Verra has announced that projects certified via its Verified Carbon Standard (VCS) Program are eligible for inlusion in the carbon market of Chile. The initiative is aimed at fostering growth in Chile’s carbon market, propel climate action, and fulfill the country’s Nationally Determined Contributions (NDCs).
Specifically outlined in Point 17 of Resolution 1420, external certification programs like Verra’s VCS Program are now empowered to certify projects engaging in the Chilean carbon market. These programs, however, must ensure that the carbon credits they issue meet criteria such as being additional, measurable, verifiable, and permanent. They will also need to be globally recognized, maintain a public registry, and assign unique serial numbers to their units.
“Verra is excited to help grow the Chilean carbon market,” said Robin Rix, chief legal, policy, and markets officer at Verra. “One of our commitments under the New Era for Verra initiative is to collaborate with national governments to support them in setting and meeting increasingly ambitious national climate goals.”
To facilitate the implementation of the VCS Program in Chile, Verra plans to conduct both in-person and virtual workshops for Chilean stakeholders. These workshops will offer training on the VCS Program requirements, insights into VCS methodologies suitable for Chile, and guidance on utilizing the Verra Registry. The estimated annual demand in the Chilean carbon market is approximately 30 million metric tons, in accordance with the new environmental policy, requiring credits from projects within Chile issued since January 1, 2020.
Verra is actively working on developing access to other countries as well, with several Memoranda of Understanding (MOUs) with governmental entities in Argentina, Benin, Mexico, Pakistan, Panama, and Singapore already signed. Additional agreements with national and subnational public entities in Latin America, the Caribbean, Africa, the Middle East, and the Asia Pacific region are in the final stages of negotiation.
The VCS Program is also applicable in other countries with domestic carbon markets, such as Colombia and South Africa. As Verra endeavors to enhance overall accountability and responsibility in the carbon marketplace, collaborations with governmental entities remain pivotal for driving impactful climate action.
Read more: Verra Issues Its New REDD+ Methodology