Carbon credit verification body Verra has published guidance on how Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) labels for eligible carbon credits can be requested. Last October, the United Nations International Civil Aviation Organization approved Verra’s Verified Carbon Standard (VCS) Program, making it eligible for airlines to use carbon credits verified by Verra during CORSIA’s first phase. The guidance document provided an updated overview of eligibility for the pilot and first phases of CORSIA, and information on how project proponents can request CORSIA labels for VCUs that their projects generate. It also offers details on new CORSIA labels on the Verra Registry, which indicates what VCUs are eligible for CORSIA’s pilot and first phases. CORSIA aims to stabilise carbon emissions at 2019 levels, which can be done by offsetting surplus or excess emissions through carbon credits. As of 1 January, 129 states responsible for more than 75% of international aviation activity participate in CORSIA’s voluntarily first phase. Participation becomes mandatory in its second phase, which will run from 2027-2035. Earlier this month, MSCI forecast that the global carbon credit market would grow at least fivefold by 2030, with the market currently worth US$1.4 billion.
