What is it - and what does it mean for the carbon markets?
This week, the European Parliament and Council reached a provisional agreement on a new EU-wide Carbon Removal Certification.
What's the aim of the EU Carbon Removal Certification?
Also known as the Carbon Removal Certification Framework (CRCF), the certification aims to do two things:
Encourage the development of new carbon removal solutions across the EU
Avoiding greenwashing and 'junk offset' claims through assessing these carbon removals against key quality criteria.
What Offset Project Types Does the Certification Cover?
Solely focussed on Carbon Removal, the CRCF splits removals out across 3 separate categories of project type:
Permanent Carbon Removal & Storage
This relates to projects where the carbon is removed and stored for the long-term.
Examples:
Direct Air Capture
Enhanced Rock Weathering
Temporary Carbon Storage: Carbon Farming
Temporary Carbon Storage: Long-lasting Products
Why is This Certification Important?
A Global Standard? There is a fair chance that this certification framework becomes the general standard for Carbon Removals, globally. Clarity and consistency in assessment of projects is exactly what the carbon markets need.
EU Climate Policies This certification framework will now start to feed into key policies, for instance the Green Claims Directive.
The Voluntary Carbon Markets This new governmental certification brings more confidence to businesses who are funding carbon removal as part of their sustainability plans. We expect this to become one of the key stamps of approval that businesses now begin to look for.
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