Negative Emissions Platform joins the Advisory Board of a newly launched carbon market initiative
Negative Emissions Platform will oversee the work of the CCS+ Initiative formed to advance carbon accounting for a range of CCUS and carbon removal technologies.
June 16, 2021
Negative Emissions Platform will provide advice to the CCS+ Initiative, formed to advance carbon accounting for a range of CCUS and carbon removal technologies. The venture was founded by industrial actors - Northern Lights, TotalEnergies, Oxy Low Carbon Ventures, and climate advisory organisations - South Pole, Perspectives Climate Group, and Carbon Finance Labs. Mitsubishi Corporation, Fortum Oslo Varme, Carbon Engineering, Climeworks and CarbFix are the first partners to join.
The Initiative will focus on proper carbon accounting and independent verification of climate benefits of various CCUS and carbon removal methods by developing a comprehensive modular methodological framework under the Verified Carbon Standard (VCS).
The Advisory Board will be tasked with providing strategic guidance to the process as well as technical input and feedback on draft methodologies.
“What will be key in all these efforts is recognition that carbon removals offer distinct climate benefits in terms of reducing concentrations of CO2 in the atmosphere and neutralising residual emissions. That’s the math of reaching net-zero.”
“This is a worthwhile initiative that complements other processes where the Platform is involved such as defining principles for high quality credits in the Task Force for Scaling Voluntary Carbon Markets or the European Commission’s carbon removal certification mechanism. What will be key in all these efforts is recognition that carbon removals offer distinct climate benefits in terms of reducing concentrations of CO2 in the atmosphere and neutralising residual emissions. That’s the math of reaching net-zero. Therefore, removals should be kept separate from emission reductions via CCUS from fossil point sources. This separation should apply at all levels starting with accounting methodologies through national and corporate target setting, down to carbon pricing and trading, and financial incentives for novel technologies. We are excited to be part of the CCS+ Initiative and we are looking forward to getting this right together with our partners” - said Anna Dubowik, Secretary General of Negative Emissions Platform.