PFS is an ISO compliant verifier of captured forestry CO2, and proven storage of that CO2 until 2100. PFS will verify under a standard, the PFS Standard, in compliance with its methodology, validated by SGS, the world’s leading inspection, testing and certification company (Sociėtė Gėnėrale de Surveillance SA).  

The SGS validation concludes “the PFS Standard Version 1 conforms to the principles and essential requirements outlined in ISO 14064-1:2018, ISO 14064-2:2019 & ISO 14064-3:2019.” SGS also concludes “that the consideration of ICVCM Principles is clear and appropriate”.

Once applicants for verification of forests for compliance with the PFS Standard receive a verification from PFS, the latter’s verification will itself be verified by a leading VVB.  

To be verified under the SGS validated methodology, tonnes forestry CO2 removal, net of project GHG emissions, must be proved to be captured and proven stored until at least 2100. The latter requires proof of silviculture longevity, growth in a strong rule of law country where property rights are protected and infringements robustly policed, a covenant on the forest land title against felling, and proper discounts for climate risks. There are other requirements, such as a forest not turning carbon negative before 2100, and these are prescribed in the PFS Standard. 

PFS will verify qualifying forests for VCCs on an ex post basis, usually for project reporting periods (PRP) of three years. Baseline removals will be measured at the beginning if the PRP (baseline) and at its conclusion, after deducting project GHG emissions. VCCs will not be issued until a PRP ends. 

VCCs verified by PFS can be traded like any other VCCs, without proof of a causal connection between a holder and the covenanted forest and are verified for both proven capture and proven storage.  

VCCs support GHG Statements about CO2 capture during a PRP, and its subsequent proven storage until at least 2100.  

Emitters need to ensure their GHG Statements are not deceptive or misleading, whether made for marketing, financial disclosures or to interested stakeholders, such as banks and insurers. A GHG statement, given a positive risk assessment by PFS, may be “we have, and will, sequester 1 million tonnes CO2 which has been verified, compliant with ISO (etc), as stored until 2100”. This gives a high level of assurance against successful greenwashing and regulatory claims, and other claims such as negligence. It minimises reputational risks. Variations may be “such removals remediate past and present GHG emissions an emitter accepts responsibility for and is working to abate”. There is no need to refer to offsetting. 

Verified VCCs may be able to be used to comply with mandatory regulators. Such use will have to be assessed by emitters on a country by country basis. 

The economic decision facing emitters, other than price, is between PFS validated and verified VCCs for both CO2 forestry capture and proven storage and other VCCs not validated to ISO principles and essential requirements, either to capture or store CO2, and with no claim for longevity of storage. 

PFS is an ISO compliant verifier of captured forestry CO2, and proven storage of that CO2 until 2100. PFS will verify under a standard, the PFS Standard, in compliance with its methodology, validated by SGS, the world’s leading inspection, testing and certification company (Sociėtė Gėnėrale de Surveillance SA).  

The SGS validation concludes “the PFS Standard Version 1 conforms to the principles and essential requirements outlined in ISO 14064-1:2018, ISO 14064-2:2019 & ISO 14064-3:2019.” SGS also concludes “that the consideration of ICVCM Principles is clear and appropriate”.

Once applicants for verification of forests for compliance with the PFS Standard receive a verification from PFS, the latter’s verification will itself be verified by a leading VVB.  

To be verified under the SGS validated methodology, tonnes forestry CO2 removal, net of project GHG emissions, must be proved to be captured and proven stored until at least 2100. The latter requires proof of silviculture longevity, growth in a strong rule of law country where property rights are protected and infringements robustly policed, a covenant on the forest land title against felling, and proper discounts for climate risks. There are other requirements, such as a forest not turning carbon negative before 2100, and these are prescribed in the PFS Standard. 

PGCCs differ from VCCs, however, in their calculations. VCCs are always ex post. PGCCs are ex ante. For that reason PGCCs are not treated as carbon credits and are not validated as such. PGCCs verify that certain GHG statements are not deceptive or misleading.  

Emitters need to ensure their GHG Statements are not deceptive or misleading, whether made for marketing, financial disclosures or to interested stakeholders, such as banks and insurers. A GHG statement, given a positive risk assessment by PFS, may be “we have, and will, sequester 1 million tonnes CO2 which has been verified, compliant with ISO (etc), as stored until 2100”. This gives a high level of assurance against successful greenwashing, and regulatory claims, and against other claims such as negligence. It minimises reputational risks. Variations may be that “such removals remediate past and present GHG emissions an emitter accepts responsibility for and is working to abate”. There is no need to refer to offsetting. 

The economic decision facing emitters, other than price, is the same as buying VCCs, excepting that PGCCs only support GHG Statements as they do not have the recognised characteristics of a transferrable VCC. 

A PGCC is not a VCC. With a PGCC, the causal nexus between the ability to rely on proven storage to support a third party GHG statement depends on proving the emitter’s expected intervention by an emitter caused the forest to be covenant against felling, until 2100 when it would not otherwise have been. 

There is no current established market for PGCC, as they are novel, so pricing is uncertain. PFS expects that to shortly change. It forecasts an early price of NZ$20/tonne (US$12) for verified PGCC. 

PFS is an ISO compliant verifier of captured forestry CO2, and proven storage of that CO2 until 2100. PFS will verify under a standard, the PFS Standard, in compliance with its methodology, validated by SGS, the world’s leading inspection, testing and certification company (Sociėtė Gėnėrale de Surveillance SA).  

The SGS validation concludes “the PFS Standard Version 1 conforms to the principles and essential requirements outlined in ISO 14064-1:2018, ISO 14064-2:2019 & ISO 14064-3:2019.” SGS also concludes “that the consideration of ICVCM Principles is clear and appropriate”.

Once applicants for verification of forests for compliance with the PFS Standard receive a verification from PFS, the latter’s verification will itself be verified by a leading VVB.  

To be verified under the SGS validated methodology, tonnes forestry CO2 removal, net of project GHG emissions, must be proved to be captured and proven stored until at least 2100. The latter requires proof of silviculture longevity, growth in a strong rule of law country where property rights are protected and infringements robustly policed, a covenant on the forest land title against felling, and proper discounts for climate risks. There are other requirements, such as a forest not turning carbon negative before 2100, and not being already covenanted against felling, and these are prescribed in the PFS Standard. 

PFS will verify qualifying forests for VCCs, calculated on an ex post basis, usually for project reporting periods (PRP) of three years. Baseline removals will be measured at the beginning if the PRP (baseline) and at its conclusion, after deducting project GHG emissions. VCCs will not be issued until a PRP ends. However, foresters may be able to negotiate up-front payments for three year delayed delivery. 

PFS has protected “know-how” allowing up to three consecutive PRPs over the same forest at minimal cost for each new PRP. Foresters would then be paid for 9 years of CO2 carbon capture and proven storage. Realistically, forests need to be around 10 years old to be sequestering commercially significant CO2 to sell VCCs. 

VCCs and PGCC’s both are available to qualifying forests. Like VCCs, PGCCs are verified to the validated PFS Standard methodology for proof of longevity, but unlike VCCs, they are not validated to ISO standards as regards their calculation. PGCCs calculate stored CO2 on an ex ante basis. Expected ETS credits and VCCs (in some cases both can be claimed) cannot be counted towards tonnes CO2 proven storage verified for PGCC.  

PGCC can be held together with ETS credits and VCCs, providing there is no double counting. They can also be held on their own, which might be the case where VCCs cannot be issued.