VCS Standard - Verra

1 VCS Standard 22 April 2021 ABOUT Verra . Verra supports climate action and sustainable development through the development and management of standards , tools and programs that credibly, transparently and robustly assess environmental and social impacts, and drive funding for sustaining and scaling up these benefits. As a mission-driven, non- profit (NGO) organization, Verra works in any arena where we see a need for clear standards , a role for market-driven mechanisms and an opportunity to achieve environmental and social good. Verra manages a number of global standards frameworks designed to drive finance towards activities that mitigate climate change and promote sustainable development, including the Verified Carbon Standard (VCS) Program and its Jurisdictional and Nested REDD+ framework (JNR), the Verra California Offset Project Registry (OPR), the Climate, Community & Biodiversity (CCB) standards and the Sustainable Development Verified Impact Standard (SD VISta).

2 Verra is also developing new standards frameworks, including LandScale, which will promote and measure sustainability outcomes across landscapes. Finally, Verra is one of the implementing partners of the Initiative for Climate Action Transparency (ICAT), which helps countries assess the impacts of their climate actions and supports greater transparency, effectiveness, trust and ambition in climate policies worldwide. Intellectual Property Rights, Copyright and Disclaimer This document contains materials, the copyright and other intellectual property rights in which are vested in Verra or which appear with the consent of the copyright owner.

3 These materials are made available for you to review and to copy for the use (the Authorized Use ) of your establishment or operation of a project or program under the VCS Program (the Authorized Use ). Except for the Authorized Use, all commercial use of this document is prohibited. You are not permitted to view, download, modify, copy, distribute, transmit, store, reproduce or otherwise use, publish, license, transfer, sell or create derivative works (in whatever format) from this document or any information obtained from this document otherwise than for the Authorized Use or for personal, academic or other non-commercial purposes.

4 All copyright and other proprietary notices contained in this document must be retained on any copy that you make. All other rights of the copyright owner not expressly dealt with above are reserved. No representation, warranty or guarantee express or implied is made in this document. No representation, warranty or guarantee express or implied is made that the information provided is accurate, current or complete. Whilst care is taken in the collection and provision of this information, Verra and its officers, employees, agents, advisers and sponsors will not be liable for any errors, omissions, misstatements or mistakes in any information or damages resulting from the use of this information or any decision made or action taken in reliance on this information.

5 1. CONTENTS. 1 INTRODUCTION .. 1. Version .. 1. Language .. 1. 2 VCS PROGRAM SPECIFIC 2. Scope of VCS Program .. 2. Principles .. 4. Timing of Crediting .. 4. AFOLU Non-Permanence Risk and Pooled Buffer Account .. 5. AFOLU Leakage Assessments .. 6. 3 PROJECT REQUIREMENTS .. 7. General Requirements .. 7. AFOLU-Specific Matters .. 8. ODS-Specific Matters .. 15. Project Documentation .. 17. Project Design .. 18. Ownership .. 24. Project Start Date .. 25. Project Crediting Period .. 27. Project Scale .. 29. Project Location .. 30. Project Boundary .. 32.

6 Baseline Scenario .. 32. Additionality .. 33. Quantification of GHG Emission Reductions and Removals .. 34. Monitoring .. 38. Safeguards .. 39. Methodology Deviations .. 43. Project Description Deviations .. 44. Participation under Other GHG Programs .. 45. 2. Other Forms of Credit .. 48. Records and Information .. 50. 4 VALIDATION AND VERIFICATION REQUIREMENTS .. 51. Introduction and General Requirements .. 51. APPENDIX 1 ELIGIBLE AFOLU PROJECT CATEGORIES .. 56. Afforestation, Reforestation and Revegetation (ARR) .. 56. Agricultural Land Management (ALM).

7 56. Improved Forest Management (IFM) .. 57. Reduced Emissions from Deforestation and Degradation (REDD).. 57. Avoided Conversion of Grasslands and Shrublands (ACoGS) .. 58. Wetlands Restoration and Conservation (WRC) .. 59. APPENDIX 2 DOCUMENT HISTORY .. 63. 3. 1 Introduction 1 INTRODUCTION. The VCS Standard provides a global Standard for GHG emission reduction and removal projects and programs. It uses as its core the requirements set out in ISO 14064-2:2006, ISO 14064-3:2006 and ISO 14065:2013. The three principal documents of the program are the VCS Program Guide, the VCS.

8 Standard , and the VCS Methodology Requirements. The VCS Program Guide describes the rules and requirements governing the VCS Program and further describes the constituent parts of the program such as the project and program registration process, the Verra registry system, the methodology approval process and the accreditation requirements for validation/verification bodies. The VCS. Standard provides the requirements for developing projects and programs, as well as the requirements for validation, monitoring and verification of projects, programs and GHG emission reductions and removals.

9 The VCS Methodology Requirements provides the rules and requirements for developing new VCS methodologies. The VCS Program Guide should be read before using the VCS Standard or the VCS. Methodology Requirements. Verra recognizes the kind agreement of the International Organization for Standardization (ISO, ) to allow inclusion of critical clauses of ISO 14064-2:2006 and ISO 14064-3:2006 in the VCS Program documentation to facilitate comprehension. In particular, the sections in this document on project and methodology requirements include text drawn from ISO 14064-2:2006 clause 5 and ISO.

10 14064-3:2006 clause , amended where necessary to fit the context of the VCS Program. Version All information about version control under the VCS Program is contained in the VCS Program Guide. This document will be updated from time-to-time and readers shall ensure that they are using the most current version of the document. Where external documents are referenced, such as the IPCC 2006. Guidelines for National GHG Inventories, and such documents are updated, the most recent version of the document shall be used. Previous versions of the VCS Program may have included different rules and requirements than those set out in this version.