Verra has started to develop a long-term monitoring system (LTMS) for loss events and reversals in the post-crediting period of agriculture, forestry, and land use (AFOLU) projects that are registered in the Verified Carbon Standard (VCS) Program. The LTMS will be critical for managing the non-permanence risk of nature-based credits and ensure the transparency and environmental integrity of Verified Carbon Units.
The VCS Program is the world’s first voluntary carbon crediting program to implement such post-crediting period monitoring, and Verra’s public consultation on the proposal to develop a LTMS for the post-crediting period of AFOLU projects received broad stakeholder support.
Verra will implement the system using a phased approach:
- Phase 1 (2022-2023): Verra will develop the technology infrastructure, identify remote sensing data sources and providers, and implement and test a loss alert system for VCS forest projects. During this phase, Verra will also build and test key elements of the LTMS and the monitoring methodology.
- Phase 2 (2023-2024): Verra will evaluate the results of the loss alert system, refine the monitoring methodology and data sources, and expand the LTMS to include additional AFOLU project types.
- Phase 3 (2025-2026): Verra will implement automated detection and quantification of losses and reversals based on the LTMS data. Verra may also modify the rules and requirements for the VCS Program related to the cancelation of buffer pool credits based on this data and assessments of reversals occurring in the post-crediting period.
For further information about Verra’s LTMS development, please contact Rishi Das, Manager, Technologies for Natural Climate Solutions (firstname.lastname@example.org), or Mohanraj Adhikari, Manager, Technology Solutions (email@example.com).