Verra has released updates to the Verified Carbon Standard (VCS) Program to improve efficiency, enhance transparency and integrity, and unlock additional climate action.
Updates include:
Introduction of requirements for geologic carbon storage (GCS) projects;
Introduction of requirements for VCS projects to help avoid double claiming in Scope 3 emissions inventories;
Clarification of the long-term GHG benefit calculation for afforestation, reforestation, and revegetation projects and improved forest management projects;
Release of the VCS Methodology Development and Review Process; and
Clarification of various VCS Program requirements, definitions, and procedures.
About the new Geological Carbon Storage (GCS) requirements for GCS activities, it includes those related to regulatory oversight, technical and non-technical project design, non-permanence risk, project ownership, monitoring, closure, and crediting periods. Corresponding updates have been made to the VCS Standard, v4.4, and definitions for GCS-related terms have been added to the VCS Program Definitions. The new Geologic Carbon Storage Non-Permanence Risk Tool, v4.0 provides the procedures for assessing the non-permanence risk and buffer determination for GCS projects.
Non-permanence risk is defined as "The risk that carbon stored in a carbon pool (e.g., above-ground biomass, soil, geologic reservoirs) is released back into the atmosphere as CO2 or CH4. This risk may be associated with natural events such as fires, pests, extreme weather events, leaks from geologic réservoirs, or human-caused events such as tree harvests or changes in soil management practices".
Click at the image below to read more about all Verra’s December/2022 updates to the VCS Program.
If interested, Verra will host a webinar about the above updates on Monday, 16 January 2023, at 12:00 pm ET / 14:00 Brasília. You can register for this webinar on the VCS Program updates by clicking here.
