Initial Consultation on Version 5 of the VCS Program

Verra has launched the first public consultation on proposed updates (PDF) to its Verified Carbon Standard (VCS) Program that will result in version 5 of the program. The consultation runs until November 4, 2024.

Verra envisions that version 5 of the VCS Program will enhance the integrity, impact, and usability of the program, with the broader objective of enabling the voluntary carbon market to unlock finance for climate action at the scale and pace needed to halve global emissions by 2030.

The proposed updates included in this consultation focus on (1) fundamentals of the VCS Program, (2) enhancing data transparency and usability through digital tools, (3) environmental and social safeguards, and (4) a refined program scope. They include the following:

• Enabling the issuance of credits following a digital monitoring, reporting and, verification (DMRV) process to get credits to market sooner
• Revised requirements for the demonstration of regulatory and project method additionality (i.e., show that the project activities are not required by law and that project does not represent a business-as-usual scenario), including options for additionality reassessment and extension of crediting periods where projects remain additional
• Updated pipeline listing requirements to demonstrate that a project considered carbon finance before starting its activities
• Improved buffer pool management procedures to strengthen permanence of project emissions reductions and removals
• Enhanced environmental and social safeguards, guidance for reporting contributions to the Sustainable Development Goals, and requirements for the engagement of local stakeholders affected by the development of a project
• Ensuring projects that transfer to the VCS Program meet all VCS Program requirements and phasing out the gap validation process for projects registered with Verra-approved GHG programs (e.g., Clean Development Mechanism)
• Revising VCS Program project activity exclusions (e.g. limiting renewable energy projects to least developed countries)
• Introducing a new sectoral scope for ocean carbon projects
• Updates to requirements for geological carbon sequestration (GCS) to align with and enable uptake of the new carbon capture and storage methodology

In early 2023, Verra launched work on version 5 of the VCS Program by running a high-level consultation on the program’s rules and requirements. Based on feedback received during this consultation and insights from additional internal and external stakeholder engagement, Verra developed three priority objectives for the next version of the VCS Program: (1) increase the ambition for program integrity, (2) ensure that the VCS Program’s scope is fit for purpose to maximize impact, and (3) improve the VCS Program’s transparency and usability.

This consultation is the first consultation on proposed changes to the VCS Program for VCS Version 5. Many of the proposed updates are high-level, and Verra will include more specific changes and additional proposed updates in future public consultations on VCS Program Version 5. The publication of Version 5 of the VCS Program may proceed in phases to enable quicker implementation of updates that are fully developed and awaited by the market.

In conjunction with these updates, Verra is undertaking other organization-wide initiatives that will create an enabling environment for version 5 of the VCS Program. They include improvements to the Verra Registry and digital tools, strengthened oversight of validation/verification bodies (VVBs), and alignment of Verra’s sustainable development programs. Verra will run consultations on these organization-wide initiatives over the coming year.

Review the public consultation document (PDF) for the full background and details about the proposed changes to the VCS Program.

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 Monday, November 4, 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.

On September 30, 2024, at 11:30 am ET Verra hosted a webinar to provide an overview of the proposed updates and the consultation process.

We look forward to your comments and will use them to finalize the proposed updates. For further questions about the consultation, please contact programupdates@verra.org.