Verra’s Post

📢 Verra is issuing updates to its Jurisdictional and Nested REDD+ (JNR) Framework within the Verified Carbon Standard (VCS) Program. With these updates, Verra seeks to align the JNR Framework with the Core Carbon Principles (CCPs) of the Integrity Council for the Voluntary Carbon Market (ICVCM). ➡️ Specifically, the updates to the JNR Framework pertain to the following documents: JNR Non-Permanence Risk Tool, JNR Requirements: Scenario 1, JNR Requirements: Scenario 2, JNR Requirements: Scenario, and JNR Registration and Issuance Process. 💡 The JNR Framework is the world’s first accounting and verification framework for jurisdictional REDD+ programs and nested projects, and it is unique in its concrete guidance and tools for nesting, bringing together national (or subnational) jurisdictional accounting with nested project activities. ❗These changes are effective immediately. ➡️ JNR programs that, on the release date, are listed (or have requested pipeline listing) as “under development” or “under validation” in the Verra Registry, may continue to use the previous version of the respective documents until their jurisdictional forest reference emission level (FREL) reassessment. Read the full announcement: https://bit.ly/4dvckSz #Verra #StandardsMatter #CarbonMarkets #CarbonCredits #ClimateAction

One important group of stakeholders are auditors and investors from capital markets. Ventures that can present trustworthy data about their business' (and supply chains') transformation should be rewarded.

Check out OSCRE International's Scope 3 reporting resources here

Diffusion of context critical imperatives means we have parallel retention for charter considerations and reproducibility of risk calculation methodologies, interoperable and timely carbon metrics. Most institutions are now covering physical risk . https://lnkd.in/gnvM_tjC

Highly recommended! Insightful and short, so don't miss out. In PCRAM 1.0, 'The essential leadership of engineering firms and climate scientists, in partnership with investors, has produced a rigorous process to translate physical climate risks into quantifiable impacts to infrastructure asset performance.' ... Looking forward to continued collaboration across disciplines in PCRAM 2.0, with next steps focused on raising awareness, promoting adoption, integrating into investment decisions, and refining the methodology. Mahesh Roy Anne Chataigné FRSA Saru Gupta Hugh Garnett

𝗗𝗲𝗰𝗮𝗿𝗯𝗼𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻: 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 𝗘𝘅𝗶𝘀𝘁 𝘁𝗼 𝗜𝗺𝗽𝗿𝗼𝘃𝗲 𝘁𝗵𝗲 𝗗𝗲𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁 𝗼𝗳 𝗘𝗻𝗲𝗿𝗴𝘆’𝘀 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗼𝗳 𝗥𝗶𝘀𝗸𝘀 𝘁𝗼 𝗖𝗮𝗿𝗯𝗼𝗻 𝗖𝗮𝗽𝘁𝘂𝗿𝗲 𝗣𝗿𝗼𝗷𝗲𝗰𝘁𝘀 by US Government Accountability Office The U.S. Department of Energy (DOE) obligated almost $1.4 billion across 654 #research and #development projects to support carbon capture, utilization, and storage (#CCUS) and direct air capture (#DAC) technologies from fiscal years 2018 through 2023. DOE’s Office of Fossil Energy and Carbon Management (#FECM) administered $950 million (69 percent) of #funds and 410 #projects (63 percent). Based on a review of #DOE #documentation for a nongeneralizable sample of 40 projects, #GAO identified several #practices, such as risk reviews, that DOE offices used to manage risks. However, FECM—responsible for the majority of projects, including 25 in GAO’s sample of 40—engaged in practices as discussed below that could undermine the likelihood of project success: 🔴 #Risk #treatment. FECM did not clearly document risk treatment #strategies for some #projects—which can be important for project continuity given turnover in project managers. Additionally, FECM did not clearly document that project awardees reviewed project #risks and #treatment strategies for identified risks on a regular basis. 🔴 #Project #selection. DOE guidance states it should only select projects that are technically acceptable. However, GAO identified one case where FECM selected a $14.6 million project even though its technical score did not meet FECM’s threshold. FECM was unable to provide #documentation as to why this project was selected. This #project, which is ongoing, has since experienced #cost overruns and delays, resulting in an additional $5.1 million in FECM #funding and an additional 18 months to complete. It is unclear how widespread these practices are across all 410 FECM projects. However, by documenting risk treatment strategies and adhering to project selection #guidance, FECM would provide greater assurances that selected projects are likely to succeed. This could also help reduce the risk to the over $12 billion appropriated for new carbon capture and direct air capture projects. Frank Rusco

Overnight, the The Integrity Council for the Voluntary Carbon Market (ICVCM) has announced the newest batch of carbon crediting programs that have met the stringent Core Carbon Principles (CCPs). The latest approvals by their Governing Board include: ✅ Verified Carbon Standard Verra ✅ Architecture for REDD+ Transactions (ART) by Winrock International These programs join ACR at Winrock International, Climate Action Reserve, and Gold Standard in achieving CCP Eligibility. Together these five programs have a 98% share of the voluntary carbon market. To secure CCP status, each program has demonstrated compliance with the CCP's high-integrity criteria, encompassing: ⚖️ Effective governance 🔍 Transparency 🎯 Tracking 🎖️ Robust independent third-party validation and verification They also fulfilled requirements for: 🌳 Precise quantification of emission reductions and removals 🔢 Prevention of double counting 🧑🌾 Ensuring sustainable development benefits and safeguards What happens next? ICVCM’s next steps include assessing over 100 methodologies used to design and implement carbon reduction and removal projects, with expectations to announce the first CCP-approved methodologies in June. 📻 Stay tuned for ongoing updates, and check out further details on advancements on the Integrity Council's website: https://lnkd.in/dzaqKXpD #CoreCarbonPrinciples #CarbonMarkets #NetZero #EmissionsReduction

How much do carbon projects cost? This chart from an MSCI Carbon Markets (formerly Trove Research) report shows modeled cost ranges for a variety of project types. The estimates are based on a Trove model and a limited number of surveys with project developers. If you're a project developer: how do these numbers compare with your experience? report 🔗 in comments #naturerestoration #nbs #carbonmarkets #climatesolutions

New analysis on CDM projects wanting to transition to #Article6.   The deadline has passed for submitting requests to transition Clean Development Mechanism (#CDM) activities to Article 6.4 of the #ParisAgreement.   In this video, we use the latest UN Climate Change data to analyze which projects intend to produce Article 6 credits while using the old CDM methodologies.   Concerns about their environmental integrity and the potential use towards achieving #NDCs warrant a closer look.   For more details and data, check out the Article 6 Pipeline 👉 https://lnkd.in/dp5RjqeN

We’re very proud at Climate Impact X (CIX) to have launched our CORSIA spot price benchmarks last Thursday, which we think, perhaps for the first time, depict the true value of these credits. CIX daily assessments represent the daily spot trading value for immediate delivery of CORSIA Eligible Emissions Units as defined by the International Civil Aviation Authority (ICAO). Our last assessment was USD26/mt on Friday 14th June (Monday was a national holiday in Singapore!). Here is why we think our price benchmarks are the best representation of CORSIA credits: 1️⃣ They represent the spot value of credits today 𝐟𝐨𝐫 𝐢𝐦𝐦𝐞𝐝𝐢𝐚𝐭𝐞 𝐝𝐞𝐥𝐢𝐯𝐞𝐫𝐲, not for future delivery. This is important as what qualifies for CORSIA can regularly change with new guidance from the ICAO’S Technical Advisory Body (TAB). The next TAB Council Session is in Oct-Nov 2024. As such, physically-delivered futures, which in carbon have so far tended to coalesce around December each year, are inherently speculative on the outcome of TAB meetings, while assessments reflecting deliveries sometime this year or at the end of the year also risk being unnecessarily clouded by that uncertainty. A spot price benchmark for immediate delivery will deal with these regular specification changes and provides the basis for better-designed risk management tools and derivatives. 2️⃣ Our benchmarks are “𝐬𝐜𝐫𝐞𝐞𝐧-𝐚𝐬𝐬𝐢𝐬𝐭𝐞𝐝,” prioritizing transactions, bids and offered in the open market on CIX Exchange, which are bona fide firm, pre-funded, executable orders. Today only one project globally has credits in circulation which qualify as CORSIA Eligible Emission Units: Guyana’s project 102 on ART Trees, and these can be offered or bid on our screen. Exchanges create the opportunity for enhanced transparency and direct and open participation in price formation by all professional actors. While screen-based trading activity in the VCM is limited today, it brings substantial advantages and hopefully will grow. 3️⃣ In determining the specific credits qualifying for use in the assessments, CIX 𝐬𝐭𝐫𝐢𝐜𝐭𝐥𝐲 𝐫𝐞𝐟𝐞𝐫𝐬 𝐭𝐨 𝐨𝐟𝐟𝐢𝐜𝐢𝐚𝐥 𝐠𝐮𝐢𝐝𝐚𝐧𝐜𝐞 𝐟𝐫𝐨𝐦 𝐈𝐂𝐀𝐎, without any additional arbitrary restriction, for example of approved registries. As CORSIA specifications evolve, the assessment will update in accordance with the latest specification to always reflect the purest, qualifying spot value of a CORSIA Eligible Emissions Unit. As with all major CIX benchmarks, these two assessments will be externally audited for alignment against the IOSCO Principles for commodity price benchmarks. For more details, including signing up to our daily report or to read our full benchmark methodology please visit https://lnkd.in/exEAQmAw. #corsia #voluntarycarbonmarket #vcm #aviation #icao