New biomass National Standard of Canada to unlock bio-economy investment
Bio-economy projects may soon have improved access to funding with the release of a new National Standard of Canada (NSC). CSA W209:21, Biomass supply chain risk provides a means for developers and investors to quantify and qualify biomass feedstock risk, helping to drive lender confidence and de-risk investment in biomass-based projects across Canada. The NSC evolved from a set of industry standards developed by Ecostrat, a feedstock supply and risk advisory group, and has been developed by CSA Group with support from the Standards Council of Canada.
Biomass is organic material such as wood, plants, and waste from food crops which can be used for renewable fuel, chemical and energy production, or industrial processes. Until now, concerns of securing a steady, quality-based biomass feedstock supply have created investment barriers for bio-based development projects. The new CSA standard will enable capital markets to more accurately quantify bio-feedstock risk, reduce the level of uncertainty that is currently a significant driver of low bio-project credit ratings, and unlock significant development potential in the bio-economy.
“Bio-based development is an under-tapped area of opportunity for sustainable economic growth,” said Jordan Solomon, Ecostrat CEO. “De-risking this opportunity through the use of a recognized national standard clears the way for increased investment, jobs and a clean energy future.”
Quantifying supply chain risk across bio-based industries could support growth in a variety of areas, including Canadian advanced biofuels, bioenergy, bio-based heat and power, bio-materials, and clean hydrogen production.
“CSA W209 provides a framework for analyzing the complexity of life cycle risks in the sourcing of biomass. The standard will therefore provide a very powerful tool that financial markets can use to reduce concerns around investment risk, from the supply chain to the quality of feedstock,” said Mary Cianchetti, President of Standards at CSA Group.
The new CSA standard aligns with the Canadian government’s clean growth agenda and the goals and recommendations of key federal clean energy initiatives.
“We are pleased to help advance a National Standard of Canada in this growing sector,” said Chantal Guay, SCC CEO. “Leveraging standardization to commercialize clean technologies is an important step toward achieving sustainability goals.”
About the Standards Council of Canada
Established in 1970 as a federal Crown corporation, the Standards Council of Canada (SCC) is Canada’s voice on standards and accreditation on the national and international stage. SCC works closely with a vast network of partners to promote the development of effective and efficient standards that protect the health, safety and well-being of Canadians while helping businesses prosper.
About CSA Group
CSA Group is a global organization dedicated to safety, social good and sustainability. We are a leader in Standards Development and in Testing, Inspection and Certification around the world including Canada, the U.S., Europe and Asia. Our mandate is to hold the future to a higher standard. (Click here to view the standard).
About Ecostrat
Ecostrat’s feedstock supply group has over 20 years experience in sourcing and supplying over 5 million tons of biomass for markets across North America. Its Advisory Group risk reports are industry standard feedstock due diligence for biomass project developers and investors. The framework of the BSCR Standards is currently being leveraged to enable communities to leverage local biomass assets as anchors for economic development with the new BZO Zone Initiative.
For more information/media enquiries, contact:
Jordan Solomon, Ecostrat President & CEO7
Jordan.Solomon@ecostrat.com
T 416.968.8884 ext 222
C 647.297.4590
Nadine James, Communications Manager, Standards Council of Canada
nadine.james@scc.ca
613.238.3222 ext 462
Margaret Hills, Senior Director, Corporate Brand & Communications