Green Canopy NODE and Timber Finance Initiative to Lead Working Group on Carbon Methodology for Mass Timber Construction
SEATTLE and ZURICH, Sept. 29, 2022 /PRNewswire/ — The Timber Finance Initiative, Green Canopy NODE, South Pole and Gordian Knot Strategies are pleased to announce they have joined efforts in creating the first mass timber carbon credit methodology. They are developing a globally applicable carbon credit methodology for mass timber construction in Verra’s Verified Carbon Standard (VCS) GHG crediting Program. Verra will serve as the independent standard-setter for the methodology.
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Members of the Working Group on Carbon Methodology for Mass Timber Construction
The Working Group will bring together a team of field and technical experts. Together, it will develop a concept note to be submitted to Verra’s VCS Program, the world’s leading greenhouse gas program, later this year. The final methodology will then be developed by the Timber Finance Initiative and South Pole. A rigorous carbon methodology will help realize the climate value of stored carbon in mass timber construction and help scale mass timber as a negative emissions technology and low-emissions building material.
Current estimates show that up to 40 percent of global carbon dioxide (CO2) emissions originate from the built environment. Furthermore, up to 60 percent of the world’s existing building stocks will be built and rebuilt within the next two decades, laying a tremendous challenge and opportunity to set more sustainable trends in the construction sector. Mass timber has been identified as a renewable and low-emissions alternative to concrete and steel. If timber is procured from sustainable forest management, mass timber mitigates climate change twofold: By removing CO2 (Carbon Dioxide Removal) from the atmosphere and storing it long-term in buildings and by replacing Green House Gas (GHG)-intensive conventional building materials.
About Timber Finance Initiative
The Timber Finance Initiative is the Swiss competence center for timber investments. Timber Finance promotes sustainable investment opportunities of the forest and timber industry through the development of new financial products, carbon removal credits, whitepapers, and advisory services.