Islamabad and Washington, DC – 29 June 2023 | Verra and Pakistan’s Ministry of Climate Change and Environmental Coordination (MoCC&EC) announced today that they will work together to share knowledge and educate stakeholders on carbon markets. Verra is the nonprofit behind the world’s leading carbon crediting program, and will hold educational and technical activities including webinars, workshops, seminars, and other events on key topics.
The standards-setting organization and the Ministry signed a Statement of Understanding (SOU) last month to kickstart the initiative. The effort is part of Verra’s ongoing work to increase the knowledge of diverse stakeholders in the carbon markets and to provide insight into the development of projects that generate carbon credits and the certification processes in the Verified Carbon Standard (VCS) Program.
“Pakistan has real potential to host carbon market projects, and this collaboration is strategically designed to directly benefit private project proponents and investors by equipping them with the necessary technical and administrative knowledge required to navigate and participate in VCM,” said Senator Sherry Rehman, Pakistan’s Minister for Climate Change and Environmental Coordination. “This collaborative initiative represents a significant step forward in overcoming the challenges associated with promoting the growth of the voluntary carbon market in Pakistan.”
In the coming months, Verra and the Ministry will emphasize capacity building for the Voluntary Carbon Market and Net Zero (VCM/NZ) Committee of Pakistan about the VCS Program and the Verra Registry. Future training topics will likely include VCS Agriculture, Forestry, and Other Land Use methodologies, which are highly applicable in Pakistan. Other trainings may address the interests of project proponents and developers, prospective validation/verification bodies, and buyers, retailers, and traders. All activities under the SOU will fall within the framework of Pakistan’s Nationally Determined Contributions and Net Zero Targets.
“This type of partnership is in line with Verra’s work focused on facilitating the understanding of the technical requirements of the VCS Program. Fostering the development of high-quality projects ensures the environmental and social integrity of carbon credits, and provides an alternative source of financing for mitigation activities through carbon markets.”
Verra operates the Verified Carbon Standard (VCS) Program, as well as other standards in environmental and social markets. As a 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. Verra supports 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.
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For questions and inquiries, please contact:
Joel Finkelstein, Senior Director, Media and Advocacy
jfinkelstein@verra.org | 202-285-0113