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Verra gets ICVCM approval for its VCS program. (Photo: RECCESSARY)
Verra, a nonprofit organization that sets standards for environmental and social markets, announced on May 2 that its Verified Carbon Standard (VCS) Program has received approval from the Integrity Council for the Voluntary Carbon Market (ICVCM).
The recognition, which confirms Verra's program against the rigorous criteria of the Core Carbon Principles (CCPs), represents a significant milestone in the pursuit of high-quality carbon credits.
Verra’s President, Judith Simon, said, “Upholding principles of rigor, transparency, and science-backed standards is paramount, not only for established programs like VCS but also among emerging market players.”
Positive signal for voluntary carbon market
Researcher Sherry Hu (胡湘渝) from RECCESSARY pointed out that ICVCM's approval of Verra's program will send a positive signal to the voluntary carbon market. Verra's VCS-certified carbon credits account for approximately 70% of the total market. With the program qualifying for CCP label, it is expected to boost confidence in the voluntary carbon market.
She explained that CCP label aims to provide assurance in transparency, project tracking, and third-party verification for voluntary carbon credits. As various governments and regulatory bodies consider incorporating them into regulatory frameworks, CCP label is poised to become one of the indicators of high integrity and quality carbon credits in the future.
Verra commits to collaborating with ICVCM to continuously innovate and improve market standards, thereby maximizing climate impact and promoting sustainable development.
At the core of its mission is the facilitation of investment in concrete climate action, especially in developing nations where financial assistance can expedite the shift towards low-emission growth and promote sustainable development.
ICVCM is expected to review specific methodologies within the VCS Program in the upcoming months.
Verra's ongoing collaboration with ICVCM has seen recent developments, such as the submission of updated methodology versions and the establishment of pathways for retroactive application of approved methodologies.
In response to feedback and dedicated to continuous enhancement, Verra introduced updates to the VCS program in April 2024. This includes the release of version 4.7 of the VCS Standard, which incorporates rule amendments aimed at improving alignment with CCPs.
ICVCM's next phase involves the continuous assessment of various methodologies used by carbon crediting programs to generate credits, spanning from afforestation to cooking stoves.
