[Wednesday] Verra Releases ARR Methodology, Singapore Unveils Criteria for International Carbon Credits Offset, DevvStream, BCRB Announce Carbon Offset Deal, more...

Oct 04, 2023

Verra Releases ARR Methodology with Dynamic Performance Benchmarking
Singapore Unveils Criteria for International Carbon Credits Offset
ADNOC Group Selects Carbon Clean's Tech for a Carbon Capture Project
Gold Standard Starts Public Consultation on Emission Reduction by Shore-Side or Off-Shore Electricity Supply System Methodology
DevvStream, BCRB Announce Carbon Offset Deal for Transportation
Rwanda's 63 Million Tree Planting Drive Targets Carbon Credits
Drax, Stockholm Exergi Unveil BECCS Carbon Methodology
International Financial Services Centres Authority Forms Expert Committee to Propel India's Voluntary Carbon Market

Verra introduced VM0047 methodology under the Verified Carbon Standard Program for creating nature-based removal credits through forestry projects, utilizing a new dynamic benchmark and remote sensing data.
VM0047 provides two quantification methods: an Area-based approach for larger projects and a Census-based approach for smaller, dispersed planting projects.
An additional module, VMD0054, for estimating leakage is mandatory with VM0047, which replaces previous CDM methodologies, with transition deadlines set for ongoing projects.

The Ministry of Sustainability and the Environment (MSE) and the National Environment Agency (NEA) of Singapore have outlined the Eligibility Criteria for the International Carbon Credit (ICC) Framework, allowing carbon tax-liable companies to offset up to five percent of their taxable emissions from 2024.
The ICC Framework aligns with Article 6 of the Paris Agreement, supporting carbon markets and enabling companies to support global emission reduction or removal projects, thereby facilitating Singapore’s aim to achieve net zero emissions by 2050.
An International Advisory Panel for Carbon Credits has been established to advise on carbon credit policies, alongside the development of a national registry to track ICCs, fostering international partnerships for carbon market cooperation, and initiating a transparent, blockchain-based Data Dashboard under the Climate Action Data Trust initiative to enhance global carbon credit transparency.

ADNOC to pilot a modular CycloneCC carbon capture unit at a fertilizer plant in Abu Dhabi, targeting efficient carbon capture.
CycloneCC technology, by Carbon Clean, offers a cost-effective, less capital and energy intensive solution compared to traditional methods.
The pilot aligns with ADNOC's goal to significantly increase its carbon capture capacity by 2030, supporting its net-zero by 2045 ambition.

A revision is proposed to the CDM methodology AMS-III.BP concerning Emission Reductions by Shore-Side Electricity Supply Systems, to include off-shore electricity supply systems, allowing ships to utilize shore electricity instead of fossil-fuel generators while docked or off-shore.
The updated methodology now covers ships connected to specialized buoys providing electricity, promoting the use of renewable energy-based electricity supply systems, reducing reliance on fossil fuels for auxiliary power.
A consultation period is set from 3rd October to 2nd November 2023, inviting feedback on the proposed revision

DevvStream and the BC Road Builders and Heavy Construction Association announce an offtake agreement, with DevvStream pre-purchasing 25,000 carbon credits from BCRB's greenhouse gas reduction program aimed at curbing emissions in the transportation sector, particularly concerning road construction and maintenance.
The program, operational by early 2024, covers Canada and the USA, promoting fleet electrification and low-carbon materials.

Rwanda plans to plant 63 million trees to sell carbon credits, combat climate change, and enhance weather resilience.
The initiative, part of Rwanda's 10-year climate action plan, aims to decrease carbon emissions by 4.6 million tonnes (38%) by 2030.
Government will also promote forest-saving cooking technologies, requiring $1.37 billion to cut charcoal use from 83% to 42% by 2030.

Drax and Stockholm Exergi have published a BECCS (Bioenergy with Carbon Capture and Storage) carbon removal methodology.
The released v0.9 methodology, which is pending validation, aims to foster harmonized standards for BECCS and carbon removals, extending its utility beyond projects to policy makers and institutions.
While carbon removals are yet to reach the required gigatonne scale, this methodology, serving as an industrial-scale, high-integrity BECCS blueprint, hopes to contribute towards achieving that goal.

The Expert Committee on Voluntary Carbon Market, chaired by Shri R.R. Rashmi from TERI, aims to explore the international Voluntary Carbon Market (VCM) and assess its potential to support India's Net Zero goals through GIFT-IFSC.
The committee will identify challenges and opportunities in the VCM, propose policy measures to enable VCM in GIFT-IFSC, and draft a regulatory framework to foster a robust VCM ecosystem at GIFT-IFSC.
The multi-disciplinary committee comprises members from various sectors, including sustainability, legal, financial, and energy, to ensure comprehensive examination and recommendations on developing and regulating VCM at GIFT-IFSC.

VCM Newsletter