HomeCarbon CreditsVerra VCS Program Offers A Unique Opportunity for Carbon Offsets

Verra VCS Program Offers A Unique Opportunity for Carbon Offsets

Companies cannot eliminate carbon emissions overnight and developing the technology takes time. Unfortunately, with climate change, time is not on their side.

While there is still a lot of work that needs to be done, companies can reduce carbon emissions right now through carbon offsets.

Here’s how it works:

Companies purchase carbon credits through a carbon marketplace and each credit equals one metric ton of carbon, or greenhouse gas (GHG). One ton of carbon or GHG is then removed from the atmosphere through reforestation, improved forest management, and green energy.

Consider it a trade. A company puts one ton of carbon into the atmosphere. Then, they remove it through something positive, such as planting a forest.

If you were wondering just how lucrative carbon offsetting is, the industry is projected to hit $100B by 2030 – up from $300M in 2018. So, opportunities within the carbon offset industry are endless.

Credits are certified by independent agencies where it’s the agency’s job to verify and manage the standards, projects, and transactions that take place. There are currently four major Green House Gas (GHG) crediting programs that certify projects:

  1. Verra’s Verified Carbon Standard,
  2. Climate Action Reserve,
  3. Gold Standard, and
  4. American Carbon Registry.

Let’s look at Verra’s Verified Carbon Standard (VCS) Program

Verra’s program boasts 1,700+ certified green projects that have removed more than 714 million metric tons of carbon from the atmosphere. They require registered projects to upload descriptions, auditing reports, and the status of all credits issued and retired.

All relevant information is easy to use and understand and CME Group – one of the world’s leading derivatives marketplaces – agrees.

On August 1st, CME Group created their N-GEO™ futures contract where its goal goes beyond just reducing carbon emissions. Their focus is to support biodiversity and conservation efforts within local communities.

They plan to do that by using Verra’s Verified Carbon Standard (VCS) program to measure offsets – a big deal for Verra and the carbon offset industry.

Though each crediting program has excellent incentives, Verra’s Carbon Standard is one to watch.

Most Popular
LATEST CARBON NEWS

CORSIA Carbon Credit Demand To Be 14x Larger Than Supply

The surplus of CORSIA-eligible carbon credits is projected to turn negative by 2030 unless new supplies become available, according to an analysis by Abatable. Currently,...

Wired for Change: AI, Energy, and the Decarbonization Dilemma

AI is a powerful force driving innovation across industries in today's rapidly evolving technological landscape. However, as AI capabilities expand, so does its appetite for...

U.S. Raises Tariffs on $8B China Imports: EVs, Batteries, and Solar Cells Included

The Biden-Harris Administration's Investing in America agenda has successfully spurred more than $860 billion in business investments. In line with this, the White House...

Yara Clean Ammonia Signs Historic Deal with India’s Greenko ZeroC to Ramp Up Green Ammonia Supply

Yara Clean Ammonia, the world’s largest trader and distributor of ammonia, has forged a long-term deal with India-based Greenko ZeroC (formerly known as AM...
CARBON INVESTOR EDUCATION

What Is COP28? Key Issues to Watch Out at 2023 Climate Summit

After a record-breaking year of devastating effects of climate change, from record wildfires in Greece and Canada to floods in Libya, the United Nations...

Climate Disclosure: New Corporate Standards for a Net Zero World

As part of the world’s continued efforts to combat climate change and transition towards net zero, one important piece of the puzzle is new...

Carbon Pricing: Understanding The Economics and Trends of Fighting Climate Change

As global temperatures continue to rise, the urgency surrounding climate policies has intensified, thrusting carbon pricing into the limelight of climate discussions. The race to...

The EU Corporate Sustainability Reporting Directive (CSRD): Key Things to Know

Companies operating in the European Union will have to deal with new non-financial and sustainability reporting requirements starting January 2024 with the EU's Corporate...