The Verified Carbon Standard (VCS) project cycle sets out the four major steps in developing an individual project to generate credible GHG emission removals and reductions and credits.
1. Project proponent chooses a methodology and develops a project description
The first step in the project development process is selecting a methodology applicable to the proposed project. This can either be an existing VCS methodology or one developed under an approved GHG program such as the Clean Development Mechanism (CDM). If an applicable methodology does not exist, project developers are welcome to propose their own.
Next, the project proponent completes a draft project description according to the latest VCS Project Description template and submits the project for pipeline listing. The project will be open for a thirty-day public comment period once it is listed on the pipeline.
Project developers must open an account and submit all required documents to the Verra Registry in order to submit project requests for pipeline listing, registration, and verification approval.
2: VVB validates the project and project proponent submits the project for registration
Once the project’s public comment period is over, project proponents finalize the complete project description using the latest VCS Project Description template and have the project validated by an approved validation/verification body (VVB). This process determines whether a project meets all VCS rules and requirements. Once the VVB concludes the validation, the project proponent may submit the project for registration.
3: Project proponent monitors project activities, VVB verifies emission reductions and removals and project proponent submits the project for verification approval
The project proponent monitors and measures GHG emission reductions or removals for a defined monitoring period. The project proponent shall complete the monitoring report using the latest VCS Monitoring Report template and have the project verified by an approved VVB. Once the VVB concludes the verification, the project proponent may submit the project for verification approval.
4: Verra issues VCUs into registry accounts
Once Verra approves the project’s verification request, the project proponent may submit an issuance request to receive Verified Carbon Units (VCUs) in the Verra Registry.