Verra Releases First Set of Modules for Carbon Capture and Storage 

Verra Releases First Set of Modules for Carbon Capture and Storage 

VoM News Desk | October 24, 2024 | 11:41 AM IST | Climate & Environment, Featured by VoM, Featured Edition, World | Follow on Google News

Verra Releases First Set of Modules for Carbon Capture and Storage 

Verra Releases First Set of Modules for Carbon Capture and Storage 

EMBARGO 0800 US ET, 24 OCTOBER 2024

Verra has released three modules intended for use under the methodology VM0049 Carbon Capture and Storage (CCS) in the Verified Carbon Standard (VCS) Program. These modules enable projects to quantify the carbon dioxide removals resulting from direct air capture (DAC) projects. 

With the publication of the modules VMD0056 CO₂ Capture from Air (Direct Air Capture), VMD0057 CO₂ Transport for CCS Projects, and VMD0058 CO₂ Storage in Saline Aquifers and Depleted Hydrocarbon Reservoirs, Verra’s CCS methodology is now operational and can be used by projects to deliver real, additional, and high-integrity emission removals globally.  

VM0049 and the modules arrive as CCS and, specifically, technological carbon dioxide removal (CDR) have an increasingly important role in mitigating the disastrous effects of climate change. Finance generated by carbon credits can help scale this sector and accelerate its development.   

Quote from Verra CEO Mandy Rambharos: 

“With the release of the direct air capture with carbon storage (DACCS) modules, Verra offers another important pathway for catalyzing finance for projects that advance critically needed climate action. We urgently must advance all those possible pathways, whether technology- or nature-based, that avoid, reduce, or remove emissions. The carbon capture and storage methodology and the associated modules also stand out for their flexible and scalable approach that will enable them to amplify their climate impact.” 

The framework will also allow emissions accounting in collaborative CCS hubs where VCS projects include only a portion of the captured carbon. This makes VM0049,along with the related modules, the first global methodology that allows and encourages collaborative CCS hubs and shared infrastructure for the efficient and scalable deployment of multiple CCS technologies.  

CCS hubs are systems shared by several emitters that use the same CO₂ transportation, storage, or utilization infrastructure. They are an important mechanism for scaling the climate impact of CCS by improving their cost-effectiveness and development times.  

VM0049 and the associated moduleswere developed by the CCS+ Initiative and Verra. 

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