The Spanish Ministry for the Ecological Transition and the Demographic Challenge has announced the approval of the Verra methodology for carbon offset projects, allowing project owners to use Verra Credits, also known as Verified Carbon Standard (VCS) credits, as an alternative to the Spanish Carbon Footprint Register. This decision follows the recognition of the Verra Standard as a voluntary carbon market standard by the United Nations Framework Convention on Climate Change in May 2019.
Gold Standard, a leading certification body helping businesses and governments measure, report, and offset their carbon emissions, has been working with Verra to develop the methodology, which sets out rigorous standards for carbon offset projects and ensures that the environmental impact is credible and transparent. This partnership aims to promote consistent and meaningful action against climate change, and to support the creation of a more sustainable future.
The Verra Credits, which are generated by carbon offset projects, are purchased by companies and organizations to compensate for their greenhouse gas emissions that cannot be reduced through internal measures or other emissions reduction projects. By investing in carbon offset projects, companies encourage sustainable development in developing countries, facilitate the transition to low-carbon economies, and contribute to the achievement of the Paris Agreement goals.
The Spanish Carbon Footprint Register, launched in 2014, is a mandatory system for companies that want to publicly disclose their carbon footprint and offset their emissions. It runs alongside the Spanish Emissions Trading System and aims to encourage companies to reduce their carbon emissions and promote sustainable practices.
The approval of the Verra methodology by the Spanish Ministry for the Ecological Transition and the Demographic Challenge offers companies an additional option to offset their emissions, potentially increasing the availability of quality carbon offsets and encouraging the development of new carbon offset projects. This decision reflects the growing demand for carbon offsets as companies strive to meet their emissions reduction targets and to demonstrate their commitment to sustainability.