SINGAPORE, September 23, 2024 – Verra has initiated the first public consultation on proposed updates to its Verified Carbon Standard (VCS) Program, marking a significant step towards the release of version 5. The consultation, which runs until November 4, 2024, seeks to enhance the integrity, transparency, and impact of the VCS Program. These updates are aimed at empowering the voluntary carbon market to unlock financing for climate action, helping to meet the global target of halving emissions by 2030.
Version 5 of the VCS Program will focus on several key areas: improving the fundamentals of the program, integrating digital tools for better data transparency, refining environmental and social safeguards, and updating the program’s scope. One of the major advancements includes enabling the issuance of carbon credits through a digital monitoring, reporting, and verification (dMRV) process, which will expedite the release of credits to the market.
Verra also proposes revising requirements to demonstrate regulatory and project additionality, ensuring that carbon projects are genuinely unique and not part of business-as-usual activities. This would include reassessments and potential extensions of crediting periods for ongoing projects that continue to meet these standards.
Additionally, the updated program will enhance buffer pool management to strengthen the permanence of emissions reductions, while introducing stricter environmental and social safeguards, including requirements for engaging local stakeholders affected by projects. Notably, Verra plans to introduce a new sectoral scope for ocean carbon projects, recognizing the growing role of ocean ecosystems in carbon sequestration.
“With these updates, we aim to not only increase the ambition of the VCS Program but also improve its usability and transparency, ensuring it remains fit for purpose in a rapidly evolving carbon market,” Verra said in a statement.
The process of developing version 5 began in early 2023, when Verra held a high-level consultation to gather feedback on the program’s rules and requirements. Insights from stakeholders led to the current set of proposed changes, and Verra expects to release more specific updates through additional consultations in the coming months. These phased updates will allow for quicker implementation of fully developed proposals.
Alongside the revisions to the VCS Program, Verra is also working on organization-wide initiatives that will support the new version. These include improvements to the Verra Registry, better oversight of validation and verification bodies (VVBs), and aligning Verra’s sustainable development programs.
The consultation on version 5 is expected to play a critical role in shaping the future of voluntary carbon markets, with Verra inviting stakeholders to participate and provide feedback to ensure the program meets global climate action needs.