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NextGen - a South Pole/Mitsubishi Corporation joint venture - establishes world's largest diversified portfolio of permanent carbon dioxide removals to scale the market
NextGen's portfolio establishes . All projects will be certified and verified under standards endorsed by the International Carbon Reduction and Offset Alliance (ICROA) to ensure an independent third-party assurance that the projects are of the highest environmental integrity and benefit local communities. Strong monitoring, reporting and verification (MRV) standards in the carbon removal industry are vital to ensure that removals approaches only incentivize the creation of high-quality CDR that are additional, measurable and highly durable.
By bringing together high integrity buyers and sellers of , NextGen is helping to create the conditions the market needs to scale: making permanent CDRs accessible for corporate buyers with an , enabling risk diversification through a portfolio approach, and providing access to deep market expertise.
Companies in NextGen will have access to a , including Biomass Carbon Removal and Storage (BiCRS), Direct Air Capture and Storage (DACS), Enhanced Weathering, High-Temperature Biochar and Product Mineralization – allowing them to demonstrate and operationalize commitments to long-term CDRs, while addressing the challenge that technology companies face in urgently scaling their projects.
In March 2023 , the IPCC Synthesis Report underscored that to limit global warming to 1.5°C*. However, the market has not yet scaled to a level close to what the IPCC deems as necessary for a safe and sustainable future.
Today's announcement marks a major milestone in building a scalable market for durable stored CDRs, . Creditworthy CDR purchases from large projects providing long-term storage will remove significant volumes of atmospheric and biogenic CO in the next few years, while helping companies to secure the financing needed to ensure these projects can be built and scaled up to the highest standards. These projects represent NextGen's first advance purchase of a targeted that can be realized by 2030 to deliver significant climate impact. Further details on the portfolio will be featured at the Carbon Unbound conference on May 11 in NYC.
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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 South Pole's approval as an Implementing Partner of the First Movers Coalition (FMC). Its development was strongly influenced by the Carbon Removal Climate Action Group of the World Economic Forum Alliance of CEO Climate Leaders. NextGen will purchase technical CDRs from projects using a range of technological approaches that offer significant potential to scale, including BiRCS, DACCS, biochar, enhanced weathering, high-temperature biochar, and product mineralization.
NextGen is a partnership between global climate project developer and solutions provider, South Pole, and Japanese conglomerate Mitsubishi Corporation – backed by founding buyers Boston Consulting Group, LGT, Mitsui O.S.K. Lines , Swiss Re, and UBS.
https://www.southpole.com/nextgencdr
View original content:https://www.prnewswire.co.uk/news-releases/nextgen---a-south-polemitsubishi-corporation-joint-venture---establishes-worlds-largest-diversified-portfolio-of-permanent-carbon-dioxide-removals-to-scale-the-market-301807261.html