WASHINGTON — November 14, 2024 | Verra announced today that the Integrity Council for the Voluntary Carbon Market (ICVCM) has officially approved the revolutionary new REDD methodology and the Jurisdictional and Nested REDD+ (JNR) Framework in Verra’s Verified Carbon Standard (VCS) Program as meeting the requirements of the Core Carbon Principles (CCPs) Assessment Framework.
ICVCM’s approval applies to VM0048 Reducing Emissions from Deforestation and Forest Degradation, v1.0 and the associated module VMD0055 Estimation of Emission Reductions from Avoiding Unplanned Deforestation, v1.1 and enables projects using both to now request the CCP label for credits they generate. The ICVCM decision also covers Verra’s Jurisdictional and Nested REDD+ Framework, v4.1, the world’s first accounting and verification framework for jurisdictional REDD+ programs and nested projects.
The option to obtain CCP labels for credits issued under Verra’s REDD methodology and the JNR Framework reinforces the rigor and transformative impact of Verra’s approach to forest conservation projects, assuring buyers of the credits’ highest integrity. ICVCM’s approval also confirms that Verra’s approach to accounting for – and crediting – the climate impacts of national and subnational REDD+ programs, with or without nested projects, is of the highest quality.
Deforestation currently contributes 12 to 20% of global greenhouse gas emissions, and addressing it is critical for achieving the targets set under the Paris Agreement. Verra’s REDD methodology and JNR Framework facilitate essential financing for this urgent climate solution.
“From its introduction, we had always said that Verra’s updated REDD methodology and JNR Framework are real game changers for market integrity, and ICVCM’s recognition underscores this. The ICVCM approval not only highlights the rigor of Verra’s REDD+ frameworks but also reinforces their role as credible channels for forest conservation finance. With ICVCM’s approval, Verra continues to provide the voluntary carbon market with trusted pathways to support climate-positive investments, protect biodiversity, and support local communities.”
About Verra’s Transformational REDD Methodology
Launched last year, VM0048 and VMD0055 embrace years of scientific improvements and methodology design. They deliver significant improvements and innovation in project-level accounting by utilizing jurisdictional-scale data, including from the latest satellite and remote sensing technologies, to allocate deforestation risk across the jurisdiction to the project level. Projects use this activity data to set the baseline for their projects, an essential step in the project registration process.
While the data is collected by independent third parties, the baseline setting process in its entirety is led by Verra. As a result, Verra will be facilitating the generation of robust carbon credits from forest conservation activities, while driving better alignment with the national climate goals of host countries.
The first sets of jurisdictional REDD data are expected to be delivered in the coming weeks.
About Verra’s Jurisdictional and Nested REDD+ Framework
Initially launched in 2012, Verra’s JNR Framework provides governments with a way to generate greenhouse gas credits for their REDD+ programs and to nest projects and other site-specific, lower-level efforts. Linking site-level forest conservation projects with jurisdictional goals and accounting helps ensure high integrity across all levels of implementation and can help attract private finance to projects that support governments in accelerating progress toward their long-term climate objectives.
“Keeping forests standing is among the most immediate and effective tools we have in mitigating climate change impacts. With deforestation accelerating worldwide, REDD projects are critical to delivering real and credible results, conserving biodiversity, and supporting local communities. This approval is a crucial step forward in scaling high-integrity, nature-based solutions when the world needs them most.”
The current version (4.1) of Verra’s JNR Framework was published in April 2021 and updated earlier this year to fully align with the detailed criteria of the CCPs for high-quality carbon credits. It relies on the same robust jurisdictional risk mapping process as Verra’s new REDD methodology by using VCS Tool VT0007 Unplanned Deforestation Allocation (UDef-A), v1.0. In the case of JNR, the jurisdictional proponent uses VT0007 to collect deforestation activity data and allocate it across a jurisdiction to sub-jurisdictional programs and nested projects using VMD0055 to determine their crediting baselines based on deforestation risk. This, in turn, will help proportionally drive finance to areas with the highest deforestation risk.
Contact:
Media Inquiries: Erdem Koch | media@verra.org
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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.