Verra Gets ICVCM Approval For Its Verified Carbon Standard Program

Verra Gets ICVCM Approval For Its Verified Carbon Standard Program - Carbon Herald

Verra, a nonprofit organization operating standards in environmental and social markets, announced on Thursday that its Verified Carbon Standard (VCS) Program has been approved by the Integrity Council for the Voluntary Carbon Market (ICVCM).

This recognition, which validates Verra’s program against the stringent criteria of the Core Carbon Principles (CCPs), marks a significant milestone in the quest for high-quality carbon credits.

Embracing the journey to elevate standards across carbon markets, Verra underscores the importance of ICVCM’s efforts in fostering a shared understanding of credit integrity.

“Upholding principles of rigor, transparency, and science-backed standards is paramount, not only for established programs like VCS but also among emerging market players,” Verra’s President and interim CEO, Judith Simon, said in a comment.

Verra pledges to collaborate with ICVCM to continually innovate and enhance market standards, thus maximizing climate impact and promoting sustainable development.

Relevant: ICVCM Publishes Criteria For Core Carbon Principle Standards

Central to Verra’s mission is facilitating investment in tangible climate action, particularly in developing nations where financial support can accelerate the transition to low-emission growth and foster sustainable development.

As part of the approval, ICVCM is expected to review specific methodologies within the VCS Program in the upcoming months.

Verra’s engagement with ICVCM has been ongoing, with recent developments including the submission of updated methodology versions and the creation of pathways for retroactive application of approved methodologies.

Notable milestones include the release of VCS Standard version 4.5 in August 2023, followed by the submission of the VCS Program for assessment against CCPs in November 2023.

Responding to feedback and committed to continual improvement, Verra unveiled updates to the VCS program in April 2024, including version 4.7 of the VCS Standard, featuring rule amendments for enhanced alignment with CCPs.

Read more: ICVCM Approves Gold Standard, ACR and Climate Action Reserve, Still Reviewing Verra

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