Verra recently announced that the Verified Carbon Standard (VCS) Program is eligible for the first phase (2024–2026) of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), following a decision by the United Nations International Civil Aviation Organization (ICAO). The approval extends the VCS Program’s eligibility from CORSIA’s pilot phase (2021–2023), significantly increasing the number of Verified Carbon Units (VCUs) eligible for CORSIA labels.
Verra has now released a CORSIA Label Guidance (PDF) document that provides instructions for how proponents can request CORSIA labels for eligible credits.
The guidance document includes the following:
- An updated overview of the VCS Program’s eligibility for the pilot and first phases of CORSIA
- Information about the process through which project proponents can request CORSIA labels for VCUs that their projects generate
- Details about new CORSIA labels on the Verra Registry that identify VCUs eligible for CORSIA’s pilot and first phases, respectively
The document also lays out Verra’s requirement for additional assurance that there is no double claiming for mitigation outcomes represented by VCUs with vintages of 2021 onward (i.e., that they are not claimed by the respective aircraft operator and counted toward the Nationally Determined Contributions of the country in which they occurred).
To satisfy this requirement, VCUs with vintages of 2021 onward require an Article 6 Authorized – International Mitigation Purposes label to be eligible for the CORSIA – Pilot Phase, 2021–2023 Eligible or the CORSIA – First Phase, 2024–2026 Eligible labels. Verra also requires either (1) evidence of a completed corresponding adjustment for the mitigation outcomes represented by the respective VCU, or (2) a CORSIA Accounting Representation signed by an entity committing to compensate for any VCUs affected by double claiming and a certificate of insurance for these VCUs, backed by a Verra-approved risk insurance product. Specific criteria for insurance products approved to provide this assurance are forthcoming.
The Verra Registry has been updated to include the following new labels described in the guidance document:
- CORSIA – Pilot Phase, 2021-2023 Scope
- CORSIA – Pilot Phase, 2021-2023 Eligible
- CORSIA – First Phase, 2024-2026 Scope
- CORSIA – First Phase, 2024-2026 Eligible
A CORSIA scope label indicates that a VCU falls within the scope of eligibility for a specific CORSIA phase. A CORSIA eligible label indicates that a VCU falls within the required scope of eligibility and is also authorized under Article 6 for use toward CORSIA obligations (this is only relevant for VCUs with vintages of 2021 onward). A CORSIA scope label must be replaced by a CORSIA eligible label for the VCU to be eligible for retirement for CORSIA compliance.
VCUs that already have a CORSIA label from CORSIA’s pilot phase will be automatically updated to reflect the new label designations.