On December 12, Verra talked about in its press release that The United Nations Worldwide Civil Aviation Group (ICAO) has accepted utilizing the Verified Carbon Normal (VCS) Program in the course of the first section (2024–2026) of the Carbon Offsetting and Discount Scheme for Worldwide Aviation (CORSIA).
This resolution marks a major milestone for the rising CORSIA carbon market. Subsequently, airways with an important new supply of carbon credit can meet their aviation emissions mitigation mandates.
Moreover, ICAO launched an up to date Eligible Emissions Units documentoutlining particular VCS credit score classes and vintages accepted to be used in CORSIA’s preliminary section.
Aviation’s Carbon Footprint Set to Soar by 2050
Air journey has turn into a significant contributor to world carbon emissions. Local weather consultants predict will probably be a type of hardest sectors to decarbonize within the coming a long time. North America is predicted to stay the highest emitter, whereas Asia’s aviation market, pushed by China and India, is projected to develop the quickest. The Asia-Pacific area total is prone to cut back its hole with North America, solidifying its place because the second-largest emitter.
Statesman has offered Bloomberg BNEF information showcasing aviation-related carbon emissions that are set for a pointy rise throughout all areas over the following 30 years. In 2019, North America generated an estimated 293 million metric tons of CO₂ from aviation, however it might probably exceed 440 million metric tons by 2050. The Asia-Pacific area trailed at 230 million metric tons in 2019 however is forecasted to succeed in 418 million metric tons by 2050.
- Globally, aviation emissions might attain practically 2 billion metric tons by mid-century—nearly 2X the pre-pandemic ranges of 2019 and practically 4X the emissions recorded within the Nineties.
Addressing this steep rise would require daring, modern methods to decarbonize air journey and mitigate its influence on local weather change.
CORSIA’s First Part: Expanded VCS Eligibility
With this approval, the variety of Verified Carbon Items (VCUs) that will turn into eligible for LANE labels will get a vital increase. Whereas most VCUs are coated beneath this resolution, ICAO has excluded particular challenge sorts and methodologies.
What’s Included?
Right here’s what stays eligible for Agriculture, Forestry, and Different Land Use (AFOLU) tasks in REDD+ international locations:
- Small-scale tasks: These producing lower than 7,000 tCO2e of reductions and removals yearly.
- Tasks utilizing particular methodologies: These embrace VM0012, VM0017, VM0021, VM0022, VM0024, VM0026 (and VMD0040), VM0032, VM0033, VM0036, VM0041, and VM0042.
- “Nested” tasks: Tasks built-in into jurisdictional REDD+ accounting beneath Situation 2a or Situation 3 of Verra’s Jurisdictional and Nested REDD+ (JNR) Framework.
Moreover, Verra’s new REDD methodology (VM0048) has been made eligible for CORSIA’s first section beneath these pointers.
What’s Excluded?
Verra has raised issues about sure exclusions in CORSIA’s first section (2024–2026) eligibility guidelines, highlighting inconsistencies in how they’ve been utilized throughout crediting applications. The group is actively working with ICAO to deal with these points in future eligibility choices.
So, the important thing exclusions which can be beneath assessment are:
1. Cookstove Methodologies
Credit from methodologies AMS-II.G. and VMR006 had been excluded from the VCS Program however stay eligible beneath different applications utilizing comparable strategies. Verra questions this inconsistency and urges ICAO to reassess these exclusions.
2. Carbon Seize and Storage (CCS)
Methodologies beneath sectoral scope 16, which incorporates CCS tasks, have been excluded. Whereas ICAO remains to be evaluating if carbon dioxide elimination (CDR) actions meet CORSIA necessities, Verra emphasizes that CCS extends past CDR and performs a essential position in limiting world warming. Verra believes CCS projects meet CORSIA standards and ought to be absolutely eligible, notably in international locations with ICAO-approved greenhouse gasoline applications overlaying these actions.
3. Sure AFOLU Tasks
AFOLU (Agriculture, Forestry and Different Land Makes use of) tasks not “nested” into jurisdictional REDD+ frameworks had been excluded regardless of utilizing superior methodologies. Verra argues for stronger recognition of those tasks’ high-quality accounting, notably beneath methodologies like:
- VM0045 Methodology for Improved Forest Administration Utilizing Dynamic Matched Baselines from Nationwide Forest Inventories
- VCS Methodology VM0047 Afforestation, Reforestation, and Revegetation,
- VCS Methodology VM0048 Decreasing Emissions from Deforestation and Forest Degradation.
Moreover, Verra stresses the significance of truthful and constant eligibility standards for CORSIA. By addressing these exclusions, ICAO can guarantee higher entry to high-quality carbon credit and assist impactful local weather motion within the aviation sector.
Mandy Rambharos, CEO, Verra famous,
“VM0047 provides a scientifically robust approach for projects removing carbon from the atmosphere through tree planting or the restoration of ecosystems. The ICVCM’s approval of VM0047 is a testament to the methodology’s rigor and credibility and an important milestone in driving global investment to high-integrity ARR projects—a critical nature-based approach to carbon removals.”
Supply: ICAO
Article 6 Authorization and Updates for CORSIA
Verified Carbon Items (VCUs) from 2021 onward will need to have an “Article 6 Authorized – International Mitigation Purposes” label to qualify to be used beneath CORSIA. This requirement aligns with the Paris Settlement’s mitigation framework. Verra’s Article 6 Label Steering supplies detailed data on these labels, and an up to date model, reflecting choices from COP29might be launched early subsequent 12 months.
Transferring on, Verra can also be finalizing extra assurance necessities. This can guarantee there is no such thing as a double claiming of mitigation outcomes for VCUs with vintages from 2021. These necessities will quickly be printed to information challenge proponents in assembly the required requirements.
Subsequent Steps for Verra
Verra plans to launch a brand new CORSIA Label Steering doc within the coming weeks. This doc will present particulars on a number of key updates, together with:
- The VCS Program’s revised CORSIA eligibility.
- New labels differentiating between the pilot section (2021–2023) and the primary section (2024–2026).
- Directions for challenge proponents to request CORSIA labels for VCUs generated by their tasks.
Moreover, the press launch highlighted that the Verra Registry has already been up to date to indicate these adjustments. This implies VCUs with LANE labels from the pilot section might be mechanically up to date to show the brand new label designations, making certain consistency with the most recent eligibility choices. These steps intention to streamline the method and improve readability for stakeholders as CORSIA’s first section progresses.
This method presents extra flexibility to airways to fulfill CORSIA necessities and helps the worldwide aviation trade’s efforts to carbon neutrality. Furthermore, the expanded eligibility is predicted to create extra demand for VCUs whereas supporting credible emissions reduction efforts worldwide.
LATEST: Verra Unveils Steering for ICVCM CCP Label on Carbon Credit
In one other situation, on December 13, Verra printed a detailed guide to assist challenge proponents apply the Integrity Council for the Voluntary Carbon Market (ICVCM) Core Carbon Ideas (CCP) label to Verified Carbon Items (VCUs).
Verra talked about,
The discharge of ICVCM CCP Label Guidance, v1.0 follows the ICVCM’s latest approvals of the Verified Carbon Normal (VCS) Program (Might 2024), VCS Methodology VM0048 Decreasing Emissions from Deforestation and Forest Degradation (November 2024), and VCS Methodology VM0047 Afforestation, Reforestation, and Revegetation (December 2024).
Computerized Labeling for Authorised Tasks
When the ICVCM approves a strategy, tasks utilizing it mechanically obtain the CCP label on their issued VCUs supplied they meet all extra standards. Nevertheless, there are conditions the place tasks might have to manually request the CCP label.
This contains instances the place VCUs weren’t mechanically labeled however nonetheless qualify for the label, or when a challenge updates its methodology to an ICVCM-approved model for previous verification durations. To facilitate this course of, Verra will launch a digital kind for CCP label requests in 2025, accompanied by detailed directions to information customers by way of the applying course of.
Updating to ICVCM-Authorised Methodologies
Verra has launched two steerage paperwork to streamline methodology updates:
- Methodology Change and Requantification Process, v4.0 permits tasks to replace their methodology or model for previous verification durations.
- Process to Change Methodology by way of a Venture Description Deviation, v4.0 helps tasks transition to a unique methodology or model for present and future monitoring durations.
With these updates, Verra goals to make it simpler for tasks to fulfill ICVCM requirements, making certain high-quality carbon credits whereas supporting world local weather motion. The brand new steerage supplies the instruments wanted for tasks to align with evolving requirements within the voluntary carbon market.
