available for use. View methodology Methodology for Biomass Fermentation with Carbon Capture and Storage (BFCSS)

The methodology will allow the issuance of Gold Standard’s Verified Emission Reduction carbon credits for BFCSS. The document includes criteria for determining project eligibility, as well as monitoring and quantification protocol for accurately measuring and verifying the biogenic CO2 removed through capture and storage. It adheres to Gold Standard’s rigorous requirements for environmental integrity, safeguards, stakeholder engagement, and sustainable development. 

This methodology is the first geologic storage methodology approved by Gold Standard. It facilitates durable carbon dioxide removal (CDR) - meaning that the carbon dioxide will be locked-up for the long-term. CDR is required to achieve global and national targets of net zero emissions, and is part of all modelled scenarios that limit global heating to 2°C or lower, according to the Intergovernmental Panel on Climate Change (IPCC)1.

Ben Nelson, Director of Carbon Programs at Summit Carbon Solutions said:

"We're grateful for Gold Standard's collaboration, rigorous process, and commitment to transparency. They are known throughout the market as one of the leading carbon registries, as evidenced by being one of the first registries approved by the Integrity Council for the Voluntary Carbon Market (IC-VCM), .  Aand we are proud to align our project against their robust standards for environmental integrity."

Margaret Kim, Gold Standard CEO, said:

“Gold Standard is committed to supporting new technologies that support our global journey towards net zero. Carbon dioxide removal and storage is vital, and our first geologic storage methodology is an important milestone. I thank Summit Carbon for their important work, and congratulate them on this achievement.” 

Summit Carbon Solutions and Gold Standard remain committed to maintaining the highest standards of integrity and quality in the carbon markets. With this approved methodology, the company is better positioned to drive meaningful progress towards a more sustainable future.

Gold Standard is open to developing further carbon dioxide removal methodologies and projects to scale up this vital sector. If you are interested in developing a Gold Standard methodology please reach out to [email protected] with any questions.

1www.ipcc.ch/report/ar6/wg3/downloads/outreach/IPCC_AR6_WGIII_Factsheet_CDR.pdf&sa=D&source=docs&ust=1713277723098975&usg=AOvVaw0bj93pT29yXVg2vGlSVFv1

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    If you are interested in developing a Gold Standard methodology please reach out tocontact Sustainable development team

    [email protected]

About Summit Carbon Solutions 

Summit Carbon Solutions is driving the future of agriculture by expanding economic opportunities for ethanol producers, strengthening the marketplace for Midwest-based farmers, and creating jobs. In developing the largest carbon capture and storage project in the world, the company seeks to connect industrial facilities via strategic infrastructure to store carbon dioxide safely and permanently in the Midwest United States. For more information, visit: www.SummitCarbonSolutions.com  

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