Summit Carbon Solutions announces stakeholder consultation

Summit Carbon Solutions, developer of the world’s largest carbon removal project, announces 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.