WASHINGTON
,
May 25, 2022
(press release)
–
Standard-setting organization Verra announced its intended approach to crypto instruments and tokens that are associated with carbon credits from its flagship Verified Carbon Standard (VCS) Program, the world’s largest carbon crediting program. Verra will, effective immediately, prohibit the practice of creating instruments or tokens based on retired credits, on the basis that the act of retirement is widely understood to refer to the consumption of the credit’s environmental benefit. This announcement follows Verra’s statement on 25 November 2021 emphasizing that entities engaging in this activity do so entirely at their own risk. Instead, Verra intends to explore the possibility of “immobilizing” credits in accounts in the Verra Registry so that they can be tokenized with the transparency and traceability that market participants demand, provided that this can be done in a way that prevents fraud and upholds environmental integrity. In light of the above, Verra announced its intention to launch a public consultation on this subject, with a specific focus on: The launch of the consultation will be announced on Verra’s website (www.verra.org). For more information, please contact: Steve Zwick, Senior Manager, Media Relations, szwick@verra.org [Barcelona] Verra is a nonprofit organization that operates the world’s leading carbon crediting program, the Verified Carbon Standard (VCS) Program, as well as other standards in environmental and social markets. Verra is committed to help reduce greenhouse gas emissions, improve livelihoods, and protect natural resources by working with the private and public sectors. We support climate action and sustainable development with standards, tools, and programs that credibly, transparently, and robustly assess environmental and social impacts and enable funding for sustaining and scaling up projects that verifiably deliver these benefits.
Anne Thiel, Senior Manager, Communications, athiel@verra.org [Washington DC]
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