Verra would like to remind stakeholders that a new requirement for Agriculture, Forestry, and Other Land Use (AFOLU) projects with non-permanence risk reporting requirements came into effect on January 1, 2024. As part of this requirement, all proponents of AFOLU projects with non-permanence risk that request registration after January 1, 2024, must sign a new agreement.
The agreement templates (the AFOLU Buffer Account Compensation for Reversals Deed (Single PP), v1.1 and AFOLU Buffer Account Compensation for Reversals Deed (Multiple PPs), v1.0), are available on the Verified Carbon Standard (VCS) Program Details page in the “Templates and Forms” section. They pertain to the project proponent’s obligations to compensate the AFOLU pooled buffer account in the event of a reversal (i.e., a situation where the net greenhouse gas benefit of a project, taking into account project or program emissions, removals, and leakage, in any monitoring period is negative), as outlined in section 3.2.26 of the VCS Standard, v4.5 (PDF).