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Insoil, a climate finance company headquartered in Lithuania, has marked a significant milestone by earning verification from SCS Global for its carbon farming program. This achievement affirms that Insoil's initiatives align with the stringent requirements of the Verified Carbon Standard (VCS) and comply with the VM0042 methodology for improved agricultural land management. Over the period from July 2020 to December 2023, the program successfully removed 154,915 tonnes of greenhouse gas emissions through the implementation of regenerative practices.

This certification not only validates Insoil's efforts but also positions the company for expanded partnerships throughout Europe, its primary market. According to Fernando Hierro García, Senior Sustainable Business Development Manager at Insoil, the verification serves as a strong signal to corporations seeking to acquire carbon credits as part of their climate strategies. "Our program is capable of issuing verified environmental attributes," García stated, emphasizing the transition from conceptual ideas to validated environmental products.

Insoil's carbon farming project incentivizes farmers to adopt regenerative agricultural practices, which support soil carbon sequestration while concurrently reducing greenhouse gas emissions. This initiative enables farmers to generate carbon credits that can be sold to companies aiming for credible, traceable climate action beyond their supply chains. Currently, Insoil has enrolled over 700,000 hectares in its program and is poised to issue more than four million verified carbon credits by 2027.

Addressing the challenges farmers face during this transition is a priority for Insoil. García noted that the company provides on-the-ground support and capital to enable farmers to adopt these vital practices.

As the carbon credit market evolves, the timing of Insoil's developments could not be more crucial. The European Union is set to finalize its Carbon Removal and Carbon Farming Guidelines by December 2024, which aim to standardize definitions and certification processes for carbon removals and farming.

With clear certification standards, the guidelines are anticipated to enhance trust and demand within the carbon credit ecosystem. García commented on the expected shift in the market dynamics, stating, "What we're expecting to see is that the solid foundations currently being built will finally be laid down." He envisions a future where the integrity of carbon offsets becomes a given, eliminating concerns over dubious carbon accounting practices.

As the market prepares for this new phase of growth, Insoil is confident that carbon offsets will emerge as a powerful tool for decarbonizing supply chains and addressing carbon footprints beyond value chains. "This is already happening but will be strengthened and adopted, allowing us to focus on real climate action," García concluded, signaling a hopeful outlook for the intersection of agriculture and sustainability.