New Carbon Standard Seeks Transparency for Global Offset Market
A newly revised carbon offset standard that aims to boost market confidence and drive investment into credible offset projects and create a tradable voluntary offset credit unit has been launched.
A newly revised carbon offset standard that aims to boost market confidence and drive investment into credible offset projects and create a tradable voluntary offset credit unit has been launched.
The
Voluntary Carbon Standard (VCS) is a global benchmark standard for project-based voluntary greenhouse gas emission reductions and removals. It is the first offset standard to incorporate principles from the International Standards Organization’s ISO 14064 series and ISO 14065.
The VCS includes the creation of a standardized credit unit, the Voluntary Carbon Unit (VCU). The credentials for a VCU include measurability, permanence, and uniqueness to a single green house gas emission reduction or removal.
The VCS 2007 replaces VSC Version 1, which was released in March 2006.
Standardizing the carbon-offset market is hoped to make it more secure.
“The VCS launch mitigates risks associated with the voluntary carbon market which is vital for market growth and our environment,” says Blythe Masters, global head of commodities with JP Morgan.
Market analysts estimate that annual transactions in the voluntary carbon market could reach US$4billion in the next five years.
The VCS was developed by The Climate Group, the International Emissions Trading Association, the World Business Council for Sustainable Development and a range of business, government and non-government organizations.
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