16 October 2024
Verra has launched the Methodology Change and Requantification Procedure (PDF). This new procedure enables projects registered in the Verified Carbon Standard (VCS) Program to do the following:
- Update the methodology or methodology version they are using for past verification periods
- Update the respective past monitoring and verification reports to align with the methodology/methodology version to which a project updated
- Requantify the greenhouse gas (GHG) emission reductions and carbon dioxide removals (reductions and removals) from past verification periods in accordance with that methodology
Once Verra approves the requantification request, each VCU holder has the option to reconcile the number of previously issued Verified Carbon Units (VCUs) with the number of VCUs quantified under the new methodology.
This procedure has been submitted as a VCS Program update to the Integrity Council for the Voluntary Carbon Market (ICVCM) for review. Once the ICVCM approves this update, projects can (1) use this procedure to update to a new methodology or methodology version, (2) requantify the reductions and removals from past monitoring and verification periods, (3) reconcile previously issued VCUs to align with the updated quantification, and (4) if the respective methodology/methodology version is approved by the ICVCM as meeting the criteria of the Core Carbon Principles (CCPs), request CCP labels for the reconciled VCUs.
The procedure can be used immediately to update to a methodology or methodology version that is eligible for other market labels, such as Carbon Dioxide Removals and Greenhouse Gas (GHG) Emissions Reductions labels.
Verra has also released a Procedure to Change Project Methodology through a Project Description Deviation for project proponents that are updating the methodology used for future monitoring periods only, as enabled in section 3.21 of the VCS Standard.
Note: Project proponents must update to the latest methodology version for current and future monitoring periods at crediting period renewal or baseline reassessment, or as prescribed in the grace period when a methodology is inactivated. However, project proponents may also choose to update to a different methodology or methodology version for current and future monitoring periods before the end of the methodology grace period using the Procedure to Change Project Methodology through a Project Description Deviation.
DEVELOPMENT PROCESS
In November 2023, Verra announced plans for the creation of this procedure when it submitted an application to have its flagship VCS Program assessed against the ICVCM’s CCPs. From July 9 to August 23, 2024, Verra held a public consultation on the proposed procedure and subsequently reviewed and incorporated stakeholder feedback (see below) into the final procedure.
HOW IT WORKS
Proponents seeking to use the VCS Methodology Change and Requantification Procedure must take the following steps:
- Use the new methodology to prepare an updated Project Description, Reduction and Removal Calculation sheet, and a Requantification Report for assessment by a validation/verification body (VVB)
- Submit a completed Requantification Notification Form to Verra (upon the start of validation/verification)
- Have the updated project description validated and the Requantification Report verified by an accredited VVB
- Submit a verified requantification approval request to Verra and pay the requantification request fee
(The Requantification Notification Form, Requantification Report template, and Requantification Verification Report template are available on the VCS Rules and Requirements page.)
Once Verra approves the request, the VCUs held by the project proponent are reconciled by default. Any other Verra Registry account holders who hold VCUs issued during the affected verification periods also have the option to replace their VCUs with a requantified number of VCUs issued under the new methodology.
The project proponents and VCU holders may also request that the requantified VCUs receive any market labels for which they qualify after upgrading to a different methodology or methodology version (e.g., a CCP label if a methodology is approved by the ICVCM).
VCUs issued under previous methodology versions remain fully valid and reflect the robust program requirements and scientific understanding at the time the VCUs were issued.
NEXT STEPS AND KEY DATES
Requantification Notification Forms: Verra will be able to accept Requantification Notifications via an online form that will be available later this year. Until then, please submit completed Requantification Notification Forms (available on the VCS Rules and Requirements page) to registry@verra.org following the instructions in the VCS Methodology Change and Requantification Procedure.
Requantification Approval Requests: Verra will begin accepting requantification approval requests on January 1, 2025. For projects that complete verification and validation and are interested in requesting a requantification approval sooner, please email registry@verra.org.
The following representations and templates are being released alongside this procedure:
- Requantification and Reconciliation Representation (single project proponent and multiple project proponents)
- Reconciliation Representation (VCU holder)
For further information on the procedure, please contact programupdates@verra.org.
WEBINAR
Verra will host a webinar on October 24, 2024, at 10:00 am ET to provide a detailed overview of the VCS Methodology Change and Requantification Procedure and the Procedure to Change Project Methodology through a Project Description Deviation.
CONSULTATION RESULTS
Verra also released a Summary of Consultation Comments and Verra Responses that outlines the feedback received from stakeholders during the consultation on the VCS Methodology Change and Requantification Procedure. Please review the final procedure document and the feedback summary for a full understanding of the background for these changes as well as detailed information about them.
SUMMARY OF CONSULTATION COMMENTS AND VERRA RESPONSES...
Read the full news release here
