Standard for certifying carbon emissions reductions
Verified Carbon Standard
Formation
2005
Type
Nonprofit 501(c)(3)
Purpose
A carbon accounting standard and organisation.
Headquarters
Washington, D.C.
CEO
David Antonioli
Website
https://verra.org/
The Verified Carbon Standard (VCS), formerly the Voluntary Carbon Standard,[1] is a standard for certifying carbon credits to offset emissions.[2][3] VCS is administered by Verra, a 501(c)(3) organization.[4] Verra is the world's biggest certifier of voluntary carbon offsets.[5] As of 2020 there were over 1,500 certified VCS projects covering energy, transport, waste, forestry, and other sectors.[6] In 2021 Verra issued 300 MtCO2e worth of offset credits for 110 projects.[7]: 37 There are also specific methodologies for REDD+ projects.[6] Verra is the program of choice for most of the forest credits in the voluntary market, and almost all REDD+ projects.[8]
Verra was developed in 2005 when the company Climate Wedge and its partner Cheyne Capital designed and drafted the first version (version 1.0) of the Voluntary Carbon Standard. This standard was intended as a quality standard for transacting and developing "non-Kyoto" Protocol carbon credits. Climate Wedge was at the time active as a carbon markets investment advisory firm.[9]
There are controversies around this standard and how it is implemented. In 2023, an investigation by The Guardian, Die Zeit, and SourceMaterial (a non-profit investigative journalism outlet) found that about 94% of the rainforest carbon offsets certified by Verra are worthless.[10] The investigation even found that the standard may in fact worsen climate change: "Investigation into Verra carbon standard finds most are ‘phantom credits’ and may worsen global heating".[10] In May 2023, following months of criticism towards Verra in its handling of carbon-offsetting, CEO David Antonioli resigned.[11]
^Greenfield, Patrick (2023-03-10). "As carbon offsetting faces 'credibility revolution', shoppers should be wary". The Guardian. ISSN 0261-3077. Retrieved 2023-09-18.
^ ab"Methodologies". Verra. Retrieved 2023-03-24.
^State and Trends of Carbon Pricing 2022. World Bank. 2022. doi:10.1596/978-1-4648-1895-0 (inactive 31 January 2024). hdl:10986/37455. ISBN 9781464818950. Retrieved 24 March 2023.{{cite book}}: CS1 maint: DOI inactive as of January 2024 (link)
^Chagas, Thiago; Galt, Hilda; Lee, Donna; Neeff, Till; Streck, Charlotte (2020). A close look at the quality of REDD+ carbon credits(PDF). Climate Focus. Page 5.
^ abGreenfield, Patrick (2023-01-18). "Revealed: more than 90% of rainforest carbon offsets by biggest certifier are worthless, analysis shows". The Guardian. ISSN 0261-3077. Retrieved 2023-09-16.
^Cite error: The named reference :0 was invoked but never defined (see the help page).
and 23 Related for: Verified Carbon Standard information
The VerifiedCarbonStandard (VCS), formerly the Voluntary CarbonStandard, is a standard for certifying carbon credits to offset emissions. VCS is administered...
Verkehrs-Club der Schweiz, a Swiss transport association VerifiedCarbonStandard, for carbon emissions Con Dao Airport (IATA airport code VCS), Con Son...
A carbon tax is a tax levied on the carbon emissions from producing goods and services. Carbon taxes are intended to make visible the hidden social costs...
natural gas at Jurong Island in Singapore". Verra VerifiedCarbonStandard. "Accelerating Singapore's Carbon-Lite Future with The Region's First Advanced Turbine...
for Resource Solutions.[citation needed] The primary standards they use are VerifiedCarbonStandard and the Climate Action Reserve. TerraPass is audited...
Woodland Carbon Code is the UK standard for afforestation projects for climate change mitigation. It provides independent validation and verification and assurance...
Carbon pricing (or CO2 pricing) is a method for governments to address climate change, in which a monetary cost is applied to greenhouse gas emissions...
Verra may refer to: Verra or VerifiedCarbonStandard, a standard for certifying carbon emissions reductions Ryan Verra, a Canadian entrepreneur and professional...
estimated that around 90% of rainforest offset credits of the VerifiedCarbonStandard are likely to be "phantom credits". Tree planting projects in particular...
or Verified Emission Reductions (VERs) are a type of carbon offset exchanged in the voluntary or over-the-counter market for carbon credits. Verified Emission...
offset the carbon emissions from all of its flights using carbon offsetting projects that meet either the Gold Standard or VerifiedCarbonStandard (VCS) accreditation...
aim of Annex I Parties was stabilizing their greenhouse gas emissions (carbon dioxide and other anthropogenic greenhouse gases not regulated under the...
about 10% of global electricity generation, and were the second-largest low-carbon power source after hydroelectricity. As of August 2023,[update] there are...
energy and carbon intensity, but explicit policies will be necessary to meet climate goals. These policies include: a carbon tax, mandated standards for more...
other. For example, some standards for carbon neutral certification allow a lot of carbon offsetting. But net zero standards require reducing emissions...
included, not just carbon dioxide. The Greenhouse Gas Protocol includes all of the most important greenhouse gases. "The standard covers the accounting...
tonnes worldwide annual total greenhouse gas emissions, 36 billion tonnes of carbon dioxide was a result of energy use (almost all from fossil fuels) in 2021...
credits certified by Verra's VerifiedCarbonStandard may not represent genuine carbon reductions. Some airlines offer carbon offsets to passengers to cover...
use Climate, Community & Biodiversity Alliance China Carbon Forum (CCF) VerifiedCarbonStandard Additionality "United Nations Framework Convention on...
mosaic REDD+ project in Asia was awarded VerifiedCarbonStandard and Climate, Community and Biodiversity Standard validation for its forest conservation...