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Verra's role boosted in Chilean carbon market under new policy

Chile officially recognised Verra-certified projects as eligible participants. This inclusion, formalised in Exempt Resolution 1420, marks a pivotal step in the country's environmental policy. The resolution, published in late December 2023, acknowledges established external certification programmes, notably Verra's Verified Carbon Standard (VCS). This strategic alignment aims to expand Chile's domestic carbon market and support its commitment to its Nationally Determined Contributions (NDCs) for environmental initiatives.

Verras role boosted in Chilean carbon market under new policy_Landscape view of Chiles nature_visual 1Landscape view of Chile's nature. AI generated picture.

The resolution stipulates that external certifications like the VCS programme must ensure its carbon credits meet rigorous standards of additionality, measurability, verifiability, and permanence. Moreover, these programmes should be globally recognised and maintain a public registry with uniquely numbered issued units.

Read more: Corporate leaders join VCMI to authenticate high-quality carbon credits

To facilitate the integration of the VCS programme in Chile, Verra plans to conduct workshops, both in-person and virtually, for local stakeholders. These sessions will cover the VCS programme's requirements, applicable methodologies, and usage of the Verra Registry. With the Chilean carbon market's annual demand potential estimated at 30 million metric tonnes, the policy mandates fulfilling this demand with credits from projects initiated within Chile from 2020.

Read more: How to use DGB Group's carbon footprint calculator on your journey to net zero

Nature-based solutions (NBS) projects, particularly in areas like Afforestation, Reforestation, Agricultural Land Management, and Reducing Emissions from Deforestation, are poised to play a significant role in meeting the Chilean market's demands.

Verra's Chief Legal, Policy, and Markets Officer, Robin Rix, expressed enthusiasm about aiding Chile's carbon market growth. This development aligns with Verra's broader strategy of collaborating with national governments to achieve ambitious environmental targets as part of its New Era initiative.

This Chilean endeavour is part of Verra's global efforts, which include partnerships through Memoranda of Understanding with several countries across Latin America, Africa, the Middle East, and the Asia Pacific region. These collaborations are vital for enhancing accountability in the carbon market and promoting impactful nature initiatives worldwide. The recognition of voluntary-market-verified credits in national markets is a monumental step towards global environmental stewardship and robust carbon markets.

DGB Group develops top-tier nature-based solutions verified by leading standards, such as Verra’s VCS, to protect and rejuvenate our precious natural world. We are dedicated to leading efforts in reforestation, afforestation, biodiversity restoration, and land rejuvenation, all aimed at creating a measurable impact. Our approach enables businesses, investors, and individuals to participate in nature conservation via the carbon market. DGB provides a range of carbon credit options backed by stringent, reputable verification standards. Your support for our nature restoration projects offers a direct path to building a sustainable future and harnessing the full capabilities of carbon markets.

Download our carbon credits brochure for more information

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