In the Media

VCS Version 3 updates: Standardized methods, AFOLU carbon pools, methodology grace periods

February 01, 2012

VCS

VCS today released updates to several Version 3 Program Documents. The main updates include:

  • New requirements for developing standardized methods, accompanied by a guidance document;
  • Expanded requirements governing the treatment of carbon pools in AFOLU methodologies;
  • Updated grace periods for methodologies that are revised;
  • Updated rules on double counting to clarify requirements governing double monetization and double selling versus double claiming. See Double Counting Policy Brief;
  • Updated regulatory surplus rules to distinguish between Annex I and non-Annex I countries;

 

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As part of ongoing work to ensure all program elements meet or exceed evolving best practice, VCS will review several methodologies to ensure they align with program updates released today. Next steps will be announced on 30 March 2012.

 

VCS may determine that one or more methodologies need clarifications or updates. In this event, project proponents will have a six-month grace period to use the existing version of the methodology, meaning projects would need to complete validation by 30 September 2012. It is expected that updated versions of most or all methodologies will be available before grace periods expire.

 

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Keywords: AFOLU, methodologies, Standards, VCS