Verra Release new VCS Standard to improve transparency & align with global carbon market initiatives

The changes to the VCS Standard and updated versions of associated VCS Program documents will strengthen the program’s usability, transparency, and integrity, and align it with major global carbon markets initiatives. 

These major global carbon markets include the Integrity Council for the Voluntary Carbon Market (ICVCM) and the Carbon Offsetting Reduction Scheme for International Aviation (CORSIA). 

Increased usability: 

Updates that result in increased usability include new versions of the VCS Project templates, which have been revised to include additional user guidance and an enhanced design. Many sections in the Registration and Issuance Process have also been clarified. 

Greater Transparency:  

Two new market labels for Verified Carbon Units (VCUs), which will strengthen the marketability of these units, are now available: 

Labels that clearly differentiate between VCUs based on greenhouse gas (GHG) emission reductions and VCUs based on carbon dioxide removals 

Labels that identify credits authorized for use under Article 6 of the Paris Agreement 

Updates to the Registration and Issuance Process include clarified processes for the publication of project documents, pipeline listing, Verra review and request denial procedures, and loss event and buffer release processes. Related upcoming changes in the Verra Registry will result in a clearer indication of the reason why a project request has been denied registration in the VCS Program. 

Strengthened integrity: 

Several changes in version 4.5 of the VCS Standard and associated VCS Program documents strengthen the program’s integrity and ensure it is aligned with initiatives including ICVCM and CORSIA. These updates include the following: 

Enhanced environmental and social safeguards 

Increased non-permanence risk withholdings that account for future climate change impacts (a digitized version of the new Agriculture, Forestry, and Other Land Use [AFOLU] Non-Permanence Risk Tool will be released in the coming months) 

New requirements for extended minimum permanence monitoring (40 years) 

Addition of a discount factor for activities that reduce upstream GHG emissions, such as through product substitution 

Sanction procedures and a reinstatement fee for validation/verification bodies (VVBs) that are not conforming with VCS Program or accreditation requirements 

Find out more here.