Writing a Credit Class - Guidelines

Project eligibility, rules and regulations, GHG removal and emission reduction requirements if applicable

Project Eligibility

1. Ecosystem Type / Ecosystem Service Classification

A credit class must define the ecosystem types, or other geographical boundaries such as proximity to a stream, elevation, or cultural or political boundaries where it can be applied. And if it can be applied to multiple classification types.

2. Land Ownership Type

A credit class must stipulate the land ownership types that can be utilized, including private, public, and tribal as well as the documentation requirements or land ownership or approval by land owners or tenures.

3. Conditions for Applicability

Conditions which make a piece of land eligible for enrollment in this program. Outline specifics requirements for how projects should prove applicable conditions and what needs to be reported during registration as part of the project plan. This could include geographic restrictions.

Outline the eligibility requirements for land which would be eligible for enrollment in this program. For instance projects which previously were wetlands or native forest which got removed recently should be excluded as it indicates that land stewards could have potentially removed native ecosystems to make money via the carbon market.

4. Regulatory Compliance

Specify any checks projects must go through to ensure that their implementation and ability to make carbon claims adhere to any local laws, regulations, and other legally binding mandates directly related to project activites and participation in voluntary carbon markets.

You can either be specific with what these requirements are, or just state that the, “The Project Area has to adhere and provide attestation of compliance to the local laws,regulations, and other legally binding mandates directly related to project activities as presented in the approved and applied methodology.”

5. Adoption Date

A credit class must stipulate the Adoption Date. A credit class must stipulate how many years an Adoption Date can be established prior to the Project Registration Date.

In order to claim an Adoption Date before the Project Registration Date, the Project Proponent must have maintained clear historical records to that effect, as specified in the Approved Methodology.

6. Crediting Term

A credit class must define a crediting term - the number of years credits are eligible for issuance with the option to renew.

A credit class must define the frequency of credit issuance during the crediting term

A credit class must define the number of years in a renewal time period. There is no limit to the number of renewals on Regen Registry.

The project duration does not include the Permanence obligation of Regen Registry, which is additional.

Rules and Regulations

1.Approved Methodologies

A credit class must list the approved methodologies that can be utilized with a given credit class. The credit class admin will update this list as new methodologies are added.

2. Aggregate Projects

Aggregated projects (as opposed to a project aggregate) is when the Project Proponent registers a single project which would encompass many plots of land that collectively share data for MRV and split credit rewards.

When project aggregation is permissible, conditions under which aggregation is allowed would be defined here. Requirements for project aggregation can be broadly classified into two categories: eligibility requirements and monitoring requirements. Eligibility requirements refer to the conditions that must be met for multiple plots of land to enroll as an aggregated project. Monitoring requirements refer to the guidelines that aggregated projects must follow during reporting periods. Eligibility requirements should be stored in the credit class; monitoring requirements should be stored in the methodology.

The credit class should contain high-level summaries or programmatic requirements aggregate projects should follow whereas the methodology should specify implementation requirements (ie how to measure, aggregate data, and report).

3. Carbon Sequestration and Net GHG reduction (if applicable)

A credit class must provide carbon removals which sequester carbon. To ensure a net positive effect, aside from CO2 removals from the atmosphere, other significant sources of GHG, such as Nitrous Oxide (N2O) and Methane (CH4), must be included.

The benefit that is monitored, quantified and used to infer the quantity of credits issued is Carbon Sequestration and Net GHG reduction. Regen Registry does not incorporate the other co-benefits monitored in this quantification.

The unit of measure used is tons of CO2e, i.e. each credit represents 1 ton of CO2e.

4. Ecological and Social Co-Benefits

A credit class may define a series of ecological and social co-benefits indicators that can be applied in conjunction with the approved methodologies. For example, for a carbon sequestration methodology co-benefits might include increased biodiversity, improved health for local human communities, and improved soil health.

5. Permanence and Buffer Pools

Buffer Certificates

Project Buffer - % allocation and type of buffer (see below)

Permanence Reversal Buffer

Permanence Period (time period)

Permanence Reversal Buffer - % allocation and type of buffer (see below)

Structure Options:

1. Credit Class Buffer - A single buffer pool for the credit class that all projects contribute to. As the project developer it allows for aggregating risk across projects as the structure is a larger pool to pull from if a single project experiences significant loss.

2. Project Specific Buffer - Each project would have its own buffer pool. This scenario places more risk on individual projects/the project developer if they experience loss because they might not have the credits to cover it and would have to resolve it as specified in our Regen Registry Program Guide. It does however address concerns individual projects might have on the idea of shared risk if they don’t want to cover other projects which might be deemed “more risky”.

In the future the Regen Registry will set up a shared buffer pool that credit classes can opt into if they want to share risk with other crediting programs, but we will hold off on that until we have more credit classes and a better understanding of how we want to tackle the idea of fungibility.

6. Verification

In this section you should specify exactly what the requirements verifiers must follow to audit a monitoring report.

1. Define if ISO certification is required

2. What type of audit the verifier should conduct (desk audit, field audit, or combination) and a list of specific things they should be checking for

A credit class must define requirements, if any, for 3rd party, independent verification of outcomes.

A credit class may define adaptations for specific locales in the Supplement section.

GHG Removal and Emission Reduction Requirements

1. Additionality

The Approved Methodology specifies how the baseline and the additional carbon emissions reduction and/or removal is calculated.

Carbon sequestered is carbon removed from the atmosphere and quantified through the approved methodology, not only reduced future emissions.

2. Leakage

Carbon sequestration to land reservoirs can be associated with reductions in GHG emissions both within and outside of project boundaries. A credit class must define the relevant carbon pools for approved project activities.

Project Proponents that expect leakage above de minimis shall account for that in the Project Plan.

The Regen Registry Program Guide outlines the rules and requirements for:

• Credit Class & Methodology Approval

• Project Registration

• When credits can be issued (i.e. when all conditions in credit class are met)

• Credit issuance, distribution, and reconciliation in the case of reversals

• Buffer pool and permanence pool management

• Project termination & credit reconciliation

• Documentation hierarchy: Program Guide -> Credit Class -> Methodology