Verra has published comments received from the first public consultation on proposed updates to its Verified Carbon Standard (VCS) Program that will result in version 5 of the program. The consultation summary document (PDF) features a summary of stakeholder responses to each question, along with Verra’s responses to the summaries. The comments are provided in full as a separate downloadable spreadsheet (XLSX).
During the consultation, which ran from September 19 through November 4, 2024, Verra solicited input from stakeholders on the core concepts and foundational principles of the VCS Program. The proposed updates focused 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.
Verra posed over 90 questions across 19 different topics, each critical to the VCS Program’s evolution in meeting the needs of the voluntary carbon market and net-zero targets. Verra is grateful to have received thorough and thoughtful feedback in the form of 1,943 comments from 61 stakeholders across a range of sectors.
Next Steps for VCS Version 5
With this input, Verra will determine the next iteration of proposed updates for version 5 of the VCS Program. Specifically, Verra aims to develop a version of the VCS Program that accomplishes the following:
- Continues to reflect scientific integrity to achieve positive climate benefits
- Strengthens the necessary safeguards to protect stakeholders and ensure their meaningful participation in project design and implementation
- Improves the experience for all VCS Program users (e.g., project proponents and demand-side entities), including through digital improvements and streamlined processes
- Complies and aligns with other initiatives and frameworks in the carbon market sector, such as the Integrity Council for the Voluntary Carbon Market (ICVCM), Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), and Article 6 of the Paris Agreement
Verra will use the feedback received to include more specific changes and additional proposed updates in the next VCS Version 5 public consultation, which will likely be held in mid-2025.