Sunday, March 12, 2023

Verra to replace its rainforest offsets scheme

Verra will phase out programme by mid-2025 after Guardian investigation found it was flawed

Greenfield P / The Guardian / 10 Mar 2023 / Biggest carbon credit certifier to replace its rainforest offsets scheme

More shade on Verra, the largest nature-based carbon credit certifier. Something to consider when developing blue carbon market projects. Article highlights:

  • authors of Verra’s own rules for the carbon credits say they are flawed and open to exploitation, potentially allowing tens of millions of worthless carbon credits to be issued and sold to companies in the meantime.
  • [Verra] said it would update its methodologies in the coming months and the new methodology would be available this year.
  • the author of a widely used methodology, said it was “tempting to abuse the flexibility of these models” that Verra allows. 
  • Prices and demand for Verra’s rainforest offsets dropped after the investigation (see Guardian article), following a longer-term fall in the market since it peaked in 2021.
  • Verra has validated credits using disgraced methodologies and now they say they are going to change everything. Those credits are mostly hot air. What’s going to happen to the projects?
How companies use carbon offsetting to hit emissions goals