• Verra and Citi sign MoU during Climate Week NYC.
• Under this MOU the parties will develop new financial products to support voluntary carbon markets and other environmental initiatives.

During Climate Week NYC, Verra, a global leader in climate action and sustainable development standards, signed a Memorandum of Understanding (MOU) with Citi, a major financial institution.

This will enable Citi to get more involved in the environmental markets as well as with Verra’s core programmes, including the Verified Carbon Standard (VCS) and the Plastic Waste Reduction Programme.

Through this, Citi will bring the financial expertise to help Verra explore ways to integrate the Verified Carbon Units (VCUs) and Plastic Credits into the market. So this partnership will deliver market-based solutions to global environmental challenges.

Mandy Rambharos, CEO of Verra, said: “We are excited to collaborate with Citi to build its capacity to get involved in voluntary carbon and other environmental markets. This MOU demonstrates our shared commitment to addressing the global climate crises by leveraging market mechanisms to drive meaningful solutions.”

Philip Brown, Citi’s global head of sustainable debt capital markets, said: “We are thrilled to partner with Verra as Citi develops fixed income products which give investors the opportunity to finance high impact projects in emerging markets.”

Other MOU Terms:

• Verra will train Citi on the VCS and Plastic Waste Reduction Programme.
• Citi will develop new products aligned with Verra’s standards in voluntary carbon and environmental markets.
• Citi will invite stakeholders to participate in webinars, workshops, and seminars to promote these market-based solutions further.

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Source: Verra