Validation: The process of independent evaluation of a CDM project by an accredited Independent Entity according to requirements to CDM projects.

Verification: In order for CDM projects to have a formalised validation of an emission reduction stream, a recognised independent third party must confirm that claimed emissions reduction activity has occurred within a specified period and comply with Kyoto/National regime requirements.

Verified Emissions Reductions (VERs): Emission reductions not covered by a regulatory scheme but are verified by an independent third party. VERs are traded in the Voluntary Market.

Vintage: The first year that credits may be used for compliance. Depending on the program, credits can be used during their vintage, or banked for re-issuance in a later year.

Voluntary Commitment: Actions taken by an entity that reduce emissions outside of regulatory requirements.

Vulnerability: The degree to which a system is susceptible to, or unable to cope with, adverse effects of climate change, including climate variability and extremes. Vulnerability is a function of the character, magnitude, and rate of climate variation to which a system is exposed, its sensitivity, and its adaptive capacity