In a recent update, US carbon standard Verra outlined potential strategies to enhance its role in the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) aviation decarbonisation scheme. During a presentation, Verra discussed the integration of a 'buffer pool' and political risk insurance to solidify its standing as a full supplier of carbon credits.
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The International Civil Aviation Organization (ICAO) requires that such measures meet stringent conditions for accreditation. Verra aims to comply fully with these requirements by the third quarter of this year, enhancing the reliability and scope of carbon credits under the CORSIA framework.
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Justin Wheeler, Verra's senior director, emphasised the development of mechanisms to prevent double-claiming of credits and address non-permanence risks. This includes considering a CORSIA-compliant buffer pool in case credits are deemed temporary and deploying insurance solutions against political risks that could affect the credits' validity.
Verra recently revised its Verified Carbon Standard (VCS) programme to align with the Integrity Council for the Voluntary Carbon Market's Core Carbon Principles, preparing for the first compliance phase of CORSIA spanning 2024–2026.
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Despite conditional approval from ICAO's Technical Advisory Body (TAB) earlier this year, Verra remains optimistic about obtaining full accreditation by September. This approval is crucial as CORSIA's current market lacks diverse credit options, impacting liquidity and attractiveness to airlines, which are major stakeholders in this initiative.
Verra continues to refine its strategies and engage with TAB, indicating a proactive approach to meeting international carbon reduction targets and supporting global aviation’s green transition.
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