The VCS Program provides a robust, new global standard and program for approval of credible voluntary offsets.

VCS offsets must be real (have happened), additional (beyond business-as-usual activities), measurable, permanent (not temporarily displace emissions), independently verified and unique (not used more than once to offset emissions).

• Standardize and provide transparency and credibility to the voluntary offset market.
• Enhance business, consumer and government confidence in voluntary offsets.
• Create a trusted and tradable voluntary offset credit; the Voluntary Carbon Unit. (VCU)
• Stimulate additional investments in emissions reductions and low carbon solutions
• Experiment and stimulate innovation in emission reduction technologies and offer lessons that can be build into future regulation.
• Provide a clear chain of ownership over voluntary offsets that prevents them being used twice. This is achieved through multiple VCS registries and a central project database that is open to the public.

History
Work to develop the Voluntary Carbon Standard was initiated by The Climate Group, the International Emissions Trading Association and the World Economic Forum in late 2005. Version 1 of the VCS was released on 28 March 2006 as both a consultation document and a pilot standard for use in the market. VCS version 2 was released in October 2006 as a consultation document and did not replace Version 1 as the market standard. 150 written submissions were received from carbon market stakeholders on VCS versions 1 and 2.

After the release of version 2, a 19 member Steering Committee was established to consider all of the stakeholder comments and develop the final standard. Within the Committee seven technical working groups provided advice on VCS governance, additionality, validation and verification, registries, land use change and forestry, general policy issues and performance standards.

The World Business Council for Sustainable Development joined the initiative as a founding partner in 2007. After two years of work, VCS 2007 was released on 19 November 2007.