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The document reviews the project’s background, including the 2022 proposal supported by Paraguay, subsequent working group authorization, and cooperation with the World Bank Group and UNCITRAL. It summarizes working group composition, the development of Principles and Commentary, consultative committee establishment, coordination with other organisations, and next steps within the 2023–2025 work programme.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/legal-nature-of-verified-carbon-credits-vccs-item-6-ongoing-legislative-activities-update/291892/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/legal-nature-of-verified-carbon-credits-vccs-item-6-ongoing-legislative-activities-update/291892.png","ImageObject",300,407,{"name":92,"@type":93},"Tawan","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-30","2026-09-17",true,{"@type":102,"interactionType":103,"userInteractionCount":34},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What is the main purpose of this document for the UNIDROIT Governing Council?","Question",{"text":112,"@type":113},"To update Members on progress in the UNIDROIT project on the legal nature of Verified Carbon Credits (VCCs), including working group composition, development work, consultation arrangements, coordination, and next steps.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How did the project on the legal nature of voluntary or verified carbon credits begin?",{"text":117,"@type":113},"UNIDROIT received a proposal from ISDA on 24 January 2022, which was supported by Paraguay, and was later recommended for inclusion in the 2023–2025 Work Programme with high priority.",{"name":119,"@type":110,"acceptedAnswer":120},"Which organisations does the Working Group cooperate with on the VCC project?",{"text":121,"@type":113},"The Secretariat established the Working Group in cooperation with the World Bank Group (WBG) and also coordinated with UNCITRAL, including a joint study mapping legal options for verified carbon credits.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},291892,1790204616,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":34,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":44,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144,"preview_page_count":4},2336475104042,"https://ap-avatar.wpscdn.com/avatar/22000c4c32af1715be0?x-image-process=image/resize,m_fixed,w_180,h_180&k=1786537525561427321","EN  \nGOVERNING COUNCIL 105th session  \nRome, 20-23 May 2025  \nUNIDROIT 2025 C.D. (105) 10 Original: English April 2025  \nItem No. 6 on the agenda: Ongoing legislative activities carried over from prior  \nWork Programmes  \n(b) Legal Nature of Verified Carbon Credits  \n(prepared by the Secretariat)  \n\n| Summary\u003Cbr>Action to be taken\u003Cbr>Mandate\u003Cbr>Priority level\u003Cbr>Related documents | Update on the project on Legal Nature of Verified Carbon Credits\u003Cbr>The Governing Council is invited to take note of this update on the progress of the UNIDROIT project on the Legal Nature of Verified Carbon Credits\u003Cbr>Work Programme 2023-2025\u003Cbr>High\u003Cbr>UNIDROIT2022 − C.D. (101) 4 rev.; UNIDROIT2023 −\u003Cbr>C.D. (102) 14; UNIDROIT 2024 – C.D. (103) 11 |\n| --- | --- |\n\nI. INTRODUCTION  \n1. The purpose of this document is to update the Members of the Governing Council on the progress of the UNIDROIT project on the Legal Nature of Verified Carbon Credits (VCCs) . After briefly recalling the background of the project (Section II), this document provides an update on the composition of the Working Group on the Legal Nature of VCCs (Section III), the development of a set of Principles and Commentary (Section IV), the matters addressed during the last session of the Working Group (Section V), the establishment of a Consultative Committee (Section VI), cooperation and coordination with other organisations (Section VII), and next steps (Section VIII) .  \nII. BACKGROUND  \n2. On 24 January 2022, UNIDROIT received a proposal from the International Swaps and Derivatives Association (ISDA) for a project to determine the legal nature of voluntary carbon credits. This proposal was expressly supported by the Government of Paraguay in a letter received by the Secretariat on 9 May 2022. At its 101st Session (Rome, 8-10 June 2022), the Governing Council recommended the inclusion of a project to analyse the private law aspects and determine the legal nature of voluntary carbon credits in the 2023-2025 Work Programme, with high priority. The  \nGoverning Council’s recommendation was endorsed by the UNIDROIT General Assembly at its 81st session with unanimous support ( UNIDROIT 2022 − A.G. (81) 9) .  \n3. An update on the preparatory work of the project was presented to the UNIDROIT Governing Council at its 102nd session (Rome, 10-12 May 2023) ( UNIDROIT 2023 − C. D. (102) 14) . The Governing Council confirmed the authorisation to establish a Working Group in close collaboration with the World Bank Group (WBG) . The Governing Council also encouraged further coordination in this area with other international organisations.  \n4. Pursuant to the mandate received from the Governing Council, the Secretariat established a Working Group on the Legal Nature of Voluntary Carbon Credits in cooperation with the WBG. During its 103rd session in May 2024, the Governing Council received an update from the Secretariat concerning the first two sessions of the Working Group and the considerable work that had been carried out in the intersessional period. This included collaboration with UNCITRAL, in particular in the joint drafting of a paper entitled the “Legal Nature of Verified Carbon Credits Issued by Independent Carbon Standard Setters” (the “UNCITRAL/UNIDROIT Joint Study”) . The UNCITRAL/UNIDROIT Joint Study set out a mapping exercise in the area of verified carbon credits to help States assess the options available to them in addressing relevant legal issues, especially as regards the legal nature of verified carbon credits.1 A copy of the UNCITRAL/UNIDROIT Joint Study was shared for the Governing Council’s consideration ( UNIDROIT 2024 – C.D. (103) 11 ) .  \n5. The Governing Council took note of the significant progress made by the Working Group and expressed a positive view on the publication of the UNCITRAL/UNIDROIT Joint Study. The Governing Council also approved changing the project title to the “Legal Nature of Verified Carbon Credits (VCCs)”( UNIDROIT 2024 – C.D. (103) 30) .  \nII","cbCaioa17mdMqBVn","https://ap.wps.com/l/cbCaioa17mdMqBVn","pdf",294493,"English","# Introduction\n# Background\n# Working Group on the Legal Nature of VCCs","[{\"question\":\"What is the main purpose of this document for the UNIDROIT Governing Council?\",\"answer\":\"To update Members on progress in the UNIDROIT project on the legal nature of Verified Carbon Credits (VCCs), including working group composition, development work, consultation arrangements, coordination, and next steps.\"},{\"question\":\"How did the project on the legal nature of voluntary or verified carbon credits begin?\",\"answer\":\"UNIDROIT received a proposal from ISDA on 24 January 2022, which was supported by Paraguay, and was later recommended for inclusion in the 2023–2025 Work Programme with high priority.\"},{\"question\":\"Which organisations does the Working Group cooperate with on the VCC project?\",\"answer\":\"The Secretariat established the Working Group in cooperation with the World Bank Group (WBG) and also coordinated with UNCITRAL, including a joint study mapping legal options for verified carbon credits.\"}]","Legal Nature of Verified Carbon Credits (VCCs) - Item 6 - Ongoing legislative activities update | PDF",1789647194,23]