- BeZero Carbon has published the Voluntary Carbon Market’s first-ever engineered carbon removal rating with an ‘A’ rated biochar project.
- There is global consensus that engineered carbon removal is essential to reach net zero, and by 2030 annual demand for engineered carbon removal could reach between 40 and 200 million tonnes.
- BeZero Carbon’s ratings of engineered carbon removal projects will help bring greater transparency and maturity to this nascent sector – helping market participants channel capital into the most impactful ventures.
Global carbon credits ratings agency BeZero Carbon has today announced its first engineered carbon removal rating. An industry-first, this rating analyses a biochar project and marks a shift towards the nascent but essential carbon removal sector maturing.
Even under the most optimistic estimates, the world will require some form of carbon removal to meet net zero – which has led to demand for engineered carbon removals increasing rapidly. Estimates suggest that by 2030, annual demand for durable engineered carbon removal technology could reach between 40 and 200 million tonnes of CO2e, with more businesses turning towards carbon removal credits to meet their climate commitments.
It is therefore essential to assess the quality of engineered carbon removal credits – to allow market participants to make informed decisions about the quality of the credits they invest in. While projects in the sector had not been eligible for the BeZero Carbon Rating so far, most often due to limited project information in the public domain, this first-of-its-kind rating reflects the positive development of the sector.
Biochar is leading the way in the engineered carbon removals sector and has contributed to over 90% of engineered carbon removals retirements. It is produced through a high temperature, low oxygen biomass combustion process, called pyrolysis. During pyrolysis, the molecular structure of the biomass changes to more stable forms – meaning biochar can store carbon for much longer timeframes.
BeZero Carbon has assigned its first biochar rating an ‘A’ value, meaning it has a high likelihood of achieving 1 tonne of CO2e avoidance or removal. This rating assesses the project against a number of rating risk factors, such as additionality, over-crediting, leakage, and non-permeance.
Ted Christie-Miller, Director of Carbon Removal at BeZero Carbon said:
“In any net zero scenario, there is consensus that large-scale engineered carbon removal is necessary. We are proud to be leading the way in increasing transparency in the market with the first-ever engineered carbon removal rating.
“This rating is a signal that the engineered carbon removal sector is maturing – as more and more credits start meeting our ratings eligibility criteria, we will begin to see this nascent sector unlock its full potential. At BeZero, we are excited to be moving at pace to continue to enhance our ratings coverage in the engineered removal sector”.