August 2025

Verra and S&P Global Commodity Insights (S&P) yesterday announced a new partnership that will see Verra overhaul its registry using S&P’s registry-build infrastructure software. The organizations say that the partnership is a major step toward “more scalable, interoperable, and digitally integrated infrastructure” and represents collaboration between the world’s largest standards body for climate action and sustainable development and the world’s largest commodities and benchmark information provider. The new registry will roll out in two stages, with a foundational phase launching within the next six months and the second phase launching in 2026. It is expected to include: Integration, and a two-way data exchange, with the Verra Project Hub, enabling project proponents to prepare project documents and move through the full lifecycle (i.e., registration, monitoring, issuance) with less duplication and greater efficiency; Expanded digitization and system connectivity, reducing administrative burden for developers and accelerating verification and credit issuance timelines; Transaction-ready application programming interfaces (APIs) that allow for automated transfers and retirements, replacing manual processes and enabling frictionless, high-volume trading across brokers, exchanges, and marketplaces; Improved transparency and customizable reporting tools; and Foundational infrastructure for future innovations, including expanded Article 6 and CORSIA functionality and integration with various programs, governments, market participants, exchanges, insurers, and financial platforms. We anticipate that details on timelines, new access procedures, and system improvements will be announced in September. The Verra-S&P partnership follows the January 28, 2025 announcement that Winrock International’s Environmental Resources Trust (ERT), will use Intercontinental Exchange, Inc.’s (ICE’s) registry technology service, ICE GreenTrace, for its crediting programs: American Carbon Registry (ACR); the Architecture for REDD+ Transactions (ART); and the new sectoral crediting standard in development for the Energy Transition Accelerator (ETA). For further information or to discuss the contents of this bulletin, please contact Lisa DeMarco at lisa@resilientllp.com or Jonathan McGillivray at jonathan@resilientllp.com.

Investors for Paris Compliance (I4PC), a shareholder advocacy organization, yesterday filed a complaint with the Alberta Securities Commission (ASC), alleging that two major energy companies have engaged in misleading disclosure regarding their net zero plans. The complaint targets Cenovus Energy and Enbridge Inc., two reporting issuers that are principally regulated in Alberta. A copy of the full complaint is available here [PDF]. The complaint is based on section 92(4.1) of the Securities Act (Alberta), which prohibits reporting issuers from making misleading or untrue statements that would reasonably be expected to have a significant effect on the market price or value of a security, as well as CSA Staff Notice 51-333 Environmental Reporting Guidance and CSA Staff Notice 51-358 Reporting of Climate Change-related Risks. The complaint also makes reference to the anti-greenwashing provisions of the Competition Act that were introduced through Bill C-59. Submissions. I4PC submits that: Cenovus and Enbridge have a “core net zero contradiction” by engaging in significant fossil fuel expansion while claiming alignment with net zero; Cenovus and Enbridge have consistently failed to meet core transition metrics on net zero, particularly around capital expenditures; Cenovus and Enbridge have consistently engaged in “overly promotional disclosure regarding net zero”, both directly and via associations; and Cenovus has been allowed to foster investor uncertainty with lack of clarity regarding its net zero commitment (which I4PC expressly ties to Cenovus’ withdrawal of net-zero disclosures prompted by Bill C-59). Remedies Sought. I4PC requests that the ASC grant the following remedies: An investigation be launched into existing and past climate disclosures of Cenovus and Enbridge to assess the accuracy and adequacy of their disclosures. Because the practices of Cenovus and Enbridge are repeated by other Alberta-registered oil and gas companies, that the investigation also consider evidence from peers and competitors. That overly promotional disclosure in relation to net…

Verra and S&P Announce Major Registry Partnership

I4PC Files Greenwashing Complaint with Alberta Securities Regulator