Verra Launches Public Consultation on ABACUS Market Label for Nature-Based Removal Credits
Verra is launching a public consultation on the ABACUS label, a new market label that can be applied to VCUs from projects validated and verified to Verra’s new ARR methodology if these units meet a set of key quality requirements.
By clearly identifying units that meet the proposed requirements, the ABACUS label aims to unlock finance for high-quality and trusted carbon removals, scaling the growth of nature-based greenhouse gas removal projects and catalyzing the market for the high-integrity credits these projects issue. The ABACUS label will allow for the piloting and testing of new concepts, which enables Verra and the ABACUS Working Group to monitor the performance of these concepts and facilitate their further development and workability for future methodological innovations.
For projects to issue VCUs with the ABACUS label, they must meet critical requirements relating to the following aspects:
- Additionality and baseline: Projects must use a dynamic performance benchmark that tracks carbon stock change in matched controls throughout the project’s lifetime.
- Leakage: Projects must effectively eliminate leakage by maintaining or enhancing agricultural production in the project or surrounding landscape.
- Greenhouse Gas Accounting: Project quantification must be based on directly measured in-sit( article continues at Verra )Read Full Article