What is VER’s?
Voluntary Emissions Reductions or Verified Emissions Reductions (VERs) refer to the market for carbon credits outside the Kyoto Protocol compliance regime. VERs are not mandated by any law or regulation, but originate from an organisation’s desire to take active part in climate change mitigation efforts VERs therefore cannot be used to offset compulsory emission reductions in legislated cap-and-trade schemes.
VERs are derived from project-based emission reductions, ranging from a wide range of technologies and project types. A VER typically represents one ton of GHG emission reductions (avoided emissions) expressed in carbon dioxide equivalent units reduced – hence CO2 emission reductions, or VERs.
The voluntary carbon market is now growing because companies, government bodies, non-governmental organisations, and others that are often not subject to binding greenhouse gas regulations wish to:
- Make a quantifiable contribution to reduce emissions
- Increase response options and flexibility of carbon management
- Enhance public relations
- Generate goodwill by entering the carbon market
- Cement strategic interest in specific offset projects
- Manage corporate social responsibility commitments
- Become carbon neutral and/or sell carbon neutral products and services
VERs may be developed and calculated in compliance with one of several VER standards such as the Voluntary Carbon Standard (VCS), Gold Standard (GS), VER Plus (VER+) or California Climate Action Registry (CCAR).
All VERs at a minimum should be verified by an independent third-party.
VER credits are not liquid credits and do not have a transparent and clear market for exchange and therefore may not be suitable for short-term or speculative activity. Caution must be exercised when buying VERs as they can vary largely in their quality. Buyers should make sure that they perform due diligence prior to making a purchasing decision.
Promethium Carbon’s services
We offer a range of VER-related services that include:
- VER project identification and viability studies;
- All aspects of VER project development;
- System readiness reviews for VER projects approaching and during verification under the VER+, GS or VCS schemes;
- Advisory work on VER monetising strategies;
- Identifying suitable VERs so that clients can become carbon neutral.