Summit Carbon Solutions Announces Stakeholder Consultation for Gold Standard Methodology
This public comment period is to ensure the development process is transparent, informed, and conservative.
AMES, Iowa (May 11, 2023) – Summit Carbon Solutions, developer of the world’s largest carbon removal project, is pleased to announce the release of its Gold Standard methodology for public stakeholder consultation. This marks a crucial milestone in the process of any new methodology for the Voluntary Carbon Market (VCM) and is an important step in ensuring best practices are incorporated. Developed with the support of Anew Climate (“Anew”), the methodology was created under Gold Standard for the Global Goals’ (GS4GG) rigorous requirements, ensuring environmental integrity, safeguards, stakeholder engagement, and sustainable development.
“This is an important step for Summit’s participation in the VCM, and we are thrilled to be affiliated with GS4GG,” said Ben Nelson, Director of Carbon Programs at Summit Carbon Solutions. “We recognize the critical role that transparency and stakeholder consultation play in the development of new methodologies, and we look forward to receiving feedback from stakeholders.”
GS4GG is one of the leading global registries through which Carbon Dioxide Removal Credits (CDRs) are verified and generated to ensure project quality and sustainable development goals are met. Globally, scientists predict that up to 10 Gt of CO2 will need to be removed annually from the atmosphere by 2050. For companies setting climate strategies under their Net Zero Standard, the Science Based Targets Initiative requires that only carbon credits representing carbon sequestration or ‘carbon removals’ be used to neutralize remaining emissions once a company has reached their Net Zero target.
“We are pleased to have partnered with Summit Carbon Solutions on this groundbreaking initiative,” said Janet Peace, Head of Advisory at Anew. “By Leveraging Anew’s subject matter expertise, we are accelerating the deployment of this transformative decarbonization technology. CDR investors want certainty that the projects they support will deliver real climate and sustainable development benefits. The GS4GG methodology and standard will help ensure that projects utilizing this protocol are of the highest quality.”
The methodology can be found on the GS4GG website, and public comments will be open for 30 days starting May 11, 2023. This public consultation period is critical in ensuring transparency, accuracy, and broad applicability to the VCM, allowing Summit to participate in the market with confidence.
About Summit Carbon Solutions:
Summit Carbon Solutions is developing the largest carbon removal and storage project in the world while expanding economic opportunities for renewable fuel producers, strengthening the marketplace for farmers, and creating jobs. The company seeks to lower greenhouse gas emissions by connecting industrial facilities via strategic infrastructure to store carbon dioxide safely and permanently in the Midwestern United States.
To learn more about Summit Carbon Solutions, please visit: www.SummitCarbonSolutions.com
About Gold Standard
Gold Standard was established in 2003 by WWF and other international NGOs to ensure projects that reduced carbon emissions featured the highest levels of environmental integrity and also contributed to sustainable development. With the adoption of the Paris Climate Agreement and the Sustainable Development Goals, GS launched a best practice standard for climate and sustainable development interventions, Gold Standard for the Global Goals, to maximize impact, creating value for people around the world and the planet we share.
To learn more about The Gold Standard, please visit: https://www.goldstandard.org/
About Anew Climate
Anew Climate, LLC (“Anew”) is accelerating the fight against climate change by enabling companies and organizations to align their goals for conservation and impact with actionable next steps. With a comprehensive solutions portfolio that includes advisory services, carbon credits, renewable natural gas, renewable energy certificates, EV credits, and emission credits, Anew lowers barriers to participation in environmental markets for clients across the private and public sectors. As a leading marketer and originator of environmental products, the company brings together strategic finance, regulatory expertise, scientific knowledge, and impact focus to make it possible for businesses to thrive while building a sustainable future. Anew is majority owned by TPG Rise, TPG’s global impact investing platform, and emerged from the February 2022 combination of durational industry leaders Element Markets, LLC and Blue Source, LLC. The company has offices in the U.S., Canada, and Europe, and an environmental commodities portfolio that extends across five continents.
To learn more about Anew, please visit https://www.anewclimate.com