NextGen Buys Carbon Dioxide Removal Credits from Summit Carbon Solutions in Landmark Deal
- Nasdaq ends sharply higher as Alphabet and AMD fuel AI surge
- Broadcom annual guidance falls short after Q4 results beat; hikes dividend
- Stocks could be in 'panic' mode in 2024, warns JPM's Kolanovic
- Lululemon Athletica Q3 results top estimates, but revenue guidance falls short
- Can S&P 500 rally without the Magnificent 7 leading the way? 'Easy' says BofA
Transaction demonstrates tangible corporate interest in CDR technologies that offer long-term removal of CO2 from the atmosphere
NextGen is a joint venture between
"We are thrilled to have NextGen as the counterparty on our first CDR transaction," said
To meet these stringent requirements, Summit Carbon Solutions has developed a methodology for Biomass Carbon Removal and Storage (BiCRS), currently under review with Gold Standard for the Global Goals. Gold Standard is the leading global registry through which CDRs are verified and generated to ensure project quality and sustainable development goals are met under ICROA standards.
"Our continuing work with Gold Standard on the BiCRS methodology will accelerate the adoption of additional CCS methodologies across the global carbon registries," said
"NextGen's ambition to scale the CDR market has taken a major step forward following the initial purchase commitments from three projects, which puts us on a clear pathway to realize our target of 1M durably stored tons of CO2 by 2030. Each project has had to satisfy our requirements to realize significant climate impact in the near term, and quality requirements to meet independent certification standards," says Philip Moss, Global Director of Tech Carbon Removals at
"At Summit Carbon Solutions, we believe in the positive impact sustainable growth will have on people, communities, and climate security for future generations," said
To learn more about Summit Carbon Solutions, please visit: www.SummitCarbonSolutions.com
To learn more about NextGen, please visit: www.southpole.com/nextgencdr
To learn more about Gold Standard, please visit: www.goldstandard.org/
About Summit Carbon Solutions:
Summit Carbon Solutions is developing the largest carbon removal and storage project in the world while expanding economic opportunities for renewable fuel producers, strengthening the marketplace for farmers, and creating jobs. The company seeks to lower greenhouse gas emissions by connecting industrial facilities via strategic infrastructure to store carbon dioxide safely and permanently in the Midwestern United States.
About the NextGen CDR Facility
The NextGen CDR Facility (NextGen) brings technical expertise and global networks together to unlock the potential of large-scale technical carbon removal. It holds the ambition of purchasing over one million certified carbon removal credits by 2025. The establishment of NextGen follows
Media Contact :
View original content to download multimedia:https://www.prnewswire.com/news-releases/nextgen-buys-carbon-dioxide-removal-credits-from-summit-carbon-solutions-in-landmark-deal-301807517.html
SOURCE Summit Carbon Solutions
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- HABANOS, S.A. PRESENTED THE WORLD PREMIERE OF THE NEW VITOLA EL REY DEL MUNDO ROYAL SERIES IN CYPRUS
- Husqvarna Group top listed on diversity ranking
- Binance is the Official Gold Sponsor of Taipei Blockchain Week 2023
Create E-mail Alert Related CategoriesPRNewswire, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!