Carbon dioxide removal (CDR) technology is gaining increasing attention worldwide. The United Nations Climate Change Summit (COP30) in November will feature a dedicated pavilion for the first time, bringing together global government and industry representatives to discuss how to enhance the technology's climate and economic benefits. Meanwhile, the international initiative, the Integrity Committee on Voluntary Carbon Markets (ICVCM), has also approved a new set of carbon removal methodologies, providing market participants with high-quality carbon credit standards.
COP's first carbon removal pavilion focuses on technology, policy and funding.
The pavilion project was initiated by the European non-profit organization Negative Emissions Platform (NEP), which formally applied for the project during its observer status at the United Nations Framework Convention on Climate Change (UNFCCC). It plans to establish a physical pavilion, "CDR30," in the Blue Zone of COP30, and has pledged to be responsible for the initial funding and administrative work.
The official website states that CDR30 will be the first dedicated carbon removal pavilion at the UN Climate Summit, creating a platform for governments, industry, and civil society to discuss how to advance climate goals. Chris Sherwood, Secretary-General of the National Environment and Climate Change Initiative (NEP), stated that CDR30 marks the moment when carbon removal officially enters the world stage. "We are making history," he said.
In addition to showcasing the latest carbon removal achievements from around the world, such as Iceland's Direct Air Capture, Brazil's Biochar, and the United States' Bio-oil technology, the exhibition hall will also focus on discussions on industrial policies and funding.
In addition, NEP also announced the establishment of the "Coalition for CDR30." Currently, several companies and organizations have participated, including the carbon removal registration platform Isometric, the French carbon removal asset management company ClimeFi, the Omani rock carbon storage startup 44.01, and the US enhanced rock weathering technology startup Mati Carbon. The goal is to jointly raise funds for the construction of the exhibition hall.
Six carbon removal methodologies have been certified, and issuance is expected to increase significantly.
A carbon removal research report co-led by the University of Oxford indicates that to achieve the Paris Agreement goal of limiting warming to 1.5°C, the world must remove 7 to 9 billion tons of carbon dioxide from the atmosphere annually by 2050. However, current annual carbon removal figures are less than 50 million tons, a factor closely related to methodological validation.
Fortunately, ICVCM, which pursues the quality of carbon rights, announced a new batch of technological carbon removal methodologies on the 1st, including 1 from the gold standard and 5 from Isometric.
1.Gold Standard - Carbon Sequestration through Accelerated Carbonization of Concrete Granules (V1.0)
2.Isometric-Biomass Geological Storage (v1.0-1.1)
3.Isometric-Biopsy Geological Storage (v1.0-1.1)
4.Isometric-Subsurface Biomass Carbon Removal and Storage (v1.0)
5.Isometric-Biological Carbon Capture and Storage (v1.1)
6.Isometric - Direct Air Capture (v1.1)
The ICVCM stated in a statement that the methodology is relatively new, with approximately 30,000 carbon credits currently issued, and that significant growth is expected. For example, there are already 24 projects under the Isometric methodology, with an estimated annual issuance of over 3.2 million carbon credits, and 15 projects under the Gold Standard, with an estimated annual issuance of over 9,000 carbon credits.
Although carbon removal rights currently account for less than 1% of the voluntary carbon market share, this proportion is expected to increase with policy promotion. For example, the UK and the EU are considering incorporating carbon removal into the carbon emissions trading system (ETS) within the next five years , and carbon removal plans will help countries in the global South obtain climate financing, all of which have the opportunity to add more momentum to the market.
Source: RECCESSARY
Website: 碳移除躍升國際焦點！COP30首設獨立展館、ICVCM通過6種新方法學 | 新聞 | Reccessary
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