International Verified Carbon Standard for Peatlands nds and the

Verified Carbon Standard

Igino Emmer

Developing a roadmap for peatland GHG accounting and carbon markets in the UK

19 January 2012, University of Leeds

Credible project-based activities and carbon markets

•  Standards for project activities –  General requirements and guidance for GHG accounting

–  Procedures for validation and verification –  Registry and clearing house for ‘carbon credits’

•  Methodologies are step-by-step explanations of how emission reductions or removals are to be estimated in line with the requirements following accepted scientific good practice

•  Project description or design documents provide information on how a specific project complies with the requirements and applies the methodology

Verified Carbon Standard

•  Afforestation, Reforestation, Revegetation (ARR)

•  Agricultural Land Management (ALM)

•  Improved Forest Management (IFM)

•  Reduction Emissions from Deforestation and Degradation (REDD)

•  Peatland Rewetting and Conservation (PRC)

VCS as an advanced standard

•  Internal procedures

•  Project requirements

•  Methodology requirements

•  Validation and verification requirements

•  VCS registries

•  All field tested and subject to continuous improvement

The VCS Program aims to:

•  Establish clear rules and procedures to enable the successful development of GHG projects and the creation of high quality GHG credits

•  Create a trusted and fungible GHG credit, the VCU

•  Stimulate innovation in GHG mitigation technologies and measures as well as procedures for validation, verification and registration, all within a context of quality, credibility and transparency

•  Provide a secure registry system for all VCUs that offers assurance against double counting and provides transparency to the public

•  Demonstrate workable frameworks and offer lessons that can be incorporated into other GHG programs and climate change regulation

•  Provide oversight to ensure that investors, buyers and the market recognizes VCUs as being real, additional and permanent

•  Link carbon markets worldwide through a coherent and robust framework

VCS Program Scope

•  The VCS Program provides the standard and framework for independent validation of projects and verification of GHG emission reductions and removals based on ISO 14064-2:2006 and ISO 14064-3:2006.

•  The scope of the VCS Program covers all those activities related to the generation of GHG emission reductions and removals.

•  The scope does not include carbon footprint assessments or carbon neutrality claims.

Principles taken from ISO 14064-2

•  Relevance

•  Select the GHG sources, GHG sinks, GHG reservoirs, data and methodologies appropriate to the needs of the intended user

•  Completeness

•  Include all relevant GHG emissions and removals. Include all relevant information to support criteria and procedures

•  Consistency

•  Enable meaningful comparisons in GHG-related information

•  Accuracy

•  Reduce bias and uncertainties as far as is practical

•  Transparency

•  Disclose sufficient and appropriate GHG-related information to allow intended users to make decisions with reasonable confidence

•  Conservativeness

•  Use conservative assumptions, values and procedures to ensure that net GHG emission reductions or removals are not overestimated

VCS Principles

•  Real

•  Measurable

•  Permanent

•  Additional

•  Independently audited

•  Unique (no double counting)

•  Transparent

•  Conservative •  In addition: VCUs shall not be issued under the

VCS Program for GHG emission reductions or removals that have not been verified.

Linking to Other GHG Programs

•  Approving GHG programs that meet VCS criteria.

•  VCS approval of a GHG program has three implications: –  GHG credits under the approved GHG program may be

cancelled and issued as VCUs (converted into VCUs)

–  Validation/verification bodies under the approved GHG program are approved for VCS validation and verification (for the corresponding sectoral scopes for validation and verification respectively, and provided they have signed the required agreement with the VCSA).

–  Methodology elements under the approved GHG program may be used for developing VCS projects.

Back to peat: PRC categories

Thank you

Igino Emmer igino.emmer@silvestrum.com www.silvestrum.com