The Verified Carbon Standard (VCS), or Verra, formerly the Voluntary Carbon Standard, is a standard for certifying carbon emissions reductions. VCS is administered by Verra, a 501(c)(3) organization.
History
In 2005, carbon markets investment advisory firm Climate Wedge and its partner Cheyne Capital designed and drafted the first version (version 1.0) of the Voluntary Carbon Standard, intended as a quality standard for transacting and developing "non-Kyoto" Protocol carbon credits, namely voluntary carbon emissions reductions from greenhouse gas reduction projects that met the quality and verification standards of the UNFCCC Kyoto Protocol's Clean Development Mechanism (CDM) carbon offset mechanism, but were not eligible due to geographic or timing constraints of the Kyoto rulebook (e.g. carbon offset projects in the USA, Hong Kong, Turkey, etc that were not eligible for the CDM).
In March 2006, Climate Wedge and Cheyne Capital transferred the Voluntary Carbon Standard version 1.0 to
The Climate Group
The Climate Group is a non-profit organisation that works with businesses and government leaders around the world to address climate change. The Group has programmes focusing on renewable energy and reducing greenhouse gas emissions. Launched i ...
, International Emissions Trading Association (IETA) and
World Economic Forum
The World Economic Forum (WEF) is an international non-governmental and lobbying organisation based in Cologny, canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer and economist Klaus Schwab. The foundation, ...
, and provided the initial sponsor capital for these non-profit organizations to subsequently convene a team of global carbon market experts to further draft the VCS requirements. The
World Business Council for Sustainable Development
The World Business Council for Sustainable Development (WBCSD) is a CEO-led organization of over 200 international companies. The Council is also connected to 60 national and regional business councils and partner organizations.
Its origins d ...
(WBCSD) joined later on. The team later formed the VCS Steering Committee, which worked to draft the second and subsequent versions of the VCS Standard.
In 2008, the Board of Directors named David Antonioli the organization’s first Chief Executive Officer. In 2009, VCS incorporated in
Washington D.C.
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as a non-profit non-governmental organization.
On February 15, 2018, the organization that maintains the Verified Carbon Standard changed its name from Verified Carbon Standard to Verra.
A 2021 study by the
Guardian
Guardian usually refers to:
* Legal guardian, a person with the authority and duty to care for the interests of another
* ''The Guardian'', a British daily newspaper
(The) Guardian(s) may also refer to:
Places
* Guardian, West Virginia, Unite ...
newspaper and Unearthed reported that Verra’s carbon offsetting standard was flawed. Accredited forest protection projects were using inconsistent predictive methods and overstating their emissions reductions. 11 of the 12 projects studied showed no difference in emissions compared to control groups. The study said the findings raised doubts about the validity of the carbon offsetting market. Verra said the investigation was “profoundly flawed”.
It pointed out that the standard is under a continual process of amendment in alignment with the latest scientific best practice and in support of government-led efforts to halt deforestation.
See also
*
Climate, Community & Biodiversity Alliance
The Climate, Community & Biodiversity Alliance (CCBA) is a partnership consisting of Conservation International, CARE, The Nature Conservancy, Rainforest Alliance, and the Wildlife Conservation Society that is primarily active in the field of ...
*
Carbon accounting
Greenhouse gas accounting or Carbon accounting is a framework of methods to measure and track how much greenhouse gas (GHG) an organization emits or takes actions to reduce. Corporations, cities and other groups use these techniques to help limi ...
*
Carbon dioxide removal
Carbon dioxide removal (CDR), also known as negative emissions, is a process in which carbon dioxide gas () is removed from the atmosphere and sequestered for long periods of time. Similarly, greenhouse gas removal (GGR) or negative greenho ...
*
Carbon offset
A carbon offset is a reduction or removal of emissions of carbon dioxide or other greenhouse gases made in order to compensate for emissions made elsewhere. Offsets are measured in tonnes of carbon dioxide-equivalent (CO2e). One ton of carbon ...
References
External links
Verified Carbon StandardVerraVCS Project DatabaseWoodland Carbon Code - About the Code(UK government)
Community guidelines for accessing forestry voluntary carbon markets(FAO)
The Verified Carbon Standard profile on database of market governance mechanisms
Carbon finance
Climate change policy
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