Overview

Description

The VCS Program was founded by several key carbon market actors including The Climate Group, the International Emissions Trading Association, the World Business Council for Sustainable Development, and the World Economic Forum. Its initial purpose was to certify and credit voluntary emission reduction projects. While the main use of VCUs is still predominantly for voluntary offsetting, VCUs from VCS projects have been used for compliance under the Colombia and South Africa carbon taxes and some will be eligible under the CORSIA. Verra, a non profit organisation, oversees and implements the VCS Program as well as a number of other sustainability programs.

Recent Developments

Verra celebrated the issuance of its 1 billionth Verified Carbon Standard (VCS) credit in 2022. Verra published two new methodologies under the VCS program, for “Improved Forest Management Projects” and “the production of biochar and its use in soils and other emerging applications.” Verra ran a public consultation in October 2022 on a new?consolidated Reducing Emissions from Deforestation and Forest Degradation methodology for the VCS, expected to be finalized?in the third quarter of 2023.

Relation to Compliance Carbon Pricing Instruments or other Voluntary Schemes in the country

Colombia carbon tax, CORSIA, South Africa carbon tax

Eligible Activities

Agriculture

Energy Efficiency / Fuel Switching

Forestry / Land Use

Fugitive Emissions

Industrial Gases/Manufacturing

Renewable energy

Transport

Waste