Verra, the world’s leading standard setter for climate action and sustainable development, has signed a Memorandum of Understanding (MOU) with Citi, a global financial services company, during Climate Week NYC.
The collaboration aims to enhance Citi’s expertise in social and environmental markets by engaging with Verra’s Verified Carbon Standard (VCS) Program and Plastic Waste Reduction Program. In return, Citi will provide Verra with insights into innovative financial tools that can integrate with Verified Carbon Units (VCUs) and Plastic Credits, creating more dynamic solutions for global environmental challenges.
“We are excited to collaborate with Citi to build its capacity to get involved in voluntary carbon and other environmental markets. This MOU demonstrates our shared commitment to addressing the global climate crises by leveraging market mechanisms to drive meaningful solutions,” said Mandy Rambharos, Verra CEO.
Philip Brown, global head of sustainable debt capital markets at Citi said, “We are thrilled to partner with Verra as Citi develops fixed-income products which allow investors to finance high-impact projects in emerging markets.”
Under this partnership Verra will offer Citi specialised training on the VCS and Plastic Waste Reduction Programmes to enhance Citi’s understanding of these markets. At the same time, Citi will explore innovative financial products aligned with Verra’s standards, opening new opportunities for voluntary carbon and environmental markets. Additionally, Citi may host webinars, workshops, and seminars with potential market participants to further broaden the impact of this collaboration.
