One Year In: Building a Stronger Verra for a Stronger Market

When I became the CEO of Verra one year ago, I knew I was stepping into a challenging role.

The voluntary carbon market was under pressure, as were the organizations helping shape it.

And Verra was in the spotlight.

But I also saw something else: an organization with dedicated people who had unmatched technical depth with decades of experience in the market, and a mission worth fighting for.

So we got to work.

We’ve strengthened our standards and methodologies, begun rebuilding systems, implemented new and more efficient processes, and invested in the infrastructure needed to meet a new era of climate action.

This work has resulted in the launch of revolutionary new methodologies, the acceleration of our digital transformation, a dramatic improvement in our project review times, the establishment of a responsive and transparent global stakeholder engagement, collaboration with governments to support their participation in carbon markets, and swift and decisive action taken against those who undermine market integrity.

We’ve heard from many stakeholders that they’re seeing the results of this work: their concerns are being addressed, they’re able to engage with us on key questions, and they’re getting the support they need.

But of course, transformation comes with a cost.

While we’re still busy putting the final touches on our 2024 annual report with all the financial details, I thought it was important to share some of this information as I reflect on my last year.

In 2024, Verra posted a financial loss of $19.37 million. This followed a strategic decision by Verra’s leadership in the previous year to treat 2024 as a year of investment.

At the time, the market was under strain, but many internal and external analytics undertaken by various institutions showed that it would rebound relatively quickly.

So, Verra invested in developing new methodologies to align with new external requirements, and in the tools and people needed to contribute to, and meet, the expected market growth.

However, when it became clear that the market recovery would take much longer than expected, Verra had to change course.

And so, addressing Verra’s financial trajectory was among the first and most urgent priorities for me.

To ensure our long-term sustainability and resilience, we made the incredibly difficult decision last fall to reduce staff and refocus our resources. We cut expenses where we could, without ever compromising on the quality of our work. We reduced budgets, and we scrutinized every dollar spent.

While we can’t yet share financial figures for 2025, early indicators are clear: the course correction worked.

We’re now on a sustainable financial path, with strong cash reserves. Our focus remains on delivering high-integrity impact to the market at scale, with stronger standards programs, updated and expanded methodologies, and high-quality, efficient digitally driven processes.

We’ve also broadened our efforts to include a public fundraising initiative. While we’ve previously received grants for specific programs, we’re now actively engaging potential funders to secure purpose-aligned support for our methodologies, programs, and operations. The early response has been encouraging, as potential donors see a clear and compelling case for why our work deserves funding.

At the same time, Verra has continued to lead the broader conversation around the future of the carbon markets.

I’ve spoken to hundreds and hundreds of people globally over this past year, and I’m yet to meet someone who wants the carbon markets to fail.

Even the most outspoken critics do see the value of these markets. As one journalist told me, their constant criticism is because they believe in the markets’ potential.

So, where does this leave the next chapter for Verra?

With internal foundations now firmly in place, our focus must be on looking outward: shaping, growing, and accelerating the market around us.

Because for Verra to continue to lead with integrity, urgency, and purpose, the broader market must scale in step.

And of course, the trillion-dollar question is: how do we scale?

Based on the countless conversations I’ve had in this role over the last year, there are four main areas of focus.

First, we need to make the market easier to navigate for buyers, with clearer, more consistent guidance on how to invest in high-integrity credits.

Second, those who help shape these markets must serve as a proactive partner to governments, ensuring regulations reflect the realities on the ground, without creating duplication or friction.

Third, we must work with allies to strengthen the policy signals that drive corporate and investor action, ensuring voluntary and compliance systems move in the same direction, toward greater climate ambition.

And finally, the market needs a clearer story, one that explains how they work and why they matter.

But Verra cannot do this work alone. It’s going to take all of us to build a carbon market that’s both bigger and better.

That’s the future we’re building.

And we’re just getting started.