JOGMEC - Handbook for CCS Carbon Credits

The report emphasizes the significance of carbon capture and storage (CCS) as a crucial technology for reducing greenhouse gas emissions. It highlights the potential of CCS in climate change mitigation and the importance of fostering a common understanding of its potential and challenges. One key aspect discussed in the report is the role of carbon credits in incentivizing the deployment of CCS. It explains that carbon pricing mechanisms, such as trading CO2 emission reductions from CCS as carbon credits, can create value and ensure the economic viability of CCS projects. However, the position of CCS in the carbon-credit market is not yet clear, and there is a need for common understanding on issues such as emission reductions accounting methodologies and risk management. The report also emphasizes the importance of knowledge sharing and learning from precedents in international discussions. It highlights the need for evaluating co-benefits other than the mitigation impact and working towards the creation of high-quality carbon credits. Furthermore, the report mentions that a handbook on carbon credits for CCS is being prepared based on the workshop's content. This handbook aims to provide an understanding of the current status of the carbon market and CCS crediting. It covers topics such as the overall trend in the carbon market, important discussions, carbon-credit schemes worldwide, the carbon credit lifecycle, challenges, and prospects for CCS carbon credits. It is important to note that this report is based on information as of January 2023 and that the field of carbon crediting is rapidly evolving. Therefore, it is recommended to check for updated information when using this report as a reference for carbon crediting scheme development.