US-headed Summit Carbon Solutions (SCS), the largest global biogenic carbon capture and storage project developer, and Gold Standard, a Switzerland-headed not-for-profit focused on catalyzing more ambitious climate action to achieve global goals through robust standards and verified impacts, have jointly announced a significant milestone in the journey towards decarbonization.
After a rigorous two-year process, the Methodology for Biomass Fermentation with Carbon Capture and Storage (BFCSS) has been approved by Gold Standard and is now available for use.
The BFCSS methodology was developed by SCS with significant support from a diverse climate solutions provider Anew Climate LLC. Anew is majority-owned by TPG Rise, TPG’s global impact investing platform.
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, monitoring, and quantification protocol for accurately measuring and verifying biogenic carbon dioxide (CO2) removed through carbon capture and storage (CCS).
It adheres to Gold Standard’s rigorous requirements for environmental integrity, safeguards, stakeholder engagement, and sustainable development.
First-of-its-kind approval
This BFCCS 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 at least 200 years.
CDR is required to achieve global and national targets of net zero emissions and is part of all modeled scenarios that limit global heating to 2°C or lower, according to the Intergovernmental Panel on Climate Change (IPCC).
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), and we are proud to align our project against their robust standards for environmental integrity, said Ben Nelson, Director of Carbon Programs at Summit Carbon Solutions.
With this approved methodology, the company is better positioned to drive meaningful progress toward a more sustainable future.
Gold Standard is committed to supporting new technologies that support our global journey towards net zero. Carbon dioxide removal and storage are 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, said Margaret Kim, CEO at Gold Standard.
