What process/requirements have been put in place to avoid any risk of double claiming?

Modified on Mon, 9 Dec at 4:54 PM

The project developer must follow one of two routes to ensure the avoidance of double claiming between the use of GS-VERs towards CORSIA and their accounting towards the Nationally Determined Contribution (NDC) of the relevant host country:

Option 1 – Corresponding Adjustment.

Provide evidence that the relevant host country has applied a corresponding adjustment for the GS-VERs, through its Biennial Transparency Report to the UNFCCC. This evidence could be:

A copy of the Biennial Transparency Report, where the country’s application of a corresponding adjustment can be traced to the GS-VERs.
A link to information in the Article 6 Database implemented by the UNFCCC (when available) where the country’s application of a corresponding adjustment can be traced to the GS-VERs.

Option 2 – Guarantee.

Provide a guarantee that, in the event GS-VERs are retired for use under the First Phase of CORSIA but the relevant host country does not apply a corresponding adjustment (‘double-claimed units’), any GS-VERs labelled as eligible for use under the First Phase of CORSIA shall be replaced with an equivalent volume of CORSIA-eligible units.

Project developers choosing to use Option 2 must take the following two steps:

Deed of Undertaking. The project developer must sign a Deed of Undertaking, undertaking that the project developer will replace any double-claimed units in the event that this is demanded by Gold Standard (or a beneficiary) in accordance with the terms and procedures under its GHG Emissions Reduction & Sequestration Product Requirements. This Deed of Undertaking must be signed for each issuance of GS-VERs for which the project developer is seeking eligibility for the First Phase of CORSIA.
Hold an Approved Insurance Policy. The project developer must hold and provide evidence that it holds an insurance policy approved by Gold Standard to support its undertaking to replace any double-claimed units as described above.