Verra Releases Version 4.5 Of The VCS Standard

Updates that result in increased usability include new versions of the VCS Project templates, which have been revised to include additional user guidance and an enhanced design. Many sections in the Registration and Issuance Process have also been clarified.

Two new market labels for Verified Carbon Units (VCUs), which will strengthen the marketability of these units, are now available:

• Labels that clearly differentiate between VCUs based on greenhouse gas (GHG) emission reductions and VCUs based on carbon dioxide removals
• Labels that identify credits authorized for use under Article 6 of the Paris Agreement

Updates to the Registration and Issuance Process include clarified processes for the publication of project documents, pipeline listing, Verra review and request denial procedures, and loss event and buffer release processes. Related upcoming changes in the Verra Registry will result in a clearer indication of the reason why a project request has been denied registration in the VCS Program.

Several changes in version 4.5 of the VCS Standard and associated VCS Program documents strengthen the program’s integrity and ensure it is aligned with initiatives including ICVCM and CORSIA. These updates include the following:

• Enhanced environmental and social safeguards
• Increased non-permanence risk withholdings that account for future climate change impacts (a digitized version of the new Agriculture, Forestry, and Other Land Use [AFOLU] Non-Permanence Risk Tool will be released in the coming months)
• New requirements for extended minimum permanence monitoring (40 years)
• Addition of a discount factor for activities that reduce upstream GHG emissions, such as through product substitution
• Sanction procedures and a reinstatement fee for validation/verification bodies (VVBs) that are not conforming with VCS Program or accreditation requirements

Verra will hold a series of webinars to provide an overview of the changes included in version 4.5 of the VCS Standard and updated versions of the VCS Program documents:

Verra would like to thank all stakeholders who provided input on the public consultations that informed these updates. We received over 720 comments from 59 stakeholders in the Public Consultation on VCS Program Updates that ran from June through July 2023. These comments were carefully considered in version 4.5 of the VCS Standard and updated versions of the VCS Program documents. See the Summary of Comments: June 2023 Public Consultation on Proposed Updates to the VCS Program (PDF).