VM0003 Methodology for Improved Forest Management through Extension of Rotation Age (v1.3)
Table of Contents
Introduction
Verra VM0003 is a carbon offset methodology titled "Improved Forest Management (IFM): Conversion of Logged to Protected Forest, Version 1.3." This methodology quantifies the GHG emission reductions and removals generated from improving forest management practices to increase the carbon stock on land by extending the rotation age of a forest or patch of forest before harvesting. By extending the age at which trees are cut, projects increase the average carbon stock on the land and remove more emissions from the atmosphere.
Policy Description
Purpose: The methodology is designed to incentivize the protection of forests that would otherwise be logged, thereby preventing carbon emissions that would result from logging activities. It helps in sequestering carbon by maintaining the forest biomass and supporting biodiversity. Besides carbon sequestration, projects under VM0003 often deliver additional benefits, such as biodiversity conservation, water regulation, soil protection, and community livelihoods.
Eligibility: To be eligible under VM0003, a project must demonstrate that the forest area would likely continue to be logged in the absence of the project intervention. The methodology applies to areas that have been logged previously but can be protected to allow forest regeneration.
Project Activities: Projects can include various activities such as establishing conservation easements, creating protected areas, or implementing community-based forest management that prevents further logging.
Carbon Accounting: The methodology provides detailed guidance on how to quantify the greenhouse gas emissions reductions achieved by the project. This includes baseline emissions, project emissions, and leakage.
Workflow Description
Project Proponent Submission: The project proponent begins by submitting the Project Design (PD) to Verra. This document includes ex-ante estimates of monitoring parameters and detailed project information demonstrating compliance with VCS program requirements specific to VM0003.
Verra's Initial Review: Verra reviews the submitted Project Design and adds the project to the Project Pipeline.
Validation by VVB: A Validation and Verification Body (VVB) assesses the PD, focusing on the alignment with VCS requirements, and provides a Validation Report.
Ex-post Monitoring and Reporting: The Project Proponent conducts monitoring activities as per the project plan and develops a Monitoring Report. This replaces the ex-ante estimates with ex-post Monitoring, Reporting, and Verification (MRV) data.
Submission to VVB: The Monitoring Report is submitted to the VVB for verification.
VVB's Verification: The VVB verifies the Monitoring Report and issues a Verification Report, Verification Representation, and Verification Statement.
Issuance Request Review and VCUs Issuance: Verra reviews the issuance request. Upon approval, Verified Carbon Units (VCUs) are issued to the Project Proponent's account in the registry.
Continuous Monitoring: Continuously monitor the project's impact according to the established methodology and guidelines, updating the project documentation and reporting to Verra as required.
Ongoing Validation and Verification: Engage with a VVB for periodic validation and verification as per Verra’s requirements and the project's monitoring plan to ensure ongoing compliance and to validate the emission reductions achieved over time.
Demo Video
Demonstration Video (YouTube Link)
Policy Guide
This policy can be imported via Github (.policy file) or IPFS timestamp.
Available Roles
Project Proponent - The project proponent is responsible for executing the emission reduction project. The project proponent must adhere to the requirements outlined by Verra’s VCS program and provide evidence of the emission reductions achieved. Upon successful verification, the project proponent receives Verified Carbon Units (VCU) as an incentives for their emission reductions.
Verification and Validation Body (VVB) - The VVB plays a critical role in independently verifying and validating the project data submitted by the project proponent. They thoroughly assess the project's emission reduction potential, methodologies, and adherence to the policy guidelines. Based on their evaluation, the VVB either approves or rejects the project for registration.
Standard Registry (Verra) – With Verra as the registry they take on responsibilities that encompass project intake, pipeline management, and final review of project descriptions and monitoring reports. This process ensures that emission reduction projects meet the highest standards before tokens are issued.
Important Documents & Schemas
VM0003 - VM0003 provides a framework for projects aiming to reduce GHG emissions by converting previously logged forests into protected forests. This methodology supports forest conservation by preventing further logging activities, thereby maintaining forest biomass and sequestering carbon.
CDM Tool for the demonstration and assessment of additionality (Tool 01) - Designed to determine whether a proposed project activity would be additional, meaning that the project would not occur without the incentive provided by the CDM, thereby ensuring that the project results in real, measurable, and long-term benefits related to the mitigation of climate change.
CDM Tool for calculation of the number of sample plots for measurements within A/R CDM project activities (AR tool 03) - Provides a methodological approach to determine the appropriate number of sample plots required to accurately measure carbon stocks and changes in carbon stocks inA/R projects under CDM.
CDM Tool for testing significance of GHG emissions in A/R CDM project activities (AR Tool 04) - Is used to determine whether the GHG emissions from the proposed A/R CDM (Afforestation/Reforestation Clean Development Mechanism) project are significant enough to warrant further action under the CDM rules.
VCS Tool for AFOLU Non-Permanence Risk Analysis and Buffer Determination - Used to assess the risks of non-permanence (i.e., the reversal of carbon sequestration) in Agriculture, Forestry, and Other Land Use projects and to determine the appropriate buffer credits that need to be set aside in a pooled buffer account, which serves as insurance against potential carbon stock losses, ensuring the environmental integrity of the project.
As of January 1, 2024, stakeholders must use the new version of the AFOLU NPRT and the Risk Assessment Calculator for all project requests. The Project Proponent should append the Risk Report to the Guardian platform as images as part of the Project Description.
Project Description - Project Participant information, standard project information, methodology information like baseline emissions, project emissions, etc.
Monitoring Report - The monitoring report is to be filled out based on the monitoring plan mentioned within the methodology.
Token
Verified Carbon Unit (VCU) credits, each equivalent to one tonne of CO2.
Step-By-Step with Screenshots
Create a new user and assign role as Project Proponent
Click on "New Project" button and enter all the required details
Once project details are submitted, Verra adds the project to the project pipeline
Now, we create a new user and assign its role as VVB.
We need to set VVB name.
Once VVB name is set, it waits for SR to approve it.
Now we login as SR and approve VVB
Now we login as the Project Proponent and assign project to VVB
Now we login as VVB and validate the project by viewing project document details. Once validated, VVB clicks on Validate button
Once validated, we login as Project Proponent and Add Monitoring Report.
Once report is submitted, we now login as VVB and validate the monitoring report by clicking on Verify button.
Once monitoring report is validated, we login as SR and click on Mint to mint the token.
Once minting is completed, we can view tokens in Token History tab
TrustChain can also be viewed by clicking on View TrustChain button.
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