Verra, a third-party CO2 credit verification organization, has introduced the carbon credit Project Tracker, a new tool that aims to increase the market’s transparency.
The tool will track the status and progress of each CO2 credit project from registration to validation and verification.
The introduction of the new tool is an “important and perhaps inevitable step towards increased transparency and responsiveness,” Joel Finkelstein, Senior Director of Media and Advocacy at Verra, told ESG Investor.
The newly introduced digital platform will allow users to track feedback and receive updates in “pretty much real time,” Finkelstein said. The tool will substantially bring down back and forth correspondences to improve efficiency, he also told ESG Investor.
The platform is the first tool introduced as part of Verra’s Project Hub, an initiative that will expand to encompass various functionalities such as facilitating the online submission of new projects for evaluation, digitally assessing the non-permanence risk associated with projects, and providing a direct avenue for interaction with auditors overseeing carbon capture projects.
Relevant: Verra Launches Consultation On Changes To The Verified Carbon Standard Program
“There’s much more to come that will significantly increase speed, efficiency, and transparency,” Finkelstein said.
Carbon credits generated by projects that have been certified by Verra and similar organizations are tradable commodities within the voluntary carbon markets (VCMs). These markets witnessed substantial growth, reaching a value of US $2 billion in the previous year, with approximately 500 million carbon credits being exchanged. Projections indicate that these markets could surge to a staggering US $1 trillion by the year 2037.
Earlier in 2023, Verra faced criticism after a Guardian investigation revealed that only a small number of rainforest projects approved by the organization demonstrated verifiable evidence of reduced deforestation. 94% of the generated credits were found to contribute no discernible climate benefits, rendering them essentially devoid of value.
Verra countered the allegations with a statement.
Read more: Verra Rejects The Guardian’s Reporting It Will Replace Its Rainforest Offset Program
