San Francisco, Feb, 20, 2024 – Covalent, a financing platform for permanent carbon dioxide removal (CDR), announced today that its Certification Standard is now open for public consultation. Following the initial release of the Standard in May 2023, the company is seeking feedback on the enhanced Standard aligned with the rigorous criteria set by ICROA. This initiative reflects Covalent's commitment to scaling the emerging permanent CDR industry by addressing trust, transparency, and downside risk concerns.
Covalent Certification Standard sets unparalleled benchmarks for environmental integrity in CDR by ensuring a minimum 1,000 years of permanence and limiting carbon leakage to less than 0.1 percent. The Standard also mandates immediate corrective measures in the event of any carbon leakage, ensuring the long-term effectiveness and reliability of CDR projects.
Covalent’s alignment with the ICROA accreditation program demonstrates its leadership in setting high benchmarks for accountability, transparency, and environmental impact in carbon removal. ICROA assesses the rigor of carbon crediting Standards by ensuring that they operate with high integrity, good governance, and robust validation and verification.
By opening the Certification Standard for public consultation, Covalent invites feedback from CDR project developers, scientific experts, and the global community highlighting the power of collaborative progress and the importance of refining standards essential to guiding the CDR industry. "We're at a crossroads in the fight against climate change, where every action counts," emphasized Onur Eren, Chief Executive Officer of Covalent. "Through this public consultation, we're inviting the global community to join us in shaping a robust framework that will drive the effectiveness and accountability of permanent carbon removal worldwide."
“In the absence of global standards, buyers and investors eager to support the CDR industry cannot determine if the future removal claims that project developers make are fact or fiction. Covalent’s enhanced Certification Standard legitimizes the efforts of trustworthy project developers, paving the way for scalable permanent CDR which is critical to achieving global net-zero emissions.” said Goker Avci, Chief Operating Officer of Covalent.
Covalent has developed a platform enabling stakeholders to directly share their feedback (https://public-consultation.covalent.earth/) and improve the Standard. The consultation period starts on February 20th and will remain open until the close of business on March 21st.
About Covalent
Covalent, a climate fintech company based in San Francisco, accelerates the permanent CDR industry by pioneering forward financing. Through its certification standard and blockchain-based registry, Covalent enables advance payments for future carbon removals at scale. To learn more, visit www.covalent.earth.
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