Verra Updates on 4.5 Million Over-Issued Carbon Credits from Rejected Rice Projects in China
January 10, 2025 | CarbonCredits.com |
Verra has updated the compensation process for 4.56 million over-issued Verified Carbon Units (VCUs) linked to 37 rejected rice cultivation projects in China. An August 2024 review found that 25 projects issued more credits than earned, undermining carbon market integrity. To date, 480,000 VCUs from five projects have been compensated by Vitol (China) Energy and Timing Carbon Asset Management, while 4.08 million VCUs remain outstanding. Search CO2 (Shanghai) Environmental Science & Technology and Hefei Luyu Agriculture Technology, responsible for these credits, face registry account suspensions until full compensation is made. Verra is also reviewing validation and verification bodies (VVBs) involved, with potential sanctions or suspensions for non-compliance. This decisive action reinforces Verra’s commitment to transparency, accountability, and strengthening the integrity of voluntary carbon markets.
Viewed Articles
January 10, 2025 | CarbonCredits.com | Â Verra has updated the compensation process for 4.56 million over-issued Verified Carbon Units (VCUs) linked to 37 rejected rice cultivation projects in China. A
Read More
February 12, 2025 | Stockholm Environment Institute (SEI) |  Cesar, Colombia’s shift from coal to livestock as an economic strategy raises concerns about replacing one high-emissions industry with ano
November 5, 2024 | Rice Today (IRRI) | Coastal farmers in Bangladesh are battling rising sea levels, salinity and erratic rainfall, threatening food security and livelihoods. Traditional farming metho
January 13, 2025 | World Economic Forum (WEF) |Â This year 2025 marks a pivotal moment for nature-positive finance as financial institutions increasingly align capital flows with biodiversity goals. Ov
January 9, 2025 | Mongabay |  Indonesia’s Forestry Minister Raja Juli Antoni has announced a plan to convert 20 million hectares of forest into food and biofuel estates, raising concerns over deforest
November 20, 2024 | Climate Action |  COP29’s Food, Water, and Agriculture Day highlighted the dual role of agri-food systems in mitigating and adapting to climate change. These systems, responsible f