Summit Carbon Solutions has signed a multi-year agreement to sell Carbon Dioxide Removal credits (CDRs) to the NextGen CDR Facility. NextGen is a joint venture between South Pole and the Mitsubishi Corporation, and has Boston Consulting Group, LGT, Mitsui O.S.K. Lines, Swiss Re, and UBS as founding buyers. NextGen aims to create one of the world’s largest diversified portfolios of CDRs, with plans to purchase more than one million tons of CDRs by 2025. The CDRs must be from large-scale technical carbon removal projects, and the standards must be endorsed by the International Carbon Reduction and Offset Alliance (ICROA). Summit Carbon Solutions has developed a methodology for Biomass Carbon Removal and Storage (BiCRS) currently being reviewed with Gold Standard for the Global Goals. This is the first CDR sale to NextGen, which will catalyze the company’s project as well as others that can meet ICROA standards. Summit Carbon Solutions is developing the largest carbon removal and storage project in the world to connect industrial facilities via strategic infrastructure to store carbon dioxide safely and permanently in the Midwestern United States.
It is important that carbon credit schemes also benefit local communities.
The World Meteorological Organisation has stated that 193 countries have given unanimous backing to a scheme to monitor global greenhouse...