Premium T-VER project cycle

Project participant: 

A person who carries out the T-VER project development and is responsible for the T-VER project development process. The project participant may be the owner of the project

Project Owner:

A person who has ownership of the property of the project who shall have ownership of the carbon credits. The project owner may enter into an agreement with the project participant concerning ownership of the carbon credits in case where the project participant and the project owner are different persons.

Validation and verification body for voluntary projects: VVB

A juristic person registered by the Board of Directors as the validation and verification body for voluntary projects in accordance with the regulation prescribed by the Board of Directors and perform validation of voluntary projects and verification of the amounts of greenhouse gases from voluntary projects in accordance with rules, procedures, and conditions prescribed by the Board of Directors.

Premium T-VER project registration

     In order to request for registration, the project participants shall prepare all required documents correctly and completely. The Project Design Document (PDD) shall be validated by a Validation and Verification Body (VVB). The project participants shall receive a validation report from the VVB. In addition, the project participants shall prepare the SD & Safeguards Assessment Report which shall be reviewed by TGO. The final version of the PDD and SD & Safeguards Assessment Report shall be used for requesting for Premium T-VER project registration.

The Premium T-VER registration process is details are as follows:

1. The project participants examineeligibility of project activities according to the Premium T-VER project type and project registration criteria.

2. The project participants submit a “Modality of communication (MoC)” to TGO informing their intention to develop Premium T-VER projects.
3. The project participants have completed a local stakeholder consultation process in accordance with the guideline set by TGO. 
4. The project participants prepare a draft Project Design Document (PDD), and a draft SD & Safeguards Assessment Report.
5. The project participants submit a draft PDD anda SD & Safeguards Assessment Report to TGO and pay the registration fee.
6. TGO publishes received documents in item 5) on the TGO website for 30 calendar days for public comments.
7. The Validation and Verification Bodies (VVB) use the comments received to perform validation of the draft PDD and send the validation report to the project participants.
8. TGO uses the received comments to review the SD & Safeguards Assessment Report, and asks the project participants to revise the report (if any).
9. The project participants submit a requestfor registration and all required documents to TGO.
10. Upon receiving the registration request, TGO conducts a completeness check and notifies the project participants of the result within 15 working days after the date on which the secretariat found the incompleteness,incorrect or non-compliance documents and data. The project participants shall revise and re-submit thedocuments and evidence within 15 working days from the date of the receipt of the notification from TGO. The re-submission date on which the documents and evidences 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 before the deadline/designated date, TGO has rights to revoke the registration request and return the project documents to the project participants.
11. TGO reviews the correctness of the documents and the materiality of the project by considering whether it complies with the Premium T-VER project registration criteria. TGO may notify the project participants to correct the documents orsend additional information.TGO may conduct an on-site visit as deemed necessary. If the request for registration meet the requirements of the completeness check,  TGO proposes the project to the Subcommittee on Consideration of GHG Mitigation Projects and Activities within 30 working days of receipt of the request. If the subcommittee agrees, the project will be proposed to the Board of Directors of TGO for approval.

12. The Board of Directors of TGO shall make a decision on the request within 60 working days of receipt of the request. The meeting date is recognized as the project registration date.
13. TGO notifies the project participants of the registration and informs them to open an account in the registry system.

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

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.

Renewal of crediting period

      The requests for renewal of the crediting period of registered PremiumT-VER project shall be submitted at least 180 days before the project's expiration date.  The expected amount of GHG emission reductions stated in the registered Project Design Document (PDD) shall be recalculated according to the latest version of the applied methodology in order to reflect the actual situation at the time of renewal. 

The revised PDD shall be validated by a VVB.  The crediting period for each Component Project Activities (CPA) is based on the type of project activity.