Verra, the world’s largest carbon registry, recently paused crediting activities related to the use of the United Nations Framework Convention on Climate Change’s (UNFCCC) Clean Development Mechanism (CDM) on rice cultivation methodology. This is due to concerns that the methodology may not meet certain regulatory requirements or provide accurate data. The CDM AMS-III.AU applies to reduced anaerobic decomposition of organic matter in rice cropping soils, and includes projects such as changing the water regime during the cultivation period from continuous to intermittent flooded conditions and/or a shortened period of flooded conditions, alternate wetting and drying method and aerobic rice cultivation methods, and changing the rice cultivation practice from transplanted to direct seeded rice. The project must provide training and technical support to farmers during the cropping season, and should not lower rice yield or be subject to local regulation restrictions. Verra has registered 37 projects using the CDM rice cultivation methodology, 25 of which have issued verified carbon units or carbon credits amounting to 4.56 million, which accounts for only 0.43% of all carbon credits issued and verified by Verra. Verra will review the methodology and publish results as they become available.
ICE is preparing to introduce a futures market for carbon credits under CORSIA, which will focus on reducing airline emissions.
Intercontinental Exchange (ICE) announced plans to launch a physically delivered futures contract for carbon credits eligible for use by the...