New York – September 23, 2024 | Verra, the world’s leading standard setter for climate action and sustainable development, and Citi, a leading financial services company, have signed a Memorandum of Understanding (MOU) on the sidelines of Climate Week NYC.
The collaboration aims to enable Citi to deepen its expertise in social and environmental markets through practical engagement with Verra’s landmark Verified Carbon Standard (VCS) Program and Plastic Waste Reduction Program. In turn, Citi will provide Verra with valuable insights into innovative financial tools that can integrate with Verified Carbon Units (VCUs) and Plastic Credits, paving the way for more dynamic market solutions to pressing global challenges.
“We are excited to collaborate with Citi to build its capacity to get involved in voluntary carbon and other environmental markets. This MOU demonstrates our shared commitment to addressing the global climate crises by leveraging market mechanisms to drive meaningful solutions.”
Philip Brown, global head of sustainable debt capital markets at Citi, said: “We are thrilled to partner with Verra as Citi develops fixed income products which give investors the opportunity to finance high impact projects in emerging markets.”
Key Elements of the MOU:
- Capacity Building: Verra will provide Citi with specialized training on the VCS and Plastic Waste Reduction Standard Programs to deepen Citi’s understanding in these areas.
- Collaboration on Financial Instruments: Citi will explore the development of innovative financial products that align with Verra’s standards, creating new opportunities for voluntary carbon and other environmental markets.
- Engagement with Market Participants: Citi may invite potential market participants and other stakeholders to join webinars, workshops, and seminars on these topics, further expanding the reach and impact of this collaboration.
Contact:
Media Inquiries: Erdem Koch | ekoch@verra.org, +971 589 656275
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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.