Nov. 19, 2007 Buyers and sellers of carbon credits now have a new form of quality assurance for carbon offset projects. The Voluntary Carbon Standard (VCS), launched today at the London Stock Exchange, offers third-party verification for project-based greenhouse gas emission reductions.

The new standard is the culmination of a two-year partnership led by The Climate Group, the International Emissions Trading Association (IETA), and the World Business Council for Sustainable Development (WBCSD).

By offering third-party verification for offset projects, the VCS aims to boost consumer confidence in the growing voluntary carbon market. "Its robust quality assurance will trigger a new global confidence in the voluntary market from corporate buyers, consumers, and policy-makers, according to Mark Kenber, policy director of The Climate Group and co-chair of the VCS Steering Committee.

The added credibility is a boon for sellers as well, says Adam Kirkman, program manager at the WBCSD. "The Voluntary Carbon Standard provides additional incentive to business to invest internationally in low-carbon technologies, allowing companies to monetize the gains from their early voluntary actions," he says.

Earlier this month, The Climate Group and five other nonprofit organizations launched the Offset Quality Initiative (OQI) to promote U.S. policies that support high-quality carbon offsets.