Verified Carbon Standard – VCS Version 4.1

Bulletin date:
Bulletin number:
2022-01

Action required

Effective 2021-04-22, Greenhouse Gas Validation and Verification Body Program (VCS Program) customers and applicants shall use VCS Standard Version 4.1. This reflects the document’s publication date.

 

Affected customers

SCC Greenhouse Gas Accreditation Program (GHGAP) customers and applicants participating in the VCS Program.

 

Background

Obsolete standard: VCS Standard v4.0

 

Standard in effect: VCS Standard v4.1 (PDF), released on 2021-04-22.

 

The VCS Standard provides a global standard for GHG emission reduction as well as removal projects and programs. At its core, it is based on the requirements set out in ISO 14064-2:2019, ISO 14064-3:2018 and ISO 14065:2020.

 

The program’s three principal documents are:

  • The VCS Program Guide (PDF) describes the rules and requirements governing the program, including the project registration process, the methodology approval process, the accreditation requirements for validation/verification bodies, and the Verra Registry System.
  • The VCS Standard (PDF) provides the requirements for developing projects and programs, as well as the requirements for validation, monitoring and verification of projects, programs and GHG emission reductions and removals.
  • The VCS Methodology Requirements (PDF) provides the rules and requirements for developing new VCS methodologies.

 

Users should first read the VCS Program Guide since it serves as an overarching document.

 

New requirements

The update ensures that VCS Standard and emerging mechanisms such as CORSIA and Article 6.2 of the Paris Agreement are aligned, while supporting setting and achieving increasingly ambitious targets, including net zero and carbon neutrality.

 

VCU Labels and Corresponding Adjustments
One new requirement is that Verified Carbon Units (VCUs) used in the context of Paris Agreement Article 6 mechanisms and international Paris-related programs such as CORSIA must now be labeled to demonstrate that they adhere to these mechanisms or programs’ requirements.

 

Labels for Voluntary Markets
Such labels as described above are optional for transacting VCUs in the voluntary carbon market. Verra’s blog post The Future of the Voluntary Carbon Market explains the many reasons for this approach. The VCS rules relating to double counting such as with emission trading programs and renewable energy credits remain in place, and are further clarified.

 

Global Warming Potentials
A second update to VCS rules requires use of global warming potential values from the IPCC Fifth Assessment Report for calculating GHG emission reductions. This update is consistent with the Paris Agreement and other carbon crediting programs, and is in effect for GHG emission reductions occurring on or after 2021-01-01.

 

All VCS Version 4.1 documents are in effect since the issue date – 2021-04-22 – unless otherwise stated on Verra’s Rules and Requirements webpage.

 

Existing SCC VCS customers will be assessed to the new requirements at their next scheduled fixed office assessment.

 

Deadline

Effective 2021-04-22

 

Questions?

Please contact Abdel Kassou, Manager, Compliance and Assessment Services, at abdel.kassou@scc-ccn.ca or +1 613 238 3222 for more information.