Slide CCS+ Carbon capture and storage (CCS) in its various forms (+)

CCS+ Initiative

01.

Objective

To unlock and scale-up CCS-related climate action in carbon markets, with an initial focus on project-based methodologies for the Voluntary Carbon Market (VCM) and Article 6

02.

Goal

To help limit global warming to well below 2, preferably to 1.5° and eventually reach net-zero by creating methodologies to accelerate scaling of CCS+ through carbon markets

03.

Innovations

Carbon capture and storage (CCS), in its various forms (+), including both sequestration and utilization, represents key technology solutions for achieving both permanent emission reductions and carbon removals
The Paris Agreement goal is to limit global warming to well below 2 preferably to 1.5 degrees Celsius compared to pre-industrial levels. To achieve this long-term temperature goal countries aim to reach global peaking of greenhouse gas emissions as soon as possible to achieve a climate neutral world by mid-century.
CCS could play a critical role in reducing emissions from fossil sources as well as supporting circular economy (utilization) efforts. CCS technologies could also generate permanent carbon removals when combining CCS with CO2 from biomass (Bio-CCS, e.g. BECCS) or with direct air capture (DACCS) or through mineralization processes.

Governance

The CCS+ initiative will be governed in a lean way to ensure that results are produced fast and effectively. Methodology and tool development will be phased, starting with the most mature and impactful use cases.

Partners

Tapping carbon market potential requires robust carbon accounting methodologies to be established by carbon credit standards bodies. In response, a number of leading industry players have established the CCS+ Initiative to develop a methodological framework covering for the full suite of CCS activities.

Oxy_low_carbon

Oxy Low Carbon Ventures

Carbon Finance Labs

Oxy Low Carbon Ventures is a subsidiary of a subsidiary of Occidental and developing carbon capture, utilization and storage (CCS) projects to remove human-made carbon dioxide from the atmosphere for use in lower carbon oil production operations

Northern_Lights

Northern Lights

Northern Lights is developing the world’s first open-source CO2 transport and storage infrastructure. We deliver carbon storage as a service. Our aim is to help industrial emitters stop emissions that cannot be avoided in other ways from reaching the atmosphere.

Total_Energies

TotalEnergies

TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels natural gas and green gases renewables and electricity.

South_pole

South Pole

South Pole is a leading project developer, advisor and provider of global climate services which helps private and public organizations and companies reduce their impact on the climate.

Perspectives

Perspectives Climate Group

Perspectives Climate Group is internationally recognised for its innovative practical and high-quality solutions in many fields of international carbon markets and climate policy.

fortum

Fortum

Fortum’s purpose is to drive the change for a cleaner world. Fortum is securing a fast and reliable transition to a carbon-neutral economy by providing customers and societies with clean energy and sustainable solutions.
Mitsubishi_Corp

Mitsubishi Corporation

Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses together with its offices and subsidiaries in approximately 90 countries and regions worldwide, as well as a global network of around 1,700 group companies.

Equinor

Equinor is a broad energy company with more than 20,000 colleagues committed to developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re dedicated to safety, equality and sustainability.
Carbon Engineering

Carbon Engineering

Carbon Engineering (CE) is a leading developer of Direct Air Capture (DAC) technology that captures carbon dioxide directly from the atmosphere. CE is focused on the global deployment of megaton-scale DAC facilities so it can have the greatest impact on the huge climate challenge.

Carbfix

Carbfix

Carbfix provides permanent and safe storage solution for captured carbon, in which CO2 is injected and rapidly turned into stone underground through proprietary technology that imitates and accelerates natural processes.
climateworks

Climeworks

Climeworks empowers people to reverse climate change by permanently removing carbon dioxide from the air.  One of two things happens to the Climeworks air-captured carbon dioxide: either it is returned to earth, stored safely and permanently away for millions of years, or it is upcycled into climate-friendly products such as carbon-neutral fuels and materials. 

Carbyon

Carbyon develops a machine to capture CO2 from ambient air. The technology is based on an innovative membrane developed by TNO and using the latest techniques from the semiconductor industry. The company targets to capture CO2 from ambient air at 50 Euro per ton offering the world an effective tool in the fight against climate change.

BP

Our purpose is reimagining energy for people and our planet. We want to help the world reach net zero and improve people’s lives. We believe CCUS can play a vital role in limiting emissions, helping us achieve our net zero aims and supporting global efforts to meet the Paris goals.

IFPEN

IFP Energies nouvelles (IFPEN) is a major research and training player in the fields of energy, transport and the environment. From scientific concepts within the framework of fundamental research, through to technological solutions in the context of applied research, innovation is central to its activities, hinged around four strategic directions: climate, environment and circular economy – renewable energies – sustainable mobility – responsible oil and gas.

ClimatePartner

ClimatePartner was founded in Munich in 2006 to help companies manage and offset CO2 emissions with our innovative software as a service model and through our Carbon Neutrality Label. We were recognized by Environmental Finance as “Best Wholesaler” and “Best Offset Retailer” 2021, and work with over 4,000 companies globally.

DRAX

Drax Group is a UK-based renewable energy company engaged in renewable power generation, the production of sustainable biomass and the sale of renewable electricity to businesses. Enabling a zero carbon, lower cost energy future is Drax Group’s purpose and in 2019, it announced a world-leading ambition to be carbon negative by 2030, using BECCS technology to remove carbon dioxide from the atmosphere at scale whilst delivering reliable renewable electricity.

JOGMEC

Japan Oil, Gas and Metals National Corporation (JOGMEC) is a Japanese governmental agency with global portfolio in energy and mineral investments. Using its technical and financial expertise in natural resources, JOGMEC is actively promoting CCS projects and CCS-related R&D to accelerate carbon neutrality.

INPEX

INPEX Corporation is Japan’s largest exploration and production (E&P) company. We are committed to helping create a brighter future for society through our efforts to develop, produce and deliver energy in a sustainable way.

Macquarie

Macquarie Group Limited (Macquarie) is a global financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Macquarie employs 16,459 people in 32 markets.

44.01

44.01 turns CO2 into rock using the natural power of mineralization into peridotite, providing a permanent and secure form of CO2 storage. Our process enables carbon removal. We partner with Direct Air Capture companies to remove CO2 from the atmosphere and help hard to decarbonize sectors achieve their net zero targets.

Advisory Group

The CCS+ Initiative established an Advisory Group, comprising NGOs industry associations academics and other CCS stakeholders, to guide the work and ensure that the final products will be broadly embraced and used.

IETA

IETA

IETA is a non-profit business organisation with the purpose to establish a functional international framework for trading in greenhouse gas emission reductions. IETA members seek to develop an emissions trading regime that results in real and verifiable greenhouse gas emission reductions, while balancing economic efficiency with environmental integrity and social equity.

Global CCS Institute

The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and deliver climate neutrality.

Negative Emissions Platform

Negative Emissions Platform is a unique partnership of European and international actors. We represent technology developers, providers and sponsors, research centers, academia, think-tanks and civil society.  We provide a forum in which diverse like-minded organisations actively collaborate to improve political and public recognition of carbon removals.

ICROA

The International Carbon Reduction and Offset Alliance (ICROA) is a non-profit organisation made up of the leading carbon reduction and offset providers in the voluntary carbon market. It unites businesses committed to establishing high standards of integrity in the market for climate solutions.

WBCSD

The World Business Council for Sustainable Development (WBCSD) is a global, CEO-led organization of over 200 leading businesses working together to accelerate the transition to a sustainable world. We help make our member companies more successful and sustainable by focusing on the maximum positive impact for shareholders, the environment, and societies.

ZEP

The Zero Emissions Platform (ZEP) is a European Technology and Innovation Platform (ETIP) under the European Commission’s Strategic Energy Technology Plan (SET-Plan) and acts as the EU’s technical adviser on the deployment of Carbon Capture and Storage (CCS), and Carbon Capture and Utilisation (CCU) under Horizon2020 R&I programme.

RMI

RMI decarbonizes energy systems through rapid, market-based change in the world’s most critical geographies to align with a 1.5°C future and address the climate crisis. We work with businesses, policymakers, communities and other organizations to identify and scale energy system interventions that will cut greenhouse gas emissions at least 50% by 2030.

OGC

The Oil and Gas Climate Initiative aims to accelerate the industry response to climate change. As leaders in the industry, accounting for almost 30% of global operated oil and gas production, we aim to leverage our collective strength, so helping to achieve net zero emissions as early as possible.

TNO

TNO is an independent applied research organization. We believe in the joint creation of economic and social value. TNO connects people and knowledge to create innovations that boost the competitive strength of industry and the well-being of society in a sustainable way.

Environmental Defense Fund

Guided by science and economics, we find practical and lasting solutions to the most serious environmental problems. What distinguishes EDF is the combination of what we protect and how we protect it. We work to solve the most critical environmental problems facing the planet and since these topics are intertwined, our solutions take a multidisciplinary approach.

Independent standard setter

The initiative has begun the process for the development and approval of a methodology under the Verified Carbon Standard (VCS).  A concept note has been submitted and accepted by Verra. Engagement around the methodology development has begun according to the VCS rules and Verra procedures.

Verra

Verra

Verra is a non-profit organization (NGO) focused on addressing climate and sustainable development issues through the development and management of market-based standards.

Resources

Download CCS+ Announcement

FAQ

1. What?

The CCS+ Initiative has been created to develop methodologies to credit the full suite of CCS activities through the voluntary carbon markets.

2. Why?

Tapping carbon market potential requires robust carbon accounting methodologies to be developed and approved by carbon credit standards bodies. Carbon markets can help finance important projects that would not otherwise be viable.

3. How?

A collaborative, open and transparent committee structure, dedicated to achieving efficient and effective results. A steering committee, advisory group and various work groups are tasked to produce various methodology elements in priority order.

4. What is CCS?

Carbon Capture and Storage is a process whereby CO2 is captured and stored in a way that it is not released into the atmosphere within a climate-relevant time horizon. By applying CCS to point source emissions, it is possible to mitigate the effect of greenhouse gas emissions on the climate.

5. What is CCU?

Carbon Capture and Utilization is a process in which CO2 is captured at point source or from the atmosphere and then used to produce a new  product. Depending on the outcome of a life-cycle analysis, CCU solutions can have climate mitigation benefits.

6. What is CDR?

Carbon dioxide removal (CDR) is a process whereby CO2 is physically removed from the atmosphere and stored with the intention to be permanent, with all greenhouse gas emissions over the entire chain of removal and storage included in the life-cycle analysis and whereby the total amount of CO2 removed and stored is greater than the CO2 emitted.

7. What are carbon credits and carbon markets?

Carbon credits are measurable units of emission reductions or removals that are created for the purposes of trading and retiring. They represent real, additional and verified emission reduction / removal benefits that the owner may claim when they retire the credit. Carbon markets are the collection of buyers and sellers of carbon credits who facilitate carbon project financing to reduce and/or remove GHG emissions through the generation and use of carbon credits.

8. What is the purpose of the CCS+ Initiative?

The CCS+ Initiative aims to leverage carbon markets and to scale up global decarbonization and carbon removal efforts through enabling much needed financial incentives to make technologies economically such as carbon capture and storage viable and robust. Both the IPCC and most recently the International Energy Agency have reinforced the importance of safe carbon storage solutions in the global ‘race to zero’. Such solutions will be critical, both as a decarbonization tool and in meeting global climate targets.

9. What is the potential of CCS and CCU(S) solutions for decarbonisation efforts?

CCS and CCU(S) have the potential to contribute many millions of tonnes of CO2 emission reductions/removals per year in the fight against climate change. Over many years, this could amount to billions of tonnes of avoided or removed CO2 from the atmosphere.

10. What is the relevance and potential of safe storage solutions for negative emissions?

The permanence of the storage solution coupled with atmospheric captured carbon is key to determine the success of the CDR approach with regards to restoring the climate. The longer carbon stays out of the atmosphere, the more effective it will be in decreasing atmospheric concentrations.

11. What differentiates removals (ie negative emissions) from reductions ? Why can methodologies for the two be developed in the same framework?

Since both, reduced emissions (e.g. from fossil sources) and removed emissions (i.e. from atmospheric sources) can rely on the same storage reservoirs, the quantification methods can be the same. A robust approach to accounting, based on cradle-to-grave LCA assessments, will provide the clarity necessary to distinguish their overall climate benefits  and their respective application in the voluntary carbon market. 

12. What is the role of “methodologies” within the context of carbon credits?

Carbon accounting methodologies outline detailed procedures for quantifying the actual GHG benefits of a project. They guide project developers in identifying the project boundaries, establish baselines, assess additionality and calculate the GHG emissions that are reduced or removed. Methodologies ensure that similar projects calculate the GHG benefits through a similar approach. Over time, a methodology may be revised, withdrawn or put on hold if the activity is no longer relevant or considered a valid way to generate emission reductions.

13. Why is the CCS+ Initiative starting with a methodological framework for voluntary carbon markets?

Currently, methodologies for CCS and CDR solutions only exist on a very limited basis, both geographically and scope-wise. They do exist in compliance carbon markets. In response, a number of leading industry players have established the CCS+ Initiative to develop methodological concepts for the full suite of CCS activities. As many companies would otherwise be forced to work in isolation on methodologies, collaboration across the market is key to achieve the aim of the initiative and accelerate the development of a comprehensive and integrated methodological framework.

14. Why the VCS? Will the methodological framework be exclusive to the VCS?

The Verified Carbon Standard (VCS) is the world’s leading carbon crediting platform, accounting for two-thirds of all voluntary carbon market transaction volume and playing a growing role within emerging compliance markets. The VCS has approved dozens of GHG methodologies and registered over 1,600 projects in 80 countries, covering all major GHG mitigation types. The CCS+ Initiative aims to produce a coherent, high-quality and high-integrity methodological framework including a full suite of VCS methodologies and tools to account for and credit CCS+ projects at the national and international level. These methodologies would be immediately usable in the VCS, but could also be tapped by other regulatory regimes around the world (including Article 6).

15. How is the CCS+ Initiative different to past efforts in voluntary carbon markets?

The CCS+ aspires to be the leading initiative worldwide that will create carbon credit pathways for CCS and later on CCU applications, with environmental integrity and innovation as guiding principles. It is the first initiative to work on both carbon removal and reduction approaches and technologies, with a strong and unique representation of technology and solution providers, emitters and civil society. The CCS+ Initiative is also one of the first efforts to come up with a comprehensive framework to cover a broad range of technologies and solutions in a modular manner.

16. Why a modular approach?

The CCS+ Initiative’s work will be based on a modular approach covering the various mitigation facets and use cases of CCS activities i.e. realising emission reductions and carbon removals. The ultimate goal is to establish VCS carbon crediting pathways for the full suite of CCS activities (CCS, CCU(S), Bio-CCS, DACCS) and to pilot carbon methodologies acknowledging the diversity of CCS projects (and geographies). Taking a modular approach is needed to calculate the unique GHG benefits of different (part) solutions.

17. What are the priorities of the CCS+ Initiative to start with?

This first priority will be to harmonise core principles and produce a guidance document with a consistent and coherent set of general definitions. This includes outreach activities to relevant stakeholders to gather input and encourage the adoption of the resulting outputs. In parallel, the CCS+ Initiative will start to assess needs and requirements for methodologies for each step in the CCS value chain, i.e. from the capture and the transport of carbon to the usage and/or storage of it. This will be followed by the development of a coherent, robust methodological framework within which the CCS+ methodologies would fit under the VCS.

18. What is the process of developing a quantification methodology under the VCS?

Rules and requirements for methodology development is available at

19. When will the CCS+ carbon methodologies be available?

Mid-2022

20. How will the outputs of the CCS+ Initiative be used in the market? And by whom?

The objective of the CCS+ Initiative is to unlock and scale-up CCS-related climate action in carbon markets, with an initial focus on project-based methodologies for the VCM and Article 6. The methodologies developed under the CCS+ Initiative would be immediately usable in the VCM by companies around the world. The Paris Agreement architecture and the mitigation targets that countries have pledged in the context of their Nationally Determined Contributions (NDCs) also requires tools for a solid accounting of emissions along the complete CCS value chain (source of fuels, CO2capture, transportation and storage) at the national and international level (including transboundary accounting solutions). Countries may therefore also use the outputs.  

21. What is the relevance of the initiative for existing or emerging mandatory carbon pricing schemes worldwide?

The CCS+ Initiative may set a useful precedent for how carbon pricing schemes may account for and credit CCS activities, including key issues such as permanence, additionality and market leakage. Further, some compliance schemes may choose to accept Verified Carbon Units (VCUs) generated from these methodologies.

22. Is the CCS+ Initiative open to additional partners and observers?

The CCS+ Initiative is open to additional partners and observers. The Initiative will establish an Advisory Group that will be composed of NGOs, industry associations, academics, and other key stakeholders. The Initiative will engage with interested stakeholders to promote the work and adoption of outputs within voluntary carbon markets and regulatory regimes.

23. Who will /can join the CCS+ initiative

The CCS+ Initiative will be set-up as a joint and open alliance where industry leaders bring their projects to the initiative and together with internationally renowned methodological experts co-create the needed methodologies and tools. Additional members are most welcome to join the CCS+ Initiative at any time to bring their interests and projects to this effort, collaborate on methodological development and share learnings.

24. How will the CCS+ Initiative be governed?

The CCS+ initiative will be governed in a lean way to ensure that results are produced fast and effectively.  A Steering Committee will provide the mandate to the Secretariat which will coordinate the relevant tasks and outputs of two Working Groups, with continuous and iterative collaboration across the groups. The CCS+ Initiative will also establish an Advisory Group, comprising NGOs, industry associations, academics, and other key stakeholders, to guide the work and ensure that the final products will be broadly embraced and used.

25. How will the CCS+ Initiative ensure a transparent and robust methodology development process adhering to environmental integrity?

The Advisory Group will include NGOs, industry associations, academics such as IETA. Verra has a robust and transparent methodology approval process, and the initiative will submit documents to Verra that will be subject to the same rigor and review as all methodologies under the VCS system.

Contact

To contact the secretariat or request additional information please email

info@ccsplus.org