Why is the validation and verification process so complex?
The process of project development to credit issuance can take up to two years, if not more, as it requires complex accounting and in-depth verification to uphold the environmental integrity of the greenhouse gas reductions or removals. The groups involved in the process include the standards body, the project developer, and a third-party verifier. Generally, […]
- The process of project development to credit issuance can take up to two years, if not more, as it requires complex accounting and in-depth verification to uphold the environmental integrity of the greenhouse gas reductions or removals. The groups involved in the process include the standards body, the project developer, and a third-party verifier. Generally, the process follows these steps:
- Project registration and validation – once a project has been developed or implemented, the project developer creates project design documents, which lay out all of the details of the activity and the estimated number of carbon credits the project is expected to generate over the life of the project. The verifier audits these documents and submits them to the standards body. The standards body reviews and approves the project credentials, meaning the project is now eligible to generate carbon credits moving forward. This is usually a one-time activity that occurs at the onset of a project.
- Project verification – Once the project has been implemented and is being accurately monitored for some amount of time (usually between 1-5 years), the project developer quantifies the volume of greenhouse gasses that have been avoided or reduced during that time compared to the baseline. The verifier audits these findings and develops the verification report to be submitted to the registry.
- The registry reviews the verification documents. Once approved, carbon credits are issued.
- Projects continue to undergo periodic verification and can issue credits annually or can issue multiple years of credits at once.
