Voluntary Emission Reductions or Verified Emission Reductions (VERs) are a type of carbon offset exchanged in the voluntary or over-the-counter market for carbon credits. Verified Emission Reductions are usually certified through a voluntary certification process.
Verified Emission Reductions are usually created by projects which have been verified outside of the Kyoto Protocol. One VER is equivalent to 1 tonne of CO2e emissions. Through these schemes, industries and individuals voluntarily compensate for their emissions or provide an additional contribution to mitigating climate change.
VERs may be developed and calculated in compliance with one of several VER standards. These set out rules defining how emission reductions are measured. Standards provide assurance for buyers of VERs. At a minimum, all VERs should be verified by an independent third party.
Credits sourced specifically for the OTC market are often generically referred to as Verified (or Voluntary) Emission Reductions (VERs) (p 9)CS1 maint: extra punctuation (link)
A VER project has its GHG emission reductions certified under a voluntary certification process. VERs (Verified Emission Reductions) can be traded on the so-called voluntary carbon market