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In page Verified Carbon Standard:

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In March 2006, Climate Wedge and Cheyne Capital transferred the Voluntary Carbon Standard version 1.0 to The Climate Group, International Emissions Trading Association (IETA) and World Economic Forum. They also provided the initial sponsor capital for these non-profit organizations to subsequently convene a team of global carbon market experts to further draft the VCS requirements. The World Business Council for Sustainable Development (WBCSD) joined later on. The team later formed the VCS Steering Committee, which worked to draft the second and subsequent versions of the VCS Standard.[citation needed]