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GENEVA and LOS ANGELES – The Voluntary Carbon Standard Association (VCSA) approved the California Climate Action Registry as the first independent greenhouse gas (GHG) offset program it has recognized. Its recognition by VCS provides the foundation for the establishment of common global standards for voluntary GHG emission reduction projects and their offsets. This is significant in unifying international carbon markets and providing a platform that global investors can participate in with confidence.
The offset program, known as the Climate Action Reserve, was launched earlier this year by the California Climate Action Registry, a private nonprofit organization committed to solving climate change through emissions reporting and reduction. The recognition by VCS - one of the most popular and robust global standards - is unprecedented and opens up a new gateway for trading between the U.S. and international voluntary offset markets. The Climate Action Reserve is an open and public program that both establishes guidelines for credible, high quality emissions reduction projects and provides an
online system for tracking qualifying projects and their offset credits, Climate Reserve Tonnes (CRTs).
“The VCS recognition of the California Climate Action Registry’s program is monumental in the development of both the US and global voluntary markets. And because VCS and the California Registry each have strong reputations, it also instills confidence in trading in the US voluntary market,” said Linda Adams, Secretary, California Environmental Protection Agency and Chair of the California Climate Action Registry.
“The VCS Association recognizes that the California Climate Action Registry’s GHG offset program is amongst the strongest anywhere in the voluntary market and is delighted it has become the first such program to be recognized under the VCS. The VCS has a pivotal role to play in developing the world’s carbon market and ensuring that high-quality North American offset credits can now be traded on a global platform. We look forward to working together,” said Mark Kenber, Chair of the VCS Association Board.
Gary Gero, President of the California Climate Action Registry, added “The VCS is a strong foundation for ensuring quality and integrity of GHG offsets internationally, and we are very pleased to have had our program recognized by this important international standard.”
As an approved VCS program, the Climate Action Reserve has demonstrated that its GHG protocols and verifier oversight program meet the VCS standard for public transparency and quality to ensure that offsets are real and credible. Offset projects that meet the Climate Action Reserve’s protocols can now generate VCS credits, known as Voluntary Carbon Units (VCUs). At the same time, CRTs can also be converted to VCUs and traded on a global platform.
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