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1. Validation

   The process of independent evaluation of a CDM project by an designated operational entity according to requirements to CDM projects.

2. Validation and Verification Manual

   The Validation and Verification Manual is a standard designed to assist DOEs with their validation and verification work. It was adopted by Executive Board at its 44th meeting and outlines requirements for validation and verification reports. The aim of the Manual is to promote quality and consistency in DOE reports and ensure each project activity meets all applicable CDM requirements.

3. Verification

   Verification is the periodic independent review and ex post determination by the designated operational entity of the monitored reductions in anthropogenic emissions by sources of greenhouse gases that have occurred as a result of a registered CDM project activity during the verification period.

4. Verified Emission Reductions (VERs)

   VERs are generated by carbon reduction projects that are assessed and verified by third party organisations rather than through the UNFCCC. Most commonly VERs are associated with voluntary emissions reduction projects.

5. Voluntary Carbon Market

   Voluntary markets are markets in which buyers and sellers engage in transactions on a voluntary basis (i.e. not because they are forced to trade by regulation). Generally businesses and/or individual consumers engage in voluntary markets for reasons of philanthropy, risk management and/or in preparation for participation in a regulatory market.

6. Voluntary Carbon Standards (VCS)

   The Voluntary Carbon Standard (VCS) is a full-fledged carbon offset standard. It focuses on GHG reduction attributes only and does not require projects to have additional environmental or social benefits. The VCS 2007 is broadly supported by the carbon offset industry (project developers, large offset buyers, verifiers, projects consultants). VCS approved carbon offsets are registered and traded as Voluntary Carbon Units (VCUs) and represent emissions reductions of 1 metric tonne of CO2.

7. Voluntary Gold Standard

   A voluntary standard, launched in May 2006 by WWF-UK and endorsed by 45 environmental NGOs. It is a simplified version of the CDM Gold Standard and is only available for projects in developing countries.

8. Voluntary Offset Standard or VOS

   The Voluntary Offset Standard (VOS) is a carbon-offset screen that accepts other standards and methodologies using certain screening criteria. It currently accepts Gold Standards VER projects and projects that employ CDM procedures but which are implemented in countries that have not ratified the Kyoto Protocol and are therefore not eligible for Clean Development Mechanism.

9. Voluntary standard

   Any standard that aims to ensure the quality of carbon credits in the voluntary carbon market. It sets various requirements for project developers, such as third-party verification and measures to avoid double counting of carbon offsets, e.g. the use of registries.