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WASHINGTON – February 12, 2025 | Verra has today welcomed the Peruvian government’s official recognition of Verra’s Verified Carbon Standard (VCS) Program as an eligible mechanism for certifying carbon credits, allowing VCS-certified projects to be registered in Peru’s national carbon registry (National Registry of Mitigation Measures, RENAMI). The government’s January 30 resolution includes VCS methodologies VM0047 Afforestation, Reforestation, and Revegetation, v1.0 and VM0048 Reducing Emissions from Deforestation and Forest Degradation, v1.0, strengthening Peru’s ability to use carbon markets, specifically nature-based approaches, to advance its climate goals.

Peru’s approval of the VCS Program and two VCS methodologies underscores their scientific rigor and high integrity. VM0047 and VM0048 have the potential for widespread use in Peru, a country with extensive forests and ample land suitable for reforestation, and projects using these methodologies will greatly benefit the local communities that are the stewards of these lands. Peru currently has one of the largest portfolios of REDD projects within Verra’s VCS Program.

"This recognition by the Peruvian government is an important endorsement of Verra’s approach to high-integrity carbon accounting and advancing nature-based climate solutions. It also demonstrates how governments can establish regulatory frameworks that facilitate carbon transactions through both the voluntary carbon market (VCM) and under compliance markets, such as under Article 6 of the Paris Agreement and the Carbon Offsetting Reduction Scheme for International Aviation (CORSIA)."

Angelo Sartori, senior director of government and policy engagement for Latin America, the Caribbean, Africa, and the Middle East.

Verra collaborated with Peru’s Ministry of the Environment (MINAM) to assess how the country’s deforestation activity data can be used to create project-level baselines under Verra’s new REDD methodology, thus aligning governmental and international carbon markets’ REDD carbon accounting frameworks. Verra expects VM0048 to become fully operational for projects in Peru later this year, providing project proponents with an innovative and robust approach to forest conservation. The methodology uses a rigorous approach to establishing baselines, an essential component of ensuring environmental integrity and market credibility for any credits issued by projects using the methodology.

The recognition by Peru’s government reinforces other market signals regarding the standing of VM0047 and VM0048, which were recently approved as meeting the criteria of the Core Carbon Principles (CCPs) Assessment Framework under the Integrity Council for the Voluntary Carbon Market (ICVCM). It also underscores Verra’s continued efforts to advance climate solutions that drive real emission reductions through nature-based approaches in Peru and beyond.

Contact:

Media Queries: media@verra.org

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Verra is a global leader helping to tackle the world’s most intractable environmental and social challenges. As a mission-driven nonprofit organization, Verra is committed to helping reduce greenhouse gas emissions, improve livelihoods and protect natural resources by working with the private and public sectors. We support climate action and sustainable development with standards, tools and programs that credibly, transparently and robustly assess environmental and social impacts and enable funding for sustaining and scaling up projects that verifiably deliver these benefits.