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New VCS version 4.7 launched: Verra's commitment to enhanced carbon standards

Verra, a notable US-based nonprofit and voluntary carbon market (VCM) registry, has recently introduced version 4.7 of its Verified Carbon Standard (VCS) programme, enhancing the existing framework to improve the credibility and effectiveness of certified carbon offset projects.

New VCS version 4.7 launched_ Verras commitment to enhanced carbon standards_A close-up of a hummingbird in its nest_visual 1Close-up of a hummingbird in its nest. AI generated picture.

The updates in VCS version 4.7 aim to align fully with the Carbon Offsetting and Reduction Scheme for International Aviation’s (CORSIA) 2024–2026 requirements, set by the International Civil Aviation Organization (ICAO). These adjustments are currently under review by ICAO's Technical Advisory Body, with a submission deadline set for 30 April 2024.

In an effort to solidify the programme's integrity, the updates focus on preventing the double claiming of emission reductions and ensuring contributions to the host countries’ Nationally Determined Contributions under the Paris Agreement. The updates also seek to clarify the alignment with the Core Carbon Principles by the Integrity Council for the Voluntary Carbon Market (ICVCM), which is nearing the final approval stages.

Read more: New standards spark surge in carbon credit prices

Beyond the VCS programme, Verra also manages the Climate, Community & Biodiversity (CCB) Standards and the Sustainable Development Verified Impact Standard (SD VISta), assessing impacts on local communities and ecosystems and evaluating contributions to sustainable development goals.

Among the vital revisions in the VCS update are the inclusion of rigorous risk assessments, mitigation measures against chemical impacts, and safeguarding measures for staff and contracted workers. These updates will take effect for project submissions starting January 2025.

Verra continues to be recognised globally for its standards, which serve as benchmarks for credible and transparent carbon credit exchanges. In 2022, Verra issued its 1 billionth carbon credit, reaffirming its dedication to a high-integrity VCM that supports the Paris Agreement goals.

Read more: 100 Reasons carbon credits are the best thing that ever happened to improve conditions on our planet

Judith Simon, President and Interim CEO of Verra, emphasised the urgency of their mission, stating, ‘I feel the urgency and importance of all we must do—not just as an organisation, but also in support of environmental and social markets. We have an enormous responsibility, and we take it seriously.’

This latest update marks a significant step in ensuring that carbon trading contributes effectively and transparently to global sustainability efforts. As the significance of sustainability gains recognition worldwide, businesses in all industries are finding that investing in carbon credits is not only a moral duty but also a strategic decision. DGB Group is a pioneer in this domain, offering trustworthy, clear, and effective carbon unit options that can enhance your business's sustainability and make a positive impact on the environment. By choosing DGB, your company positions itself at the leading edge of the shift towards a low-carbon economy, making a notable contribution to global environmental initiatives and deriving benefits from your investment in carbon units.

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