Verra’s New CEO Promises Faster Reviews, But Experts Are Skeptical

Verra, the world’s largest certifier of carbon credits, has announced a new CEO and a revamped approach to project review that has raised eyebrows among independent carbon market experts. Despite letting go of a quarter of its workforce after suffering a $9 million loss last year, Verra plans to expedite project reviews using a “risk-based approach” that categorizes projects based on factors like size and complexity.

The new CEO, Mandy Rambharos, has emphasized that “faster does not equal compromise on integrity,” but concerns have been raised about the potential impact on the quality of verification and the approval of questionable projects. Verra is also implementing a digitalization initiative to enhance transparency, efficiency, and scale up its operations.

The decision to speed up project reviews comes in the wake of criticism over past mistakes, including approving carbon offset projects that later had to be placed under review due to discrepancies. Verra’s long-time CEO stepped down amid falling revenues and rising costs, leading to significant job cuts within the organization.

Independent experts and researchers have expressed skepticism about Verra’s new approach, citing concerns about the organization’s credibility and the potential for more problematic projects to be approved. The lack of transparency around the criteria used to judge project risk has also raised red flags among critics.

Efforts are underway to improve the integrity of the voluntary carbon market, with initiatives like the Integrity Council for the Voluntary Carbon Market and the Voluntary Carbon Markets Integrity Initiative aiming to ensure transparency and accuracy in carbon offset projects. Despite the challenges, some stakeholders remain hopeful that Verra can play a positive role in revitalizing the market.

Overall, the changes at Verra have sparked a debate within the carbon market community, with some welcoming the reforms as necessary improvements while others remain cautious about the potential risks and consequences of the new approach. The future of Verra and its role in the carbon market will likely continue to be a topic of discussion and scrutiny in the coming months.