VERIFIED CARBON STANDARD

Any project that meets the rules and requirements set out in the VCS Standard, VCS Program Guide, and Registration and Issuance Process is eligible to register in the VCS Program.

All VCS Program documents, forms and templates can be found on the VCS Program Details page.

The cost of project development varies according to the individual circumstances of the project. All project fees associated with Verra are outlined in the Program Fee Schedule. Verra does not track the external cost of project development, which may include project operations, monitoring, and validation and verification costs.

Please review the “Develop a Project” page for information about how to develop a VCS project.

A grouped project combines multiple project activity instances into a single combined project which should meet pre-established eligibility criteria. More guidance on grouped projects can be found in the VCS Standard.

The time it takes for a project to be registered in the VCS Program depends on the individual circumstances of the project.

The first step for a project is to list a project on the VCS pipeline. This initiates a 30-day public comment period, during which the project proponent may also begin the validation process.

After the public comment period, all comments received and all project details have to be thoroughly assessed by the validating validation/verification body (VVB) and reported in a detailed validation report. The validation process can take up to a year, in some cases longer.

After a successful validation, the project proponent can submit a registration request.

The current processing time for Verra’s initial review of project documentation accompanying registration and verification approval requests can be up to 40 business days.

The review of each round of responses and updated documentation may require up to 20 business days. A project review may take two or three rounds of findings and responses until completion. Higher-quality project documentation will require fewer rounds of review, resulting in a quicker approval process.

The review timeline is outlined in the Registration and Issuance document.

Validation is the independent evaluation of a VCS project that a validation/verification body (VVB) conducts to determine if a project meets the VCS Program rules and requirements. Project proponents must complete validation before requesting project registration.

The time it takes for a project to receive VCUs depends on the individual circumstances of the project. After registering in the VCS Program, a project shall first monitor the GHG emission reductions or removals (ERRs) it has achieved during a monitoring period. Next, the project proponent shall hire a validation/verification body (VVB) to verify these ERRs. The project proponent shall then request verification approval via the Verra Registry. Upon successful verification, the project shall request VCU issuance via the Registry.

Some projects that are registered under another GHG program are eligible for transfer to the VCS Program, if they meet the eligibility conditions outlined in Appendix 2 of the VCS Standard.

To transfer into the VCS Program, a project must first undergo pipeline listing, public comment period, and registration.

The Errata and Clarifications document to the VCS Standard and Registration and Issuance outline the criteria for converting GHG credits issued to projects registered under an approved GHG program into VCUs credits.

Other guidelines are outlined in the Registration and Issuance document.

As a standard-setting body, Verra does not track the price of VCUs. The following is a list of resources for information about carbon credit prices: Ecosystem Marketplace, Trove Intelligence, and Quantum Commodity Intelligence.

Projects may apply multiple methodologies where there are multiple project activities.
The project proponent shall demonstrate that the project meets all requirements of each methodology applied and that any GHG emission reductions and removals are clearly delineated and not double-counted. More guidance on using multiple methodologies can be found in the VCS Standard.

As a standard-setting body, Verra’s role is to develop and manage the framework for projects across various sectors to generate, validate and verify GHG emission reductions or removals under the VCS Program.

While Verra does not provide carbon finance for climate mitigation activities, stakeholders who have implemented such activities may receive Verified Carbon Units (VCUs) under the VCS Program, representing GHG emission reductions and removals generated from project activities. Project proponents may use these VCUs to generate carbon finance to support the climate mitigation activities they implemented.

All projects listed on the pipeline and registered under the VCS Program can be found on the Verra Registry. Use the “Country” filter to find projects in a specific country.

The VCS Standard states that all ex-ante estimates and ex-post calculations of GHG emission reductions occurring on or after 1 January 2021 shall use GWP values from the IPCC Fifth Assessment Report (AR5).

For GHG emission reductions occurring on or before 31 December 2020, all ex-ante estimates and ex-post calculations may be converted to CO2e using either the GWP values from the IPCC Fourth Assessment Report (AR4) or those from AR5.

The VCS Standard states that a validation/verification body (VVB) may not verify more than six consecutive years of a project’s emission reductions or removals. However, if a project has faced unprecedented circumstances, Verra may consider an exemption request. Exceptions may apply for AFOLU projects.

For more information about the rotation rules of validation/verification bodies (VVBs), please see the VCS Standard.

Where VCUs are used in the context of Paris Agreement Article 6 mechanisms or related programs such as CORSIA, the VCUs will need to meet the relevant requirements established by those programs. This is in accordance with the VCS Standard.

Currently, Verra does not require any corresponding adjustments for projects registered or intended to register with the VCS Program. If the Paris Agreement Article 6 mechanisms or related programs such as CORSIA require a corresponding adjustment for VCUs to comply with these programs, projects will have to provide proof of corresponding adjustment. VCUs that meet such requirements may receive VCU labels, which may be used to demonstrate compliance. Please also see Verra’s “VCU Labels” page for more information.