Carbon projects reduce emissions and drive needed funding to local communities.
Sharm El-Sheikh, Egypt, 11 November 2022 | Today, Verra issued the one billionth carbon credit from the Verified Carbon Standard (VCS) Program, the world’s leading standard for certifying activities that address greenhouse gas emissions.
This announcement represents one billion fewer tonnes of CO2 in the atmosphere – a major achievement that occurs during COP27, where carbon markets are key to reducing global emissions while also driving needed funding to Indigenous peoples and local communities for conservation, adaptation, and sustainable economies.
The one billionth credit was issued from the Chyulu Hills REDD+ Project, Kenya. This project is entirely owned and managed by local communities and institutions, and provides long-term sustainable financing to maintain the ecological integrity of an iconic African landscape, protecting a high-value wildlife and biodiversity area while supporting the development needs of Indigenous and local communities. This project is also certified as meeting Verra’s Climate, Community & Biodiversity (CCB) Standards.
The project’s proponent is the Chyulu Hills Conservation Trust, a partnership that includes two government agencies, three local NGOs and four Maasai Indigenous group ranches, with support from Conservation International.
“The Maasai communities have been funded by the carbon credit revenue to develop a sustainable local economy based on protecting the natural environment while maintaining our cultural link to the land, building a better future for generations to come.”‘ – Samson Parashina, Maasai leader and Chairman of the Chyulu Hills Conservation Trust.
“I am incredibly proud that Verra has achieved this milestone, especially because it means we have mobilized billions of dollars, improved thousands of lives, and conserved precious ecosystems. And yet, we must realize that one billion tonnes is just a down payment on the work ahead of us all, given the scale of the climate emergency. We look forward to supporting the market as it grows and generates even more climate action through carbon finance.” – David Antonioli, CEO, Verra.
Verra issued its first credit on 18 March 2009. Each credit represents one tonne of carbon dioxide (or equivalent of another greenhouse gas) that an activity reduces or removes against the baseline level of emissions that would have occurred in the absence of the activity.
Verra is a non-profit organization that operates the world’s leading carbon crediting program, the Verified Carbon Standard (VCS) Program, as well as other programs in environmental and social markets. Verra is committed to help reduce greenhouse gas emissions, improve livelihoods, and protect natural resources by working with the private and public sectors.
Source: verra.org/verra-issues-1-billionth-carbon-credit/
