FRA sets verification, certification standards for voluntary carbon credits issuance
Updated 8/29/2023 7:37:00 AM
Arab Finance: The Financial Regulatory Authority (FRA) has issued carbon credit verification and certification standards for local and foreign authorities aiming to issue voluntary carbon credits, as per a statement on August 28th.
The FRA has developed a list of the standards required to register carbon credit verification and certification entities.
Accordingly, local entities wishing to verify and approve carbon credits shall be body corporates, meet competency requirements, and obtain related international certificates of credit.
On the other hand, the standards set for foreign authorities include being internationally recognized in accordance with the United Nations (UN) Framework Convention or being registered in one or more international voluntary carbon credit registers, in addition to the submission of evidence of their previous experience.
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