Platts updates project types reflected in Natural Carbon Capture and Tech Carbon Capture assessments

Platts, part of S&P Global Commodity Insights, has updated the types of credits it reflects in its Technological Carbon Capture and Natural Carbon Capture voluntary carbon credit assessments from Feb. 1, 2023, in order to better reflect the distinction between the Avoidance and Removal Voluntary Carbon Credit markets.

A decision was published Dec. 14, 2022, available here.

The proposal was published Oct. 21, 2022, available here.

Platts has updated its definition of credits reflected in its Natural Carbon Capture assessments to exclude Biochar, which would instead be classified as a Technology Carbon Capture credit. Previously, the Platts methodology defined Natural Carbon Capture as any greenhouse gas (GHG) removal project that falls under the Forestry, Farming and Land Management Category including, but not limited to, credits generated from reforestation and afforestation projects, soil sequestration (including biochar), and wetland restoration.

The methodology change has updated this methodology language to include any GHG removal projects that falls under Agriculture, Forestry and Other Land Use (AFOLU) including, but not limited to, credits generated from reforestation, afforestation, soil sequestration (not including biochar), and wetland restoration projects.

Platts has also amended its positioning of carbon capture, utilization and storage (CCUS), in order to better reflect widely understood definition of CCUS in the market. Platts has updated its definition of credits to be included in the definition of Tech Carbon Capture to include Direct Air Capture (DAC), Mineralization, Bioenergy with Carbon Capture and Storage (BECCS) and biochar. Under this change, Carbon Capture, Utilization and Storage (CCUS) has been reclassified as an avoidance credit under the Platts Industrial Pollutants definition. Earlier, Platts methodology included CCUS under Tech Carbon Capture and Biochar under Natural Carbon Capture.

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