In Verra’s April Stakeholder Update Webinar, the team shared several important updates. Please find a summary of these updates below, as well as a recording of the webinar and the slide deck.
A Word from Verra’s CEO: The Vision for Verra and the VCM
Mandy Rambharos, CEO, opened the webinar with a reminder that the broader vision for Verra is to contribute to a robust future for the broader voluntary carbon market (VCM) and to ensure the markets scale at the pace the world needs to meet global climate goals. The VCM is a resilient force that generates global emissions reduction while also delivering real climate finance to frontline communities.
A case in point is the Tond Tenga project in Burkina Faso, the first project registered (external) by Verra that uses a Verified Carbon Standard (VCS) methodology approved by the Integrity Council for the Voluntary Carbon Market (ICVCM). Developed by Tree Aid with the support of Earthshot, this project is implementing an innovative restoration model to improve soil quality and help local communities cope with increasingly warming temperatures.
The remainder of the webinar covered the following topics (click on the “+” to learn more):
In December 2024, Verra released provisional versions of allocated risk maps for four states in Brazil: Amazonas, Mato Grosso, Pará, and Rondônia. Proponents can use these data to conduct due diligence and explore the feasibility of using Verra’s new methodology for Reducing Emissions from Deforestation and Forest Degradation (REDD) and module for Avoided Unplanned Deforestation (AUD) to register a project with the VCS Program.
Provisional data and allocated deforestation risk maps will also soon be released for Cambodia, Colombia, the Democratic Republic of Congo, Guatemala, Kenya, Peru, and additional states in Brazil. Final VMD0055-compliant jurisdictional maps with allocated deforestation risk will then be available for some of these jurisdictions by the end of May. (Please see the Allocated Deforestation Risk Maps: Timetable for more information.)
The revised timelines reflect recently announced delays. Verra recognizes that this interim period is very challenging for projects. Verra is committed to advancing this data development efficiently while also not compromising data quality.
To date, a number of VCS methodologies have been approved as meeting the Core Carbon Principles (CCPs) criteria of the ICVCM:
- Last year, the ICVCM approved Verra’s transformational REDD methodology (VM0048 Reducing Emissions from Deforestation and Forest Degradation, v1.0) and the associated module VMD0055 Estimation of Emission Reductions from Avoiding Unplanned Deforestation, v1.1, as well as the Jurisdictional and Nested REDD+ Framework.
- VM0047 Afforestation, Reforestation, and Revegetation, v1.0 was approved shortly thereafter.
- In March, we received ICVCM approval for Verra’s new cookstove methodology, VM0050 Energy Efficiency and Fuel-Switch Measures in Cookstoves, v1.0. VM0050 sets a new benchmark for quality amongst cookstove methodologies, and its approval is a testament to the methodology’s scientific rigor and signals that credits generated under it meet the highest environmental integrity standards.
Verra also continues to support the ICVCM’s assessment of other methodologies and hopes to announce additional approvals soon.
- In February, Verra released VCS methodology VM0051 Improved Management in Rice Production Systems, v1.0. This methodology applies to projects implementing improved water and crop management practices that reduce emissions in flooded rice systems and replaces the Clean Development Mechanism rice methodology that Verra inactivated in March 2023.
- Verra also just published a new module and two tools for use under VCS methodology VM0049 Carbon Capture and Storage, v1.0. The module, VMD0059 CO2 Capture from Bioenergy, v1.0, enables the development and registration of Bioenergy with Carbon Capture and Storage (BECCS) projects under the VCS Program. The two tools, VT0012 Accounting Non-VCS CO2 in CCS Projects, v1.0 and VT0013 Differentiating Reductions and Removals in CCS Projects, v1.0, can be used with any module under VM0049.
- A minor revision to VM0047 Afforestation, Reforestation, and Revegetation, v1.0 is scheduled to be released in the next couple of weeks. The changes will leverage remote sensing and make the methodology applicable in more diverse project contexts.
- Verra will also publish a minor revision to VM0045 Methodology for Improved Forest Management Using Dynamic Matched Baselines from National Forest Inventories, v1.1. The proposed revisions are intended to help align the methodology with ICVCM’s CCP criteria.
- Next month, Verra plans to release its methodology for the accelerated retirement of coal-fired power plants using a just transition. This is the world’s first people-centered energy transition credit methodology.
Verra published the Nature Framework, an asset methodology under Verra’s Sustainable Development Verified Impact Standard (SD VISta) Program that enables projects to quantify their expected biodiversity outcomes.
The Nature Framework is the first Verra methodology to use a fully digital approach, and Verra will soon begin the certification process for pilot projects, starting with a digital project description template. All learnings from this process will further support our efforts to enable digital measurement, reporting, and verification (DMRV) and digital project submissions across all Verra programs.
Verra will also be appointing a Technical Expert Panel for Nature Framework projects next month that will provide ecosystem-specific evaluation of the technical elements of project design.
We look forward to expanding the Nature Framework’s rollout by opening registration for projects more broadly later this year.
In November 2024, Verra transitioned to a new risk-based approach (RBA) to project reviews. More information on the approach is available in the recordings of the October 2024 Stakeholder Update Webinar (external) and the January 2025 Stakeholder Update Webinar (external). Below are a few updates:
- About 91% of currently open cases are within service-level agreements (SLAs). (In this context, “cases” refers to registration, verification, and crediting period renewal requests.)
- Since November 1, about 90% of registration or verification cases have been closed within SLAs.
- Since implementing the RBA, we have seen the following changes:
- Processing time of project review requests of RBA reviews has improved by more than 50% compared to non-RBA cases received after January 1, 2024. This is true across sectors and major review types.
- Processing time to complete pipeline listings has improved by over 80%.
- We have consistently processed more requests than we have received.
- We have launched a Digital Project Submission Tool, which improves both quality and efficiency, as well as digital versions of representations, which streamline various routine processes.
- We are also in the final stages of digitalizing our internal review processes, which will further enhance efficiency and consistency.
- Finally, we are revisiting our SLAs to reflect these updated processes. This will include integrating our validation/verification body (VVB) Performance Monitoring Program into our project review processes more systematically.
The VVB Performance Monitoring Program consists of oversight activities that enable Verra to monitor the performance of VVBs and take actions based on its observations. The goal of this program is to improve VVB performance, which will increase integrity and reduce review workload in our system.
The oversight activities inform the delivery of VVB performance scorecards, which are summary reports of VVB performance. Verra recently issued scorecards to each VVB that conducts audits in a Verra program and is currently reviewing these scorecards with the VVBs and finalizing them. We plan to publish summary results later this year.
Oversight activities include the following:
- Project reviews conducted by Verra’s certification team
- VVB performance observation audits, where Verra staff witnesses VVBs conducting validations and/or verifications in real time to assess VVBs’ competency, impartiality, and their effective assurance of Verra program rules
- Information exchanges with accreditation bodies about the VVBs
- Sanctions and cooperation requests: Sanctions include non-conformity reports, temporary suspension of a VVB’s ability to conduct audits of projects in particular sectoral scopes and/or programs, and/or termination of the VVB’s ability to conduct audits of projects registered with one or more Verra programs. Cooperation requests include requests to cooperate on quality control reviews of registered projects.
Scorecard assessments include more detailed analysis on additional data points (project request denials, project rejections, etc.).
- In March, Verra announced the availability of four additional digitalized methodologies in the Verra Project Hub, including VM0050 Energy Efficiency and Fuel-Switch Measures in Cookstoves, v1.0. This brings the total number of methodologies available in digital form to 18.
- Verra is currently conducting internal testing for the digital version of VM0048 Reducing Emissions from Deforestation and Forest Degradation, v1.0 and expects to release it in the coming weeks.
- During the methodology digitalization process, Verra conducts rigorous detailed review and quality assurance testing processes. If you are interested in participating, please email hubsupport@verra.org.
- To help stakeholders transition to the digitalized methodologies, we have developed training videos that are available on the Verra YouTube channel (external) and in the Verra Project Hub (click the red YouTube “play” button on the lower right-hand corner of the screen). If you require assistance with getting onboarded to the Verra Project Hub or using any of its tools or components, please email hubsupport@verra.org.
- We also recently announced the digital versions of multiple deeds of representation for use in the VCS Program, as well as a digital version of the VCS Requantification Notification Form, v1.0.