Cycle Two (CY 2024) Crediting Cycle Update

PNZ Carbon is pleased to provide an update on Cycle Two (CY2024) of our Housing Decarbonisation in the United Kingdom project (VCS2649), delivered under the Verified Carbon Standard.

The project has successfully completed independent verification, achieving a reasonable level of assurance with our Validation and Verification Body (VVB) partner and confirming that emission reductions have been calculated accurately and in line with VCS requirements.

During the CY2024 period, we are pleased to say that the project supported over 80,000 tCO2e of verified emission reductions, covering over 90,000 retrofit activities across the UK.

Current Status

Following verification, the crediting cycle has now been submitted to Verra for review. This stage represents the final step before the potential issuance of Verified Carbon Units (VCUs).

Credits can only be issued once Verra has completed its review and confirmed that all necessary requirements have been met.

We are proactively supporting this process and responding to any queries as quickly as possible. It is important to note, however, that this stage is managed independently by the registry and thus timelines remain subject to their review procedures.

Expected Next Steps

Subject to credit issuance, PNZC will progress into the commercial phase of the cycle, including:

• Engagement with credit buyers.

• Completion of credit sales.

• Distribution of proceeds to eligible project participants.

  
  

We are actively working with market participants to support a timely and effective route to market for issued credits. We fully recognise the importance of this stage for our delivery partners and are committed to progressing credit sales and subsequent disbursements as efficiently as possible following issuance.

As with all high-integrity carbon crediting projects operating under the Verified Carbon Standard, this process involves multiple independent stages and third-party oversight. Timelines may therefore vary depending on registry review, issuance confirmation and market conditions.

Our Commitment to Participants

We remain focused on progressing Cycle Two through the final stages of the VCS process and into the market as efficiently as possible. We are working closely with our partners, buyers and wider stakeholders to support the timely release of carbon finance back into the sector.

We recognise the importance of these proceeds in supporting ongoing retrofit delivery across the UK, and we are committed to doing all we can to facilitate their distribution at the earliest opportunity following issuance.

We will continue to provide updates as the project progresses and appreciate the continued collaboration of all participants contributing to the success of our programme.

Together with our partners, we are proud to be building a model that has already delivered meaningful impact and continues to unlock new opportunities for supporting decarbonisation, and the creation of warmer homes, across the UK.