Procedure for Carbon Credits Issuance

Issuance of carbon credits

      The project participants shall prepare all required documents correctly and completely.

      The GHG Monitoring Report (MR) and Non-permanent Risk Report (if any) shall be verified by the Validation and Verification Body (VVB). 
     The project participants shall receive a Verification Report from the VVB.  In addition, the project participants shall prepare a SD & Safeguards Monitoring Report which shall be reviewed by TGO. The final version of the GHG monitoring report and the SD & Safeguards Monitoring Report shall be used for requesting for carbon credits issuances.

          For project type number 13 (except reducing Methane or Nitrous oxide from agriculture), VVB shall identify the amount of buffer credits required to deposit in the pooled buffer account of the registry system according the the applicable non-permanence risk in order to guarantee the potential carbon loss from the project's non-permanence.

Carbon credits issuance process
     The Premium T-VER carbon credits issuance is shown in figure and details are as follows:

         1) The project participants prepare GHG Monitoring Report and SD & Safeguards Monitoring Report and Non-permanence Risk Report (if any).

         2) The Validation and Verification Bodies (VVBs) contracted by the project participants perform verification of the GHG Monitoring Report and the Non-performance Risk Report (if any); and TGO reviews the SD & Safeguards Monitoring Report.  The project participants need to revise the report as requested.

         3) The project participants submit request for credits issuance and all required documents to TGO and pay the carbon credits issuance fee.

         4) Upon receiving the request for credits issuance, TGO conducts a completeness check and notifies the project participants the result within 15 working days after the date on which the secretariat found the incompleteness, incorrectness or non-compliance of the documents and data. The project participants shall revise and re-submit the documents and evidences within 15 working days from the date of the receipt of the notification from TGO.  The re-submission date on which the secretariat found that the documents and evidence are deemed complete is recognized as the date of receipt of the request.

         In case that the project participants do not re-submit documents and evidences within the date, TGO has rights to revoke the request and return the project documents to the project participants.

         5) TGO reviews the correctness of the documents and the materiality of the project by considering whether it complies with the Premium T-VER carbon credits issuance criteria.  TGO may notify the project participants to correct the documents or send additional information.  TGO may conduct an on-site visit as deemed necessary.

         6) Upon the positive conclusion of the completeness check, TGO proposes the project to the Subcommitteeon Consideration of GHG Mitigation Projects and Activities within 30 working daysof receipt of the request.  If the subcommittee agrees, the project will be proposed to the Board of Directors of  TGO for approval.

         7) Board of Directors of  TGO shall make a decision on the request within 60 working daysof receipt of the request.  The meeting date is recognized as the carbon credits issuance date.

         8) TGO notifies the project participants of the carbon credits issuance and buffer credits needed to be deposited into the pooled buffer account (if any).     

Processing and consideration of request for carbon credits issuance shall be in accordance with the regulations set by TGO.