More than 160 Million Tonnes of Carbon Dioxide Removals Anticipated in Next Decade
10 May 2024, Iowa: Anew Climate, LLC, a global leader of diverse climate solutions, announced today a marketing agreement with Summit Carbon Solutions, the largest global biogenic carbon capture and storage project developer. Under the terms of the agreement, Anew will market carbon dioxide removal credits (CDRs) generated from Summit Carbon’s novel Biomass with Carbon Removal and Storage (BiCRS) project, which is expected to capture and sequester more than 160 million tonnes of biogenic carbon dioxide emissions from 50+ biorefineries across the Midwestern United States over the next decade.
“High quality carbon dioxide removals are intensely sought after by buyers in the voluntary carbon market who are pursuing climate investments with lasting geologic permanence as part of their comprehensive strategies,” said Angela Schwarz, Anew Climate Chief Executive Officer. “We anticipate significant demand for CDRs in this first of its kind project at scale. We are pleased to be working with Summit Carbon in this important new CDR market that helps remove carbon dioxide from the atmosphere and is a vital path to mitigate climate change.”
Summit Carbon’s $8 billion infrastructure project is anticipated to capture more than 16 million tonnes of waste biogenic CO2 emissions annually, which would otherwise be re-released into the atmosphere during the bioethanol production process. Captured emissions will be safely and permanently sequestered thousands of feet underground in North Dakota. This will be the first tech-based CDR project to surpass the 1 million metric tonne scale, and forward sales are critical to realizing the climate impact potential.
“As we deliver the world’s largest carbon dioxide removal project, we’re not only removing carbon, but also paving the way for bioethanol producers to access new markets, such as Sustainable Aviation Fuel, and securing a sustainable future for agriculture and energy,” said Lee Blank, Chief Executive Officer of Summit Carbon Solutions. “We’re excited to partner with Anew Climate, a leader in the global voluntary carbon market, whose expertise will be crucial in realizing the full potential of our initiatives.”
This project will be the first to utilize a new BiCRS methodology approved and published by the Gold Standard for the Global Goals (GS4GG) – Biomass Fermentation with Carbon Capture and Storage. GS4GG is one of the leading global registries through which CDRs are verified and generated to ensure project quality, stakeholder consultation, safeguarding requirements, and sustainable development goals.
