Verra and Gold Standard have both launched new frameworks allowing the use of insurance to manage double claiming risks and support the eligibility of carbon credits under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).
Verra now permits Verified Carbon Units (VCUs) from 2021 onward to qualify for CORSIA if they:
- Carry an Article 6 label (indicating host country authorization), and
- Either have a corresponding adjustment in place, or
- Are supported by a CORSIA Accounting Representation (forthcoming) plus a Verra-approved insurance policy.
Verra will appoint an insurance expert to review insurance products for compliance with its criteria and publish a list of approved options. These credits, once verified, will be labeled as CORSIA-eligible in the Verra Registry.
In a parallel move, Gold Standard has initiated a formal process to evaluate and approve private insurance policies that would make Gold Standard Verified Emission Reductions (GS-VERs) eligible for use under CORSIA during its first compliance phase (2024–2026).
Under new rules introduced in 2024, project developers may use an Approved Insurance Policy to address double claiming risks by providing replacement credits or compensation. These policies will be assessed for credibility and quality.
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Following a public tender, Howden Group has been appointed to manage evaluations, which will begin shortly.
Approved policies will join the Multilateral Investment Guarantee Agency (MIGA) breach of contract insurance, already accepted by Gold Standard.
These developments represent a major step toward integrating insurance into carbon market infrastructure, helping to ensure environmental integrity while enabling broader access to international aviation offset markets.
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“To enable climate action for people and nature, we need to broaden access to new and growing markets, including CORSIA,” said Margaret Kim, CEO of Gold Standard.
“By recognising insurance policies through a rigorous assessment process and allowing their use to address political risk, we can enable more projects to supply credits for CORSIA’s first phase, in a way that is credible, reliable and based on solid foundations.”
