Verified Emission Reductions
Verified emission reductions (VERs), also known as voluntary emission reductions, are units of greenhouse gas emission reductions that have been verified by an independent auditor, but that have not yet undergone the procedures and may not yet have met the requirements for verification, certification and issuance of CERs (in the case of the Clean Development Mechanism) or emission reduction units (ERUs) (in the case of joint implementation) under the Kyoto Protocol. Buyers of VERs assume all carbon-specific policy and regulatory risks (i.e. the risk that the VERs are not ultimately registered as CERs or ERUs). Buyers therefore tend to pay a discounted price for VERs, which takes the inherent regulatory risks into account. 
- Glossary of Terms. World Bank Carbon Finance Unit.