Today is Thursday, March 7 2024.
A few days ago, lawmakers from the European Parliament and Council annouced a new regulation establishing the first EU-level certification framework for permanent carbon removals, carbon farming and carbon storage in products.
Carbon removal activities will need to meet four overarching criteria in order to be certified: quantification, additionality, long-term storage and sustainability.
Here are the types of atmospheric or biogenic carbon removals being considered:
- permanent carbon removal: storing atmospheric or biogenic carbon for several centuries;
- temporary carbon storage in long-lasting (at least 35 years) products: wood-based construction products, for example, and subject to monitoring;
- temporary (at least 5 years) carbon storage from carbon farming: restoring forests and soil, wetland management, seagrass meadows;
- soil emission reduction (from carbon farming) which includes carbon and nitrous oxide reductions from soil management, and activities that must overall reduce the carbon emissions of soils or increase carbon removals from biological matter (examples of activities are wetland management, no tilling and cover crop practices, reduced use of fertilizer combined with soil management practices, etc.)
Avoided deforestation or renewable energy projects, are not included in the scope of the regulation.
Geological carbon storage in neighbouring third countries outside the EU will be allowed, provided that those countries align with EU environmental and safety standards. This might represent a significant opportunity, for example, for Norway, which is not an EU member state and due to its vast oil and gas industry might have plenty of depleted geologycal sites of interest, onshore and offshore under the North Sea.
These activities will generate corresponding certified units of one metric tonne CO2 equivalent, subject to an electronic EU-wide registry, and can be used for the EU’s climate objectives and Nationally Determined Contributions.
With this new legislation, a trustworthy framework, EU aims to expand the engagement with innovative carbon farming practices and carbon removal solutions, stimulate the development of new technologies, and create new income opportunities for industries and land managers.
Click at the image below for this very complete press release. Among other details, it includes also references to insurance and land speculation issues.
