Verra has launched a public consultation on an optional pathway for projects registered in the Verified Carbon Standard (VCS) Program to both (1) update the methodology or methodology version they are using for past verification periods, and (2) requantify the greenhouse gas (GHG) emission reductions and carbon dioxide removals (reductions and removals) from past verification periods in accordance with that methodology.

If a new methodology or methodology version to which a project updates is approved by the Integrity Council for the Voluntary Carbon Market (ICVCM), such a change would enable proponents to obtain Core Carbon Principles (CCP) labels for the requantified Verified Carbon Units (VCUs).

In November 2023, Verra announced plans for the creation of this pathway when it submitted an application to have its flagship VCS Program assessed against the ICVCM’s CCPs. In May 2024, the ICVCM recognized the VCS Program as fully aligned with the CCPs, and in June 2024, the ICVCM approved the first set of methodologies that meet the CCPs.

Proponents seeking to follow the new procedure would need to take these steps:

  • Prepare an updated project description and other project documentation as specified, including a VCS Requantification Report (the respective templates for these will be launched alongside the final procedure)
  • Have the project documents validated and verified by an accredited validation/verification body (VVB)
  • Submit a completed Requantification Notification Template to Verra (upon the start of validation/verification activities)
  • Submit a verified requantification approval request to Verra

Once the VCS Requantification Report is approved by Verra, any stakeholder who holds issued VCUs from the affected verification periods has the option to replace their VCUs with a requantified number of VCUs issued under the new methodology.

Where the newly applied methodology is approved by the ICVCM, the replacement VCUs can be issued with a CCP label. Projects can also use this procedure to update to a methodology version that enables them to calculate the portion of VCUs that qualify for a GHG Emission Reduction or Carbon Dioxide Removal label where a combination of mitigation outcome types is achieved.

A Note about the Proposed New Procedure

It is optional for proponents of projects registered in Verra’s VCS Program to update the methodology they use to requantify previously issued VCUs. Methodology updates are only required at crediting period renewal or baseline reassessment.

Verra continuously updates its standards programs to ensure they reflect the best-available science and technology and the latest data, and that they are aligned with the most recent market developments. This new procedure provides project proponents the option to update past monitoring and verification reports to align with methodologies that were updated for any of the above reasons.

VCUs issued under previous methodology versions remain fully valid and reflect the robust program requirements and scientific understanding at the time the VCUs were issued.

Consultation Process

The consultation period will run from July 9, 2024, to August 9, 2024.

See the Public Consultation on VCS Program Methodology Change and Requantification Procedure (PDF) for the full text of the proposed procedure. Comments may be submitted electronically via Google Form by 11:59 pm ET on August 9, 2024.

For further questions or for any issues using the Google Form, please contact programupdates@verra.org.

Verra encourages all stakeholders, especially those who may seek to update their project to an ICVCM-approved methodology, to provide their feedback on the proposed procedure. Verra will carefully review all feedback as it prepares the final procedure document, ensuring that the procedure meets the needs of all stakeholders and maintains the integrity of all affected VCUs.

Verra aims to publish the procedure and begin accepting requantification notifications from September 2024.

Webinar

Verra hosted a webinar on Tuesday, July 16, at 12:00 pm ET, to provide an overview of the proposed procedure and how to participate in the consultation.

TO KEEP UP WITH THE LATEST NEWS, SIGN UP FOR OUR NEWSLETTER