Verra Bids to Improve Transparency with VCS Update

Carbon credit verification body Verra has published updates to its Verified Carbon Standard (VCS) programme aimed at strengthening its usability, transparency and integrity, and improving alignment with major global carbon markets initiatives. Verra said the VCS Project templates have been revised to include additional user guidance and an enhanced design, to help increase usability. The effective date for the new templates is 1 March 2024, meaning all project requests submitted on or after this date must use the new templates. Verra has also introduced two new market labels for Verified Carbon Units (VCUs), to strengthen marketability, one of which identifies credits authorised for use under Article 6 of the Paris Agreement. Sections of Verra’s Registration and Issuance Process have been updated to clarify processes for the publication of project documents, pipeline listing, Verra review and request denial procedures, and loss event and buffer release processes. Verra recently released a tracking tool which aims to boost the transparency of carbon capture and sequestration projects, as part of the roll-out of its digitalisation initiative, the Verra Project Hub. Earlier this year, an investigation which only a “handful” of rainforest projects approved by Verra showed evidence of deforestation reductions, with 94% of the credits produced creating no benefits for the climate.  

 

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