The VCS Program:
REDD Developments

17 February 2011
Tokyo International ForumTokyo, JapanOverview
1) The Voluntary Carbon Standard
2) Recent REDD Developments
3) Looking Ahead1) The Voluntary Carbon Standard (VCS)• Established by leading NGOs (IETA, WBCSD, The
Climate Group, WEF) to:
9 Establish a global benchmark for quality emission reductions
9 Provide a framework to bring coherence to the voluntarycarbon market
9 Foster innovation within a context of quality, credibility andtransparency
9 Demonstrate workable frameworks that can beincorporated into compliance regimes worldwide
9 Streamline project registration and credit issuance process

The VCS Association• Non‐profit organization
9 Headquartered in Washington, DC
9 Also has a Swiss entity• Single focus – to develop and manage the platform:
9999No consulting
No methodology development
No validation/verification
No project development or proprietary positions• Funded primarily by VCU levy ($0.10 per VCU)
9 Foundation grants help supplement special initiatives

Name Change• Will become Verified Carbon Standard
9 VCUs will become Verified Carbon Units
9 VCSA will become Verified Carbon Standard Association• Rationale
9 Wanted to bring “quality” into the name more forcefully
9 “VCS” is recognized
9 “Voluntary” did not add much value• Timeline
9 Change becomes effective 1 March 20119 New logo use and trademark agreements available
9 New website late May

New Trademark and Logo

VCS Version 3• Launch date: 8 March 2011
• 60‐day public comment period
9 11 August – 10 October 2010
9 349 comments received – approx 50% on AFOLU• Key improvements
9 Streamlined program documentation – easier to follow
9 Further specification on certain areas–Project grouping (aka, programmatic)–Appeals process

9 New AFOLU category: Peat Rewetting and Conservation(PRC)
9 Revised non‐permanence risk tool2) Recent REDD Developments• 4 REDD methodologies approved
9VM0004: Conservation projects that avoid planned land use conversionof undrained tropical peat swamp forests in SE Asia (23 August 2010,Infinite Earth)9

VM0006: Reduced emissions from mosaic deforestation anddegradation (3 December 2010, Terra Global Capital LLC)

9

VM0007: REDD modules: reducing emissions from planned andunplanned deforestation, as well as forest degradation caused byextraction of wood for fuel (3 December 2010, Avoided Deforestation
Partners)

9

VM0009: Emissions reductions and/or removals from project activities
that avoid mosaic deforestation of semi‐arid tropical forests (11 January2011, Wildlife Works)• 3 more REDD methodologies under development

Other AFOLU Methodologies• Improved Forest Management
9VM0005: Net GHG benefits of IFM projects in natural evergreen tropicalrainforests that avoid emissions from re‐logging already logged‐overforest, and rehabilitation of previously logged‐over forest by cuttingclimbers and vines, or liberation thinning, or enrichment planting (or acombination of these activities) (23 November 2010, Face the Future)

9

VM0010: Projects that protect unlogged tropical forests that would belogged in the absence of carbon finance (11 February 2011, GreenCollar
Climate Solutions)• Agricultural Land Management
9

Sustainable agricultural land management

9

Sustainable/improved grassland management

9

Reduced N2O emissions from reduced fertilizer application

REDD VCUs
• First REDD VCUs issued
9 8 February 2011
9 Kasigau corridor REDD project – Phase I, Rukinga Sanctuary,Kenya
9 1,160,263 VCUs issued— Vintages: 2005 – 2010
— 290,066 emissions reductions into VCS buffer account

9 CCBA certification: Gold
9 Project Proponent: Wildlife Works• More projects on the way . . .

3) Looking Ahead: Nesting of REDD Projects• Funding provided by Climate and Land Use Alliance(CLUA)• Objectives
9

Establish VCS criteria for crediting REDD programs at the jurisdiction
level

9

Establish VCS criteria to enable individual REDD projects to be credited
within jurisdictional programs

9

Establish VCS criteria for the creation/use of jurisdictional baselines• Process9Establishment of Advisory Committee and Technical Experts groups—9Received more than 150 applications for Advisory Committee

Peer review and public consultations

Nesting of REDD Projects (cont.)• Potential uses of results (VCS criteria)
9 Develop projects and programs under the VCS
9 Use VCS framework to meet key accounting requirements ofemerging compliance regimes (e.g., CA), but using
compliance mechanisms for enforcement
9 Use VCS framework (with or without independentverification) to report performance to donors (but notnecessarily issuing “credits”• Timing‐ End of 2011

Thank you
David Antonioli (CEO)Tel: +1 202 296 1427
dantonioli@v‐c‐s.org
VCS Association
1730 Rhode Island Avenue, NW
Suite 803
Washington, DC 20036
www.v‐c‐s.org