More Than 160 Million Tonnes of Carbon Dioxide Removals Anticipated in Next Decade
AMES, IA & HOUSTON, TX / ACCESSWIRE / May 9, 2024 / 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.
Carbon removal credits from bioethanol production
Removal credits to advance Summit Carbon's infrastructure project to remove more than 160 million tonnes of waste biogenic CO2 emissions re-released during bioethanol production.
"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.
Interested buyers may contact: sales@anewclimate.com
About Anew Climate
Anew Climate, LLC is a global leader of diverse climate solutions built on the principles of transparency and accountability. We bring innovative products and services to the public and private sectors to help reduce or offset their carbon footprints, restore the environment, and ensure our clients' investments create economic value as well as durable climate impact. With deep market understanding, Anew leverages technological and nature-based solutions to create value through the generation and marketing of environmental credits for low-carbon fuel, carbon, renewable energy, and emissions markets. Anew is majority-owned by TPG Rise, TPG's global impact investing platform. The company has offices in the United States, Canada, Spain, and Hungary and an environmental commodities portfolio that extends across five continents. For more information, visit www.anewclimate.com.
About Summit Carbon Solutions
Summit Carbon Solutions is driving the future of agriculture by expanding economic opportunities for ethanol producers, strengthening the marketplace for Midwest-based farmers, and creating jobs. In developing the largest carbon capture and storage project in the world, the company seeks to connect industrial facilities via strategic infrastructure to store carbon dioxide safely and permanently in the Midwest United States. For more information, visit www.SummitCarbonSolutions.com.
Anew Climate Contact:
Pr@anewclimate.com
Summit Carbon Solutions Contact:
Media@summitcarbon.com
Contact Information
Tracy Willits
Chief Communications Officer
pr@anewclimate.com
SOURCE: Anew Climate, LLC
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