A VER project has its GHG emission reductions certified under a voluntary certification process. VERs (Verified Emission Reductions) can be traded on the so-called voluntary carbon market. In accordance with the demand of our clients we have a set of quality requirements for VERs:

• Environmental integrity: To make sure that each tonne of emission reduction our clients pay for is real and correctly quantified, we require monitoring and verification of offset projects by an independent third party, usually a Designated Operational Entity (DOE) accredited under the Kyoto Protocol by the UN.

• Additionality: Emission reduction projects in our voluntary market project portfolio are required to be financially additional. This means that the project would not have been realized without the carbon finance provided. We require additionality assessments by an independent third party, usually a DOE, for all of our offset projects.

• Sustainable benefits: First Climate is open for a wide range of types of emission reduction projects. We are particularly engaged in renewable energy and energy efficiency projects. First Climate does not invest in project types banned by UN regulation, e.g. nuclear energy projects.

• Forestry projects: Deforestation and forest fires release approximately 20%-25% of the global emissions each year. We therefore believe that it is important to restore forests and promote sustainable forestry use. Afforestation and reforestation of natural forests, sustainable forest management as well as avoided deforestation are central to a holistic climate change mitigation approach. To ensure sustainable climate benefits, we require transparent evidence for the quantification and permanence of carbon absorption by forests.

To ensure the compliance with our quality requirements, we make use of established and well-known standards such as Gold Standard, Voluntary Carbon Standard (VCS) 2007, VER+ Standard, CCB-Standard, Social Carbon Methodology.

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