NextGen, the joint of South Pole and Mitsubishi for carbon capture
The biggest carbon capture system in the world will annually store 9M tonnes fo CO2. South Pole, a Swiss provider of carbon financing, and Mitsubishi have jointly announced the acquisition of 193,125 tonnes of CO2 Removal Credits(CDRs) from the three projects.
Three projects include US direct air capture project, a Finnish biochar manufacturer. NextGen’s goal is to build a market for credible scalable carbon removal by supporting projects that remove atmospheric CO2 emissions at scale.
An illustration of the first significant DAC plant being designed by Carbon Engineering and 1PointFive using the technology. The NextGen CDR Facility is a partnership between the Japanese corporation Mitsubishi Corporation and the Swiss carbon finance advisor South Pole.
https://interestingengineering.com/innovation/worlds-largest-carbon-capture
The NextGen CDR has announced the purchase of 193,125 tonnes of carbon dioxide removal credits(CDRs) from three projects, creating the biggest portfolio of CDRs in the world.
Upon delivery, the purchase will offer more than 1,000 years of CO2 storage, according to a press statement issued by the South Pole on 23 April 2023. The acquisition represents 25% of all CDRs acquired so far.
NextGen aims to make permanent CDRs accessible for corporate purchasers with an average price of $200/t, providing risk diversification through a portfolio strategy.
The portfolio includes a number of carbon removal methods, including product mineralization, enhanced weathering, high temperature biochar, and biomass carbon removal, direct air capture and storage.
The first high tech biochar project(C1) by climate technology company Carbo Culture in Finland will also contribute carbon removal credits to the portfolio.
NextGen projects for 1.5C
All of the projects will be verified and validated in accordance with guidelines endorsed by the nonprofit international Carbon Reduction and Offset Alliance, providing an independent third party assurance that the projects are of high environmental integrity and benefit local populations.
The project, which is being constructed by 1PointFive in Texas and is anticipated to remove and permanently store up to 500,000t of CO2 per year once fully operational, will include CDRs from the world’s largest DACS project in the early acquisition.
Keeping removed biogenic carbon for a long time. Additionally, CDRs from Summit Carbon Solutions’ $5.1 billion biomass carbon removal and storage project, which is now being built in the Midwest of the United States, the biggest tech carbon removal project in the world will be present.
Through the capture, transportation, and long term storage of biogenic carbon removals, this project will annually remove more than nine million tonnes of carbon dioxide from the atmosphere.
The purchase demonstrates discernible corporate interest in a number of CDR technologies that offer long term CO2 removal.
NextGen anticipates purchasing over a million CDRs by 2050, all of which will need to adhere to specifications set by the independent ICROA to ensure the quality of the project.
Boston Consulting Group, LGT, Mitsubishi O.S.K Lines, Swiss Re, and UBS are just a few of the early clients of NextGen, according to a news released from South Pole.
By assuring independent certification of technical carbon reductions, NextGen’s promise will establish a high threshold and enable the financing of a variety of cutting edge CDR projects and technologies that now have a clear road to market.
According to the IPCC Special Report “Global Warming of 1.5C, it is urgently important to ramp up efforts to remove carbon from the atmosphere in order to accomplish the 100 -1,000 Gt of carbon reduction by 2050 required to keep global warming below 1.5C.
If we want to achieve net zero GHG emissions by 2050, we will require technical and ecological solutions in addition to radical decarbonisation and emissions avoidance programmes, including forest protection.
NextGen, the biggest carbon capture facility in the world will annually store 9M tonnes fo CO2. South Pole, a Swiss provider of carbon financing, and Mitsubishi have jointly announced the acquisition of 193,125 tonnes of CO2 reduction from projects.
Source: InterestingEngineering, NextGen
