Verra is opening a second public consultation on the draft Methodology for Accelerated Retirement of Coal-Fired Power Plants Using a Just Transition (methodology development ID #M0233) in the Verified Carbon Standard (VCS) Program. The consultation will run from October 17 through November 20, 2024, and it will also include the draft Module for Combined Baseline and Additionality Assessment for the Accelerated Retirement of Coal-Fired Power Plants (PDF).
The methodology quantifies the emissions avoided by retiring power plants before the end of their expected operational period. It includes a Just Transition plan for local communities and vulnerable groups who will be affected by the retirement of such plants. It also requires the pairing of new renewable energy-generating capacity with the retired coal capacity to prevent leakage. The methodology and module enable owners or operators of coal-fired power plants to access finance that can support an early retirement of the plant without impacting ratepayers or preventing the plant operators or owners from meeting other fiduciary obligations.
Verra has refined the methodology and module drafts following the preliminary public consultation conducted from December 4, 2023, to January 16, 2024. The new drafts incorporate stakeholder feedback from the initial consultation, as well as measures that address evolving market requirements.
The key updates are as follows:
- Expanded applicability for market types: Updates to support projects in both regulated and deregulated markets, including adjustments to financial assessment methods for establishing the baseline retirement date
- Enhanced Just Transition requirements: Updates to align the methodology with VCS updates on social and environmental safeguards, enhance the Just Transition criteria, and further strengthen the support for fair transitions for workers and communities impacted by early coal-fired power plant retirements
- Additional strengthening of additionality and baseline scenario assessments
- Uncertainty analysis requirements: Incorporation of uncertainty analysis requirements in baseline, project, and leakage emission calculations, aligning with the requirements of the VCS Program and the Integrity Council for the Voluntary Carbon Market (ICVCM)
The draft methodology has been developed by the Coal to Clean Credit Initiative led by the Rockefeller Foundation (external).
Feedback
For the full background and details on the proposed updates, view the public consultation documents:
Comments may be submitted electronically via the feedback submission form (see link below). Feedback should be submitted by 11:59 pm Anywhere on Earth (UTC-12) on Wednesday, November 20, 2024.
Verra is piloting its new digital public consultation platform, which is hosted on the Verra Project Hub, for this consultation. Stakeholders will need to use the link provided to enter their personal details, confirm their email address, and access the online consultation form. For additional guidance, please review the user guide (PDF) for the new digital public consultation platform.
If you experience issues using the digital public consultation platform or have feedback on it, please contact hubsupport@verra.org.