VCS Version 4: Update on Project Transfers and GHG Credit Conversions
Today, Verra is issuing an important update for the transition of carbon projects and GHG credits to the Verified Carbon Standard (VCS) Program from other GHG programs approved under the VCS. To maintain credibility in the carbon markets, it is important for Verra to update the VCS Program from time to time to ensure that funding reaches those projects most in need of carbon finance to deliver real, additional emission reductions.
This update provides clarity on the requirements and timelines for the transition of such projects and credits to the VCS Program for the purpose of either Verified Carbon Unit (VCU) issuance or GHG credit conversion into VCUs. It builds on a previous announcement released on 9 March 2020 restricting projects and credits from transitioning to the VCS Program. This previous update pertained to projects registered under and credits issued by approved GHG programs from an activity type no longer eligible under VCS Version 4 (published on 19 September 2019) and corrected the grace period for these projects and credits.
This new update applies to the following kinds of requests:
Transfers of projects that feature activities included in the scope of the VCS Program;
Transfers of projects that feature activities excluded from the scope of the VCS Program;
Conversions of GHG credits issued to projects that feature activities included in the scope of the VCS Program;
Conversions of GHG credits issued to projects that feature activities excluded from the scope of the VCS Program.
The details of these clarifications can be found in the Errata and Clarifications, VCS Standard, v4.0 document. Please note that project proponents and validation/verification bodies must apply and interpret the VCS Standard, v4.0 consistent with the clarifications set out in this document.
Should you have any questions or concerns about this update, please do not hesitate to contact us at email@example.com.
Effective Date: 5 February 2021