Verra has published an initial list of three approved insurers to support project developers seeking to generate Verified Carbon Units (VCUs) eligible for use under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).
The move expands the options available for credits issued under Verra’s Verified Carbon Standard (VCS) programme to receive a CORSIA label and be used by aircraft operators under the scheme established by the International Civil Aviation Organization (ICAO).
The approved insurance providers are CFC Underwriting Limited, Oka – The Carbon Insurance Company, and Artio Carbon Limited. Verra said the insurance products offered by each carrier were independently assessed by global insurance intermediary Howden to ensure they meet the programme’s eligibility criteria.
Under CORSIA rules, eligible VCUs issued from 2021 onwards may only be used where the risk of double claiming has been addressed. Double claiming arises when the same emission reduction is counted both towards a host country’s national climate targets and an aircraft operator’s CORSIA obligations.
To prevent this, host countries are required to apply a corresponding adjustment in their national carbon registries, linked to UNFCCC reporting. Where such adjustments have not yet been made, project developers must mitigate the risk of double claiming by securing insurance coverage that compensates for any affected VCUs.
Verra has also updated its CORSIA Accounting Deed of Representation and related insurance criteria following feedback from project proponents on an earlier draft published last month. The current deed applies to projects with a single proponent, while a revised version covering projects with multiple proponents is expected to be released in the coming days.
