Net Zero Markets’ GER Supervisory Committee Agrees Inclusion of Biochar VERs in its Exchangelisted VER Contracts

November 21, 2022, London

Net Zero Markets (NZM)’s GER Supervisory Committee agreed at its meeting to accept Verified Emission Reductions from biochar schemes approved by VERRA as eligible for inclusion under NZM’s GER (Global Emission Reduction contract) and its Carbon Capture Contract that forms part of the GER. The change will be implemented early in the new year.

The approval follows on from VERRA’s recent update to its methodology on how to quantify greenhouse gas emission reductions from producing biochar and using it in approved soil and non-soil applications. As a result, VERs produced under this methodology will be the first long-lived carbon removal credits to be issued by any of the big four standard providers for voluntary carbon markets.

The inclusion of carbon removal credits in the GER, via its Carbon Capture Contract (CCC), is a key differentiator for the contract. The price of the GER is comprised from the basket of the four sub-contracts, one of which is the CCC. Over time the weighting of the CCC will increase so that by 2050, it will represent 100% of the GER, in line with Net Zero commitments that will require all carbon credits by 2050 to be removal rather than avoidance based. As a result, the GER, with its annual reweighting of its subcontracts, provides corporate offsetters with a natural pathway to reaching these targets.

“The inclusion of qualifying biochar credits represents a significant step forward in the growth of the carbon removal market and will provide a much-needed price signal for other carbon removal projects,” said Paul Simons, chair of the GER’s supervisory committee. “This should result in a step change in investment into these types of projects which will be crucial for meeting global net zero targets.”

Currently the CCC represents 1% of the GER, with the Base Carbon Contract (38.3%), the Forestry Carbon Contract (38.7%) and the Prime Carbon Contract (22%) making up the rest of the contract’s price. In the absence of sufficient qualifying carbon removal credits currently, the CCC is allowing the use of EU Emission Allowances (EUAs) as a proxy for removals.

This was the first meeting of the GER supervisory committee since the contract launched in June this year. The committee will meet annually to agree on the weightings of the GER for the year ahead, using the previous year’s retirement of carbon credits as a guide, as well as on an ad hoc basis as and when required to ensure the continued success of the contract.

About Net Zero Markets:
Net Zero Markets is a company dedicated to developing risk-management tools, products and contracts in the global environment space. The team launched the Global Emission Reduction contract, or GER, in June this year.
The GER is a ground-breaking carbon contract that will enable individuals and businesses to turn their net zero ambitions into reality. It allows companies, big and small, to implement their net zero strategies and offset those unavoidable carbon emissions with one, transparent and simple-to-use instrument. It will also provide conscious individuals and investors a pathway to rebalance their carbon footprint and fund projects that do good for the environment.
The GER is available to purchase as a spot contract on AirCarbon Exchange (ACX) and as a futures contract on EEX Group’s US-based Nodal Exchange, with a European listing on EEX scheduled for 2023, the GER is a single global benchmark for the Voluntary Carbon Market.
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