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ICR Process Requirements v6.3

Summary

ICR serves as a framework for climate projects of any size, promoting environmental integrity by accelerating credible climate action and ensuring credibility, consistency, and transparency in quantification, monitoring, reporting, validation, and verification

Version no.
6.3

Date of Version

16. June 2026

1MB
ICR Process Requirements v6.3.pdf
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1. Scope, application, and document hierarchy

1.1 Scope

This document specifies the operational processes and procedures by which the International Carbon Registry (ICR) administers projects and International Carbon Credits (ICCs) under the ICR Program.

This document applies to the following processes:

  1. use of the ICR registry for project and ICC administration;

  2. account and registry prerequisites for project proponents, project developers, validation and verification bodies (VVBs), account holders, market participants, rating agencies, external risk assessors, insurance providers, and other registry participants;

  3. pre-registration, validation, registration, monitoring, verification, crediting period renewal, retraction, closure, and other project lifecycle actions;

  4. issuance of ex-ante ICCs and ex-post ICCs;

  5. conversion of ex-ante ICCs to ex-post ICCs following verification;

  6. serialization, labelling, status tracking, and public disclosure of ICCs;

  7. adjustment mechanisms, including non-performance, non-permanence, and non-corresponding adjustment mechanisms;

  8. transfers, retirements, cancellations, and other uses of ICCs;

  9. transfer of projects from other GHG programs to the ICR Program;

  10. withdrawal of projects from the ICR Program;

  11. involvement of VVBs in the ICR project cycle and the interface with the ICR Validation and Verification Specifications;

  12. project ratings and risk assessments;

  13. ICR oversight, routine assessment, integrity assessment, non-conformities, and further actions; and

  14. other administrative procedures, including representation, public comments, exemptions, grievances, information sharing, and public communication.

This document establishes procedural requirements for administering projects and ICCs under the ICR Program. It does not replace or restate the substantive requirements, criteria, or procedures for project eligibility, project design, quantification, monitoring, reporting, additionality, safeguards, methodology application, validation, verification, Article 6.2 authorization, corresponding adjustments, or other program requirements. Those requirements are set out in the applicable normative references listed in section 2.

1.2 Application

These Process Requirements apply to all projects submitted to, pre-registered with, registered under, or otherwise administered by the ICR Program.

They apply to project proponents, project developers, account holders, VVBs, market participants, rating agencies, external risk assessors, insurance providers, users, and other parties participating in ICR processes or using the ICR registry.

Where a process step requires action by ICR, a project proponent, a project developer, a VVB, a rating agency, an external risk assessor, an insurance provider, or another party, the responsible party shall complete the action in accordance with this document, the ICR registry requirements, applicable agreements, and other applicable ICR requirements.

1.3 Document hierarchy and interpretation

The ICR Program is administered through the normative references listed in section 2, together with applicable templates, template instructions, registry rules, approval conditions, formal clarifications, and other instructions issued by ICR.

The normative references have distinct functions within the ICR Program. ISO standards provide the underlying project-level, validation, verification, competence, and conformity-assessment framework. ICR Program documents establish program-specific requirements, procedures, criteria, and registry processes. Approved or accepted methodologies, modules, tools, and methodological guidance provide project- or activity-specific criteria and procedures. Registry guidance, terms and conditions, fee schedules, templates, and ICR communications provide operational, contractual, administrative, and technical instructions.

This document establishes the process by which ICR administers projects and ICCs through the ICR registry. It shall be read together with the applicable normative references and does not replace the requirements, criteria, or procedures established in those references.

Where an applied methodology, module, tool, methodological guidance, project-specific procedure, external scheme requirement, or other criterion is inconsistent with, or less stringent than, the applicable ICR Requirement Document or other applicable ICR requirement, the ICR requirement prevails unless ICR expressly specifies otherwise.

References to an external scheme, including CORSIA where applicable, do not indicate that ICR, a project, or any ICC is endorsed, approved, eligible, or accepted under that scheme unless such status is expressly confirmed by ICR and by the relevant scheme authority or applicable scheme rules.

Where procedural requirements in this document conflict with specific requirements in another applicable ICR document, ICR may determine the applicable interpretation or issue clarification to ensure consistency, environmental integrity, traceability, and proper administration of the ICR Program.

1.4 Relationship with validation and verification

Independent third-party validation and verification support ICR Program decisions, but do not replace ICR review or ICR decision-making.

Validation, verification, joint validation and verification, methodology validation, and other VVB assessments shall be conducted in accordance with ISO 14064-3, ISO 14065, ISO 14066, ISO 17029, where applicable, the ICR Validation and Verification Specifications, the VVB’s accredited procedures, and applicable ICR requirements.

Validation or verification opinions issued under the ICR Program may support ICR decisions relating to registration, issuance, conversion, crediting period renewal, project changes, methodology approval, or continued listing. Such opinions do not, by themselves, constitute registration, issuance, conversion, methodology approval, acceptance of a project change, or any other ICR Program decision.

ICR remains responsible for administering ICR reviews and registry decisions under this document.

1.5 Relationship with ratings and risk assessments

Project ratings and risk assessments are third-party project integrity processes that may support transparency, market understanding, risk-based administration, adjustment mechanisms, and continued oversight of projects and ICCs.

Ratings and risk assessments do not replace validation, verification, ICR review, or the project proponent’s responsibility to conform to applicable ICR requirements.

ICR does not control the rating outcome, methodology, analytical judgement, rating category, score, classification, assumptions, or conclusions of an independent rating agency. ICR may work directly with rating agencies to facilitate access to project information, coordinate registry processes, support transparency, and ensure that rating-related information is handled consistently with ICR requirements, confidentiality obligations, and registry procedures.

Risk assessments may be used by ICR to inform program decisions, including issuance, conversion, adjustment account contributions, monitoring requirements, continued listing, suspension, or other integrity-related actions.

2. Normative references

The following documents contain requirements, procedures, criteria, or guidance that may apply to projects, ICCs, registry participants, validation and verification bodies, rating agencies, risk assessors, and other parties participating in the ICR Program. The applicable version shall be the version required by ICR for the relevant project, engagement, registry action, or process step.

2.1 ICR Program documents

  1. ICR Requirement Document;

  2. ICR Definitions;

  3. ICR Additionality Specifications;

  4. ICR Environmental and Socio-economic Safeguards and Sustainable Development Tool;

  5. ICR Environmental and Socio-economic Safeguards and Sustainable Development Monitoring Tool;

  6. ICR Approved Methodologies, Modules and Tools;

  7. ICR Methodology Requirements;

  8. ICR Methodology Approval Process;

  9. ICR Validation and Verification Specifications;

  10. ICR Article 6.2 Procedures;

  11. applicable ICR templates, template instructions, forms, decisions, clarifications, approval conditions, registry requirements, scheme requirements, ICR-accepted methodologies, modules, tools, and methodological guidance.

2.2 ISO standards

  1. ISO 14064-2;

  2. ISO 14064-3;

  3. ISO 14064-5;

  4. ISO 14065;

  5. ISO 14066;

  6. ISO 17029.

2.3 Registry, contractual, and administrative documents

  1. applicable ICR Terms and Conditions;

  2. ICR Registry User Guide;

  3. ICR fee schedule;

  4. applicable registry rules, user guidance, API documentation, technical guidance, and operational instructions issued by ICR.

2.4 Other references

Other standards, scheme requirements, host country requirements, Article 6.2 requirements, external scheme requirements (e.g. CORSIA), accreditation requirements, or legal and regulatory requirements may apply where specified by ICR, the applied methodology, the host country, the relevant scheme, the VVB engagement, or applicable law.

3. Context of the ICR Program

3.1 General

The ICR Program combines GHG program requirements, registry infrastructure, independent validation and verification, ICR review, project ratings, risk assessment, adjustment mechanisms, public transparency, and oversight to support credible climate projects and the issuance and use of ICCs.

The ICR Program is designed to support environmental integrity by requiring projects to quantify, monitor, report, validate, and verify GHG emission mitigations in accordance with applicable ICR requirements, ISO 14064-2, ISO 14064-3, applicable methodologies, and other relevant requirements.

3.2 ICR as GHG program and registry administrator

ICR acts as both a GHG program and registry administrator.

As a GHG program, ICR establishes requirements and procedures for project eligibility, registration, monitoring, verification, issuance, use of ICCs, oversight, and related integrity mechanisms.

As registry administrator, ICR administers the registry infrastructure used to record project information, project statuses, documentation, ICC issuance, ICC holdings, transfers, retirements, cancellations, conversions, adjustment account movements, and other registry events.

3.3 Integrity

The ICR Program uses multiple integrity functions across the project and ICC lifecycle, including:

  1. project design and documentation requirements;

  2. methodology, module, tool, or project-specific criteria;

  3. additionality requirements;

  4. safeguards and other benefits assessment;

  5. independent validation by an approved VVB;

  6. ICR review and registration;

  7. project rating and risk assessment, where applicable;

  8. monitoring and reporting by the project proponent;

  9. independent verification by an approved VVB;

  10. ICR review and issuance;

  11. serialization and registry tracking of ICCs;

  12. adjustment mechanisms for non-performance, non-permanence, and non-corresponding adjustment risks;

  13. public disclosure and traceability;

  14. restrictions on transfers, retirements, cancellations, and other uses of ICCs, where applicable; and

  15. routine assessment, integrity assessment, corrective action, suspension, retraction, and other oversight measures.

3.4 Role of the ICR registry

The ICR registry is the system of record for projects and ICCs administered under the ICR Program.

The registry supports:

  1. project submission, pre-registration, registration, monitoring, verification, renewal, withdrawal, retraction, and closure;

  2. storage and publication of project documentation and supporting information;

  3. assignment of project identifiers;

  4. issuance of serialized ICCs;

  5. distinction between ex-ante ICCs and ex-post ICCs;

  6. conversion of ex-ante ICCs to ex-post ICCs following verification, where applicable;

  7. ICC transfers, retirements, cancellations, and status changes;

  8. adjustment account deposits, holdings, cancellations, and other movements;

  9. Article 6.2, corresponding adjustment, or external scheme-related labels or statuses, where applicable;

  10. access by project proponents, project developers, VVBs, rating agencies, external risk assessors, insurance providers, and other approved parties; and

  11. public disclosure of information required to support transparency, traceability, and avoidance of double counting.

3.5 Process logic

The ICR project and ICC lifecycle generally follows the following sequence:

  1. the project proponent or authorized project developer prepares the project and creates a draft project record in the registry;

  2. the project proponent or authorized project developer submits the project for pre-registration;

  3. ICR reviews the pre-registration submission and, where applicable requirements are met, pre-registers the project with the status under development;

  4. once the project is pre-registered under development, the project proponent may contract an approved VVB for validation;

  5. after the VVB has been contracted and the applicable validation information has been provided in the registry, the project status may be updated to under validation;

  6. the approved VVB validates the project design;

  7. ICR reviews the validation documentation and project submission;

  8. ICR registers the project where applicable requirements are met;

  9. project rating and risk assessment may be conducted and published where applicable;

  10. the project proponent monitors the project and prepares monitoring documentation;

  11. an approved VVB verifies GHG emission mitigations for the monitoring period;

  12. ICR reviews the monitoring and verification documentation;

  13. ICR issues ex-post ICCs following confirmation of monitoring and verification, or issues ex-ante ICCs where requested by the project proponent and approved by ICR;

  14. ICCs may be transferred, retired, cancelled, converted, deposited into adjustment accounts, or otherwise administered in accordance with ICR requirements; and

  15. ICR maintains oversight throughout the project and ICC lifecycle.

4. Registry infrastructure and account prerequisites

4.1 General

Actions under the ICR Program are administered through the ICR registry unless ICR expressly specifies another submission channel.

Users, organizations, project proponents, project developers, VVBs, market participants, rating agencies, external risk assessors, insurance providers, account holders, and other registry participants shall complete the applicable account setup, verification, authorization, agreement, and registry requirements before performing restricted actions in the registry.

Detailed technical instructions for using the registry are provided in the Registry User Guide and other registry guidance. Registry user guidance explains how to complete actions in the registry but does not replace this document or other applicable ICR requirements.

4.2 Registry as system of record

The ICR registry is the authoritative system of record for project status, project documentation, ICC issuance, ICC holdings, transfers, retirements, cancellations, conversions, adjustment account movements, and other registry actions administered under the ICR Program.

Unless ICR specifies otherwise, documents submitted to the ICR registry shall be uploaded in PDF format and, where relevant, in the original editable format. Calculation files, spreadsheets, datasets, geospatial files, models, and other supporting files shall be uploaded in the format required by ICR, the applicable template, the applied criteria, or the registry workflow.

Where a public version and a non-public version are required, the project proponent, VVB, or other submitting party shall ensure that the public version is suitable for publication and that the non-public version contains the information necessary for ICR review, VVB assessment, rating, risk assessment, insurance review, or other applicable process.

ICR may reject, return, or request resubmission of documentation where the file format, file quality, version control, accessibility, completeness, or consistency of the uploaded documentation is insufficient for review, publication, traceability, or registry administration.

ICR maintains both public and non-public registry records. Public disclosure is subject to applicable ICR requirements, confidentiality restrictions, personal data requirements, intellectual property protections, and applicable law.

4.3 Blockchain-based issuance and transaction records

ICCs are issued through the ICR registry and are recorded on public blockchain infrastructure. Blockchain-based issuance and transaction records support traceability, transparency, immutability of transaction records, and prevention of double counting.

The registry records issuance, transfers, retirements, cancellations, conversions, and other ICC status events through blockchain-based registry infrastructure.

Technical details on blockchain implementation, tokenization, smart contracts, and integrations are provided in registry guidance or other technical documentation available under ICR’s documentation page.

4.4 Accounts

4.4.1 User accounts

A user account is required for an individual to access the ICR registry and perform actions on behalf of themselves, an organization, a project, or another account holder.

User accounts are personal and shall not be shared. Users shall complete KYC or other identity verification where required for the requested registry function.

A user may perform only those actions for which the user has the required permissions, role, authorization, and registry access.

4.4.2 Organization accounts

An organization account is required for an organization to act as a project proponent, project developer, VVB, market participant, rating agency, external risk assessor, insurance provider, or other organizational participant in the ICR registry.

Organizations shall complete KYB or other verification where required for the requested registry function.

ICR may assign or recognize organization account types and may restrict registry functions based on account type, verification status, user permissions, applicable agreements, and the purpose for which the organization participates in the ICR Program.

4.4.3 Project access, authorization, and representation

A project shall be linked to an organization account in the ICR registry.

The project proponent shall at all times be identified in the ICR registry as the project proponent and responsible project owner, irrespective of any contractual, commercial, development, representation, revenue sharing, or other agreement between the project proponent and a project developer or other party.

The project proponent shall ensure that each user with access to the project has the appropriate role and authority to act on behalf of the project proponent, account holder, or other responsible party.

ICR may require evidence of authorization, representation, ownership, control, or beneficial ownership before accepting project submissions, review requests, issuance requests, transfer requests, retirement requests, cancellation requests, withdrawal requests, or other registry actions.

Where a project developer acts on behalf of a project proponent, the project developer shall have documented authority to represent the project proponent for the relevant registry actions.

4.4.4 Sub-accounts

Project developers, market participants, or other account holders may use sub-accounts where permitted by ICR to manage clients, projects, ICCs, or related registry records.

Sub-accounts shall be used only in accordance with applicable ICR requirements, applicable Terms and Conditions, registry user guidance, representation documentation, account holder permissions, and any agreement or authorization required by ICR.

Use of a sub-account does not affect the requirement to identify the project proponent, account holder, authorized representative, or other responsible party, as applicable.

Use of a sub-account does not transfer responsibility from the project proponent, account holder, or other responsible party to the sub-account administrator, unless expressly accepted by ICR under the applicable Terms and Conditions or another written agreement.

4.4.5 Required account status before project actions

Before a project proponent may request ICR review of a project, the project proponent shall have completed all account verification, agreement, registry, and authorization requirements applicable to the relevant process stage, and all applicable fees shall have been paid.

Before a VVB may upload validation or verification documentation for a project, the VVB shall have an approved VVB status in the ICR registry or another status expressly accepted by ICR.

Before ICCs may be issued, transferred, retired, cancelled, converted, or deposited into an adjustment account, the relevant account holder shall meet all applicable account, authorization, agreement, and registry requirements, and all applicable fees shall have been paid.

ICR may withhold review, registration, issuance, conversion, transfer, retirement, cancellation, withdrawal, or other registry actions until all applicable registry prerequisites are satisfied and all applicable fees have been paid.

4.5 Serialization and ICC registry records

ICCs issued under the ICR Program are serialized in the ICR registry. Serialization supports traceability, transparency, avoidance of double issuance, avoidance of double use, and avoidance of double counting.

Each issued ICC is linked to the relevant project, project proponent, issuance record, issuance type, vintage year, monitoring period, crediting period, quantity, status, and other applicable attributes.

The ICR registry records, as applicable:

  1. project identifier;

  2. host country;

  3. project proponent;

  4. issuance date;

  5. issuance type;

  6. vintage year;

  7. monitoring period;

  8. crediting period;

  9. serial number range or unit-level serial numbers;

  10. ICC status;

  11. Article 6.2, corresponding adjustment, or external scheme related designation, where applicable;

  12. corresponding adjustment status, where applicable;

  13. adjustment account contribution, deduction, cancellation, or withholding, where applicable;

  14. transfer, retirement, cancellation, conversion, escrow, or other inventory status, where applicable; and

  15. any other information required by ICR.

Unless ICR specifies otherwise, ICC serial numbers follow the structure set out in Table 1 below.

Table 1: Serialization of ICCs

Component

Order

Type

Length

Range

Comment

Credit identifier

1

Letter

3

Text

Fixed value. Unique registry identifier. (ICC)

Project country

2

Letter

3

ISO 3166-1

Three-letter country code for the project (e.g., Iceland is ISL).

Project country dialling code

3

Numeric

3

1-999

Three-digit country code for the project (e.g., Iceland is 354).

Project ID

4

Numeric

4

1-9999

Registry assigned identifier for the project, unique in the registry.

Sector

5

Numeric

2

1-16

Primary sector

Type

6

Letter

1

A, R, H

Avoidance, Removal, Hybrid

Host country attestation

7

Numeric

1

1;0

1 = Yes, 0 = No attestation

Vintage(Year)

8

Numeric

4

0-9999

The _vintage_year of the credits.

Multiple project activities

9

Numeric

3

0-999

ID of a sub-project. If not multiple project activities, this identifier is not used.

Example: ICC-ISL-354-33-13-A-0-2022

GHG program:_ International Carbon Registry_

Project Country: Iceland

Dialing code:354

Project ID:33

Sector:Waste handling and disposal

Type:_ Avoidance_

Host country attestation:No approval for ITMO transfer.

Vintage: 2022

Multiple project activities:_ Not a multiple project activity._

ICR may record ICC issuance, transfer, retirement, cancellation, conversion, escrow, adjustment account, and other inventory events through blockchain-based registry infrastructure where applicable.

ICR may correct administrative errors in registry records where necessary to maintain accurate records, provided that any correction preserves traceability and does not reverse a completed retirement or cancellation except where expressly permitted by ICR requirements and applicable law.

4.6 Public information and traceability

ICR maintains registry records necessary to support transparency, traceability, public disclosure, and avoidance of double counting.

The ICR registry uses both registry platform records and blockchain-based records. Project information, project documentation, account information, user permissions, review records, validation and verification documentation, ratings, risk assessments, and other project lifecycle information are administered through the ICR registry platform. Issued ICCs, ICC inventories, and relevant ICC status events are recorded through blockchain-based registry infrastructure.

The registry records, as applicable:

  1. project identifiers and project status;

  2. project proponent, project developer, account holder, and host country information;

  3. project location, project type, sectoral scope, methodology, crediting period, and vintage information;

  4. project documentation, validation and verification documentation, monitoring reports, ratings, risk assessments, review records, and other project lifecycle information;

  5. validation, registration, rating, risk assessment, monitoring, verification, issuance, conversion, transfer, retirement, cancellation, withdrawal, retraction, closure, and other lifecycle events;

  6. ICC serial numbers, quantities, issuance type, vintage year, monitoring period, crediting period, labels, and status;

  7. ICC holdings, transfers, retirements, cancellations, conversions, and other inventory movements;

  8. Article 6.2, corresponding adjustment, or external scheme-related designations, labels, or statuses, where applicable;

  9. adjustment account balances and movements, where applicable;

  10. retirement and cancellation purposes, where applicable; and

  11. public project documentation and other information required under ICR requirements.

Blockchain-based records support public traceability of issued ICCs and relevant ICC inventory events. Registry platform records support administration of project information, documentation, reviews, permissions, and other program processes. Together, these records support the integrity, traceability, and transparency of projects and ICCs under the ICR Program.

Information may be withheld from public disclosure where permitted by ICR requirements, applicable law, confidentiality restrictions, personal data requirements, or intellectual property protections. ICR, VVBs, rating agencies, external risk assessors, insurance providers, and other approved parties may retain access to information necessary to perform their functions under the ICR Program, subject to applicable confidentiality and data handling requirements.

5. Preconditions for project registration

5.1 General

Before a project may be registered under the ICR Program, the project proponent shall demonstrate that the applicable procedural, registry, documentation, validation, and review requirements have been satisfied.

The preconditions for registration include, as applicable:

  1. an eligible project proponent and verified organization account;

  2. correct identification of the project proponent, project developer, account holder, authorized representatives, and other responsible parties;

  3. documentation demonstrating ownership, authorization, control, beneficial ownership, or other rights required to submit the project and claim the resulting GHG emission mitigations;

  4. confirmation that the project is not subject to double registration, double issuance, double use, or double claiming risks that would prevent registration;

  5. identification of the applicable methodology, module, tool, project-specific criteria, or other criteria used for validation;

  6. completion of project design documentation in the applicable ICR template;

  7. additionality demonstration;

  8. environmental and socio-economic safeguards and sustainable development tool, where required;

  9. host country, Article 6.2, corresponding adjustment, or external scheme-related documentation, where applicable;

  10. pre-registration under the status under development before a VVB is contracted for validation;

  11. validation by an approved VVB in accordance with the ICR Validation and Verification Specifications;

  12. submission of the final validation report, and supporting documentation through the ICR registry;

  13. completion of ICR review and acceptance for registration;

  14. payment of all applicable fees; and

  15. participation in, initiation of, completion of, or cooperation with any required project rating or risk assessment process, as specified by ICR..

Registration confirms that ICR has accepted the project into the ICR Program based on the applicable process and review requirements. Registration does not by itself constitute issuance of ICCs, approval of future monitoring results, confirmation of future verification outcomes, approval of future conversion of ex-ante ICCs to ex-post ICCs, or acceptance of any future claim or use of ICCs.

5.2 Project proponent and project developer

The project proponent is responsible for the project and for ensuring that the project conforms to applicable ICR requirements throughout the project lifecycle.

The project proponent shall at all times be identified in the ICR registry as the project proponent and responsible project owner, irrespective of any contractual, commercial, development, representation, revenue sharing, or other agreement between the project proponent and a project developer or other party.

A project developer may prepare, manage, coordinate, or support a project on behalf of a project proponent only where the project developer has documented authority to do so.

Where a project developer acts on behalf of a project proponent, the project developer shall have documented authority to represent the project proponent for the relevant registry actions. Such representation does not transfer the project proponent’s responsibility for project conformity, ownership, accuracy of information, or compliance with applicable ICR requirements, unless expressly accepted by ICR under applicable Terms and Conditions or another written agreement.

The project proponent shall ensure that all project information, documentation, data, representations, and supporting evidence submitted to ICR, a VVB, a rating agency, an external risk assessor, an insurance provider (where applicable), or another approved party are accurate, complete, current, and not misleading.

5.3 Ownership, authorization, and rights to GHG emission mitigations

The project proponent shall demonstrate that it has the legal right, ownership, control, or authorization required to submit the project to ICR and to claim the resulting GHG emission mitigations.

The project proponent shall provide evidence, as applicable, of ownership, authorization, representation, beneficial ownership, contractual rights, land rights, asset rights, host country approvals, permits, licenses, mandates, or other rights necessary to establish that the project proponent is entitled to submit the project, claim the resulting GHG emission mitigations, and request issuance of ICCs.

Where the project involves multiple owners, project participants, landholders, technology owners, asset owners, beneficiaries, public authorities, or other relevant parties, the project proponent shall identify those parties and provide evidence of the rights, approvals, or authorizations required by ICR.

The project proponent shall notify ICR without delay of any change, dispute, limitation, termination, or challenge relating to ownership, authorization, control, beneficial ownership, representation, or rights to GHG emission mitigations.

ICR may withhold pre-registration, validation status update, registration, issuance, conversion, transfer, retirement, cancellation, withdrawal, or another registry action where ownership, authorization, control, beneficial ownership, or representation is not adequately demonstrated.

5.4 Avoidance of double counting and other registrations

The project proponent shall disclose whether the project, project activity, project area, technology, facility, asset, monitoring period, GHG emission mitigation outcome, or related instrument has been registered, submitted, credited, issued, transferred, retired, cancelled, claimed, or otherwise used under another GHG program, registry, scheme, market mechanism, or reporting framework.

The project proponent shall provide information and evidence required by ICR to determine whether the project may create a risk of double registration, double issuance, double use, double claiming, or other form of double counting.

Where a project has been registered under another GHG program, the project proponent shall satisfy the requirements for transfer from another GHG program before registration or issuance under the ICR Program.

ICR may require cancellation, retirement, delisting, confirmation from another GHG program, host country confirmation, registry evidence, monitoring period separation, or other measures necessary to prevent double counting.

ICR may reject, suspend, withhold, retract, or otherwise restrict a project or ICCs where double counting risks are not resolved to ICR’s satisfaction.

5.5 Applicable criteria, methodologies, modules, and tools

Before validation, the project proponent shall identify the criteria, methodology, module, tool, methodological guidance, good practice guidance, or project-specific criteria and procedures applied to the project.

The applicable criteria may include, as relevant:

  1. ISO 14064-2;

  2. the ICR Requirement Document;

  3. the ICR Additionality Specifications;

  4. the ICR Environmental and Socio-economic Safeguards and Sustainable Development Tool and related monitoring tool;

  5. an ICR-approved methodology, module, tool, or methodological guidance;

  6. a methodology, module, tool, or methodological guidance from another GHG program where accepted by ICR;

  7. good practice guidance, where accepted by ICR and where used to support project-specific criteria and procedures;

  8. project specific criteria and procedures, where permitted under the ICR Requirement Document and assessed through validation for the relevant project;

  9. the ICR Article 6.2 Procedures, where applicable; and

  10. any other requirement, procedure, criterion, approval condition, clarification, or scheme requirement applicable to the project.

Where a project applies a methodology, module, tool, or methodological guidance, the project proponent shall apply it in accordance with its applicability conditions, procedures, parameters, monitoring requirements, and limitations, subject to any more stringent ICR requirement.

Where a project applies a methodology, module, tool, or methodological guidance from another GHG program, the project proponent shall demonstrate that the methodology, module, tool, or methodological guidance is applicable to the project and that its application conforms to the ICR Requirement Document, ISO 14064-2, and other applicable ICR requirements.

Where good practice guidance or project specific criteria and procedures are used, the project proponent shall ensure that the project documentation clearly describes the criteria and procedures applied for baseline determination, additionality, project boundary, identification and selection of GHG SSRs, quantification, monitoring, leakage, uncertainty, permanence, safeguards, and any other relevant project design elements.

Good practice guidance and project specific criteria and procedures may support the development and validation of project specific approaches, but do not constitute an ICR-approved methodology unless approved under the ICR Methodology Approval Process.

Where the project proponent intends to develop and submit a new methodology for approval under the ICR Program, the project proponent shall follow the ICR Methodology Requirements and the ICR Methodology Approval Process.

Where an applied methodology, module, tool, methodological guidance, good practice guidance, project-specific procedure, external scheme requirement, or other criterion is inconsistent with, or less stringent than, the applicable ICR Requirement Document or other applicable ICR requirement, the ICR requirement prevails unless ICR expressly specifies otherwise.

The VVB shall assess the applied criteria, methodology, module, tool, methodological guidance, good practice guidance, or project specific criteria and procedures in accordance with the ICR Validation and Verification Specifications, ISO 14064-3, and other applicable ICR requirements.

All project documentation shall use the applicable ICR template and follow the relevant template instructions, irrespective of the origin of the applied methodology, criteria, guidance, or procedures.

5.6 Project documentation

The project proponent shall prepare project documentation using the applicable ICR template and template instructions.

Project documentation shall include, as applicable:

  1. project title, project description, project location, host country, project type, and sectoral scope;

  2. identification of the project proponent, project developer, account holder, authorized representative, and other relevant parties;

  3. ownership, authorization, control, and rights documentation;

  4. applied criteria, methodology, module, tool, or project-specific procedures;

  5. project boundary and relevant GHG sources, sinks, and reservoirs;

  6. baseline scenario and baseline determination;

  7. additionality demonstration;

  8. quantification approach and calculation methods;

  9. monitoring plan and data management arrangements;

  10. environmental and socio-economic safeguards and sustainable development information;

  11. other benefits, where applicable;

  12. leakage, uncertainty, non-permanence, reversal, non-performance, and other risk-related information;

  13. host country, Article 6.2, corresponding adjustment, or external scheme related documentation, where applicable;

  14. stakeholder consultation or public comment information, where applicable; and

  15. any other information required by ICR, the applied criteria, the VVB, or applicable law.

The project proponent shall ensure that project documentation is complete, internally consistent, traceable to supporting evidence, and suitable for validation by an approved VVB.

5.7 Pre-registration before validation

A project shall be pre-registered under the status under development before a VVB may be contracted for validation under the ICR Program.

A project may not proceed directly from draft status to under validation. The project shall first be submitted for pre-registration and accepted by ICR as under development.

The status under development indicates that ICR has completed a completeness review of the pre-registration submission, that the required pre-registration documentation has been prepared and reviewed by ICR, and that the project has been entered into the ICR registry as eligible to proceed toward validation.

Pre-registration under development does not constitute validation, registration, ICR approval of the project, approval of the applied criteria, confirmation of eligibility for issuance, or confirmation that the project conforms to all applicable ICR requirements.

Once the project is pre-registered under development, the project proponent may contract an approved VVB for validation. After the VVB has been contracted and the applicable validation information has been provided in the registry, the project proponent may request that the project status be updated to under validation.

The status under validation indicates that validation has been initiated or is underway in accordance with ICR requirements. It does not constitute a validation opinion or ICR registration.

5.8 Validation prerequisite

A project shall be validated by an approved VVB before registration.

The VVB shall conduct validation in accordance with ISO 14064-3, the ICR Validation and Verification Specifications, the ICR Requirement Document, the applied criteria, and other applicable requirements.

Before entering into a validation agreement, the VVB shall confirm that the project has been pre-registered with ICR under the status under development.

The project proponent shall provide the VVB with access to all project documentation, supporting evidence, project information, and registry records necessary to conduct validation.

The VVB shall upload the validation report, findings, and any required supporting documentation to the ICR registry in the form required by ICR.

Validation does not itself constitute registration. Registration requires ICR review and acceptance.

5.9 Registration review readiness

A project proponent may request ICR review for registration only when:

  1. the project is pre-registered and validation has been completed;

  2. the final project documentation has been uploaded to the ICR registry;

  3. the final validation report and validation opinion have been uploaded to the ICR registry by the approved VVB;

  4. all VVB findings, non-conformities, requests for clarification, or corrective action requests have been resolved or otherwise addressed in the validation report;

  5. ownership, authorization, representation, account, and registry information is complete and current;

  6. double counting and other registration risks have been addressed;

  7. additionality, safeguards, methodology, Article 6.2, or other required documentation has been submitted, where applicable;

  8. all applicable Terms and Conditions, agreements, and registry requirements have been accepted; and

  9. all applicable fees have been paid.

ICR may refuse to begin, continue, or complete registration review until the registration review request is complete.

5.10 Project ratings and risk assessments

ICR integrates project rating and risk assessment processes into the project lifecycle to support transparency, market confidence, risk-based administration, adjustment account management, insurance or guarantee determinations, and continued oversight of projects and ICCs.

Project rating and risk assessment processes may be initiated, completed, updated, or maintained at different stages of the project lifecycle. Unless ICR specifies otherwise:

  1. a project design rating may be initiated before final registration but no later than after final registration. The rating may reflect the validated project design, applied criteria, safeguards information, ownership information, baseline and additionality information, validation report, ICR review report, and other relevant project documentation;

  2. an initial risk assessment may be initiated before final registration but no later than after final registration;

  3. following monitoring, verification, and ICR review after verification, a project outcomes rating may be issued or updated based on verified project performance, monitoring data, verification documentation, issuance-related information, updated project documentation, and material project developments;

  4. risk assessments may be updated during the project operation cycle, including after monitoring, verification, ICR review after verification, material project changes, non-performance events, non-permanence events, non-corresponding adjustment events, or other developments relevant to project or ICC risk; and

  5. risk assessment outputs may inform deductions, withholding, escrow, insurance, guarantees, warranties, adjustment account contributions, issuance conditions, conversion conditions, enhanced monitoring, continued listing, suspension, or other measures required to maintain program integrity.

Where project rating or risk assessment is required as part of a project-cycle action, ICR may determine whether the relevant requirement is satisfied by initiation of the process, cooperation with the process, submission of required information, completion of the assessment, publication of an outcome, or another milestone specified by ICR for the relevant action.

Where required by ICR, participation in project rating and risk assessment processes is a condition for registration, continued listing, issuance of ex-ante or ex-post ICCs, conversion of ex-ante ICCs to ex-post ICCs, and other project-related actions.

The project proponent shall cooperate with ICR, approved rating agencies, approved risk assessors, external risk advisors, and other approved parties, and shall provide information, documentation, data, clarifications, and access required to conduct, support, or update project ratings and risk assessments.

ICR may withhold registration, issuance, conversion, continued listing, or another project-related action where the project proponent fails to cooperate with a required project rating or risk assessment process, where information required for project rating or risk assessment is missing, inaccurate, incomplete, inconsistent, or misleading, or where unresolved rating or risk assessment issues may affect project integrity, ICC integrity, adjustment account requirements, or continued eligibility under the ICR Program.

5.11 Public disclosure before registration

ICR may publish project information and documentation during pre-registration, validation, registration review, or other stages of the project lifecycle where required or permitted under ICR requirements.

Information may be withheld from public disclosure where permitted by ICR requirements, applicable law, confidentiality restrictions, personal data requirements, or intellectual property protections.

ICR may require the project proponent to provide a public version of project documentation where confidential or commercially sensitive information is included in the full documentation.

Public disclosure before registration does not constitute ICR approval, registration, validation, issuance eligibility, or acceptance of claims relating to the project.

6. Project registration cycle

6.1 General

The ICR project registration cycle describes the process by which a project moves from draft preparation through pre-registration, validation, ICR review, registration, monitoring, verification, issuance, renewal, closure, withdrawal, or retraction.

The project cycle is administered through the ICR registry. The project status recorded in the registry identifies the current stage of the project under the ICR Program.

A project may have the following statuses, as applicable:

  1. Draft (not a formal public status), section 6.2;

  2. Under development (pre-registration), section 6.3.2;

  3. Under validation (pre-registration), section 6.3.3;

  4. Validated(registered) section 6.5;

  5. Under verification (registered), section 6.8;

  6. Verified (issuance) after ICR review after verification), section 6.9;

  7. Closed (crediting period finished), section 6.14;

  8. Withdrawn, section 6.15; and

  9. Retracted, section 6.16.

A project status indicates the process stage or status condition recorded for the project in the ICR registry. A project status does not, by itself, confirm eligibility for issuance, conversion, transfer, retirement, claim-making, Article 6.2 designation, external scheme-related designation, or any other subsequent action unless the applicable requirements for that action have also been met.

ICR may request additional information, clarification, correction, VVB input, rating information, risk assessment information, insurance information, host country documentation, or other evidence at any stage of the project cycle where necessary to determine completeness, conformity, eligibility, traceability, or program integrity.

6.2 Draft project

A draft project is a project record created in the ICR registry before the project is submitted for pre-registration.

Draft status is an internal registry status. It does not constitute pre-registration, validation, registration, ICR approval, public listing, or eligibility for issuance.

The project proponent, focal, or authorized representative may create and maintain a draft project record where the relevant project-level authorization has been granted in the ICR registry or in representation documentation accepted by ICR.

Before a draft project is submitted for pre-registration, the project proponent shall ensure that:

  1. the relevant organization account and user permissions are in place;

  2. the project proponent is correctly identified;

  3. any project developer, focal, authorized representative, account holder, or other responsible party is correctly identified;

  4. the project title, host country, location, project type, sectoral scope, applied criteria, and other required registry fields are completed;

  5. required pre-registration documentation is uploaded;

  6. evidence of ownership, authorization, representation, beneficial ownership, contractual rights, land rights, asset rights, host country approvals, permits, licenses, mandates, proof of right, or other rights has been provided, as applicable;

  7. potential double counting or other registration risks have been disclosed; and

  8. applicable account, agreement, fee, and registry prerequisites are satisfied.

6.3 Pre-registration

Pre-registration is the process by which a project is accepted into the ICR registry before registration and before issuance of ICCs, and provides public disclosure of a project being prepared for registration.

Pre-registration provides transparency on projects that are being prepared for validation or are undergoing validation. Pre-registration does not constitute validation, registration, ICR approval of the project, approval of the applied criteria, confirmation of eligibility for issuance, or confirmation that the project conforms to all applicable ICR requirements.

A project shall first be pre-registered under development before it may proceed to under validation.

Where a project has been pre-registered under development and has not been updated to under validation within 12 months from the date of pre-registration, ICR may identify the project as inactive, unless ICR accepts evidence that the project is actively progressing or accepts another timeframe.

Where a project has been updated to under validation but validation has not been completed, or the project proponent has not requested ICR review for registration, within 12 months from the date on which the project was updated to under validation, ICR may identify the project as inactive, unless ICR accepts evidence that validation is actively progressing or accepts another timeframe.

The inactive status indicates that the project has not progressed within the expected timeframe or that ICR requires evidence of continued development, validation, implementation, or operation. The inactive status does not by itself constitute rejection, withdrawal, retraction, closure, suspension, or a final determination of non-conformity.

Where a project is identified as inactive, ICR may request updated information, evidence of continued development or validation, revised timelines, VVB confirmation, updated project documentation, or other information necessary to determine whether the project remains active.

A project that remains pre-registered but does not complete registration within 24 months from the date of pre-registration may be updated to retracted in accordance with section 6.16, unless ICR accepts an extension or determines that another action is appropriate.

ICR may reject, return, or request correction of a draft submission where required information is missing, inconsistent, incomplete, misleading, or outside the scope of the requested process step.

After the project proponent has submitted a pre-registration request and all applicable fees have been paid, ICR shall conduct a completeness review of the pre-registration submission.

Where the pre-registration submission is complete enough for review, ICR shall issue findings, clarification requests, corrective action requests, or confirmation of pre-registration within two weeks, unless ICR determines that additional time is required due to the complexity of the submission, missing information, registry issues, or other circumstances relevant to the review.

The project proponent shall respond to any findings, clarification requests, corrective action requests, or other issues identified by ICR within two weeks of issuance, unless ICR accepts another timeframe.

When the project proponent has resolved or addressed all outstanding issues to ICR’s satisfaction, ICR shall complete the pre-registration decision within one week, unless ICR determines that additional time is required.

ICR may refuse to complete pre-registration, may return the request, or may reject the pre-registration request where the project proponent does not provide the required information, does not respond within the applicable timeframe, or does not resolve identified issues to ICR’s satisfaction.

6.3.1 Project representatives, focals, and authorized representatives

Project proponent

The project proponent is the organization responsible for the project under the ICR Program and shall at all times be identified in the ICR registry as the project proponent and responsible project owner for ICR purposes.

The project proponent may appoint a focal and/or authorized representative to act on behalf of the project proponent for a specific project, subject to a representation deed, letter of authority, registry permissions, or other documentation accepted by ICR.

Appointment of a focal or authorized representative does not remove the requirement to identify the project proponent in the ICR registry and does not transfer the project proponent’s responsibility for the project, unless expressly accepted by ICR under applicable Terms and Conditions or another written agreement.

The project proponent remains responsible for ensuring that the project conforms to applicable ICR requirements and that all information submitted to ICR, a VVB, rating agency, external risk assessor, insurance provider, or other approved party is accurate, complete, current, and not misleading.

The project proponent shall notify ICR and update the ICR registry without delay where the authority of a focal or authorized representative changes, expires, is revoked, is disputed, or is otherwise no longer valid.

Focal

A focal is a party appointed in accordance with a representation deed or other documentation accepted by ICR to act on behalf of the project proponent for a specific project.

A focal may be one of the project proponents, an organization appointed by the project proponent to represent the project, or an organization to which the project proponent has assigned rights to the project’s GHG emission mitigations for the relevant crediting period.

The focal shall be identified in the ICR registry and shall have the relevant project-level permissions, representation documentation, and account status required by ICR.

A focal may perform only those actions for which authority has been granted in the ICR registry and the applicable representation documentation. Such actions may include, as applicable, submitting project information, uploading project documentation, communicating with ICR, communicating with VVBs, responding to clarification requests, requesting pre-registration, requesting status updates, requesting registration review, requesting issuance or conversion, or performing other project related registry actions.

Where the applicable representation deed or other documentation accepted by ICR grants authority over ICC-related actions, a focal may also perform those actions within the scope of the granted authority, including requesting or initiating transfers, retirements, cancellations, or other ICC-related actions.

A focal does not become the project proponent solely by being appointed as focal. The project proponent shall remain identified in the ICR registry unless a project transfer, assignment, or other change is accepted by ICR in accordance with applicable ICR requirements.

Authorized representative

An authorized representative is a person authorized to represent and act on behalf of a project proponent, focal, or project, as applicable.

An authorized representative shall be identified in the ICR registry or in the applicable representation deed, letter of authority, or other documentation accepted by ICR. The authorized representative shall have the relevant registry permissions required for the actions it performs.

An authorized representative may perform only those actions for which authority has been granted. Such actions may include, as applicable, submitting project information, uploading project documentation, communicating with ICR, communicating with VVBs, responding to clarification requests, requesting pre-registration, requesting status updates, requesting registration review, requesting issuance or conversion, or performing other project-related registry actions.

Where the applicable representation documentation grants authority over ICC-related actions, an authorized representative may perform those actions only within the scope of the granted authority and assigned registry permissions.

An authorized representative does not become the project proponent, focal, account holder, or beneficial owner solely by being assigned project-level permissions or identified in a representation deed.

Effect of actions and evidence of authority

Actions performed by a focal or authorized representative within the scope of its authorization are treated as actions performed on behalf of the project proponent for the relevant project.

ICR may require evidence of ownership, proof of right, authorization, representation, beneficial ownership, contractual rights, land rights, asset rights, host country approvals, permits, licenses, mandates, letters of authority, or other evidence necessary to establish that the project proponent, focal, or authorized representative is entitled to perform the relevant project or ICC-related action.

ICR may reject actions, restrict registry access, require correction of registry records, withhold review, withhold issuance, or take other actions where the authority of a focal or authorized representative is unclear, expired, disputed, incomplete, or insufficiently documented.

6.3.2 Under development

The status under development is the initial pre-registration status.

A project may be assigned the status under development where:

  1. the project proponent has submitted the project for pre-registration from the registry platform, either directly or through a focal or authorized representative acting within the scope of the relevant project-level authorization;

  2. the required pre-registration information and documentation have been uploaded to the ICR registry;

  3. the project proponent, project developer, focal, authorized representative, account holder, and other responsible parties have been identified, as applicable;

  4. ownership, authorization, representation, beneficial ownership, contractual rights, land rights, asset rights, host country approvals, permits, licenses, mandates, proof of right, or other required rights have been evidenced, as applicable;

  5. the applicable account, agreement, fee, and registry prerequisites have been satisfied; and

  6. ICR has completed a completeness review of the pre-registration submission.

The status under development indicates that ICR has completed a completeness review of the pre-registration submission, that the required pre-registration documentation has been prepared and reviewed by ICR, and that the project has been entered into the ICR registry as eligible to proceed toward validation.

The project proponent may contract an approved VVB for validation only after the project has been pre-registered under the status under development.

The project proponent shall ensure that the project record is kept up to date while the project is under development and shall update ICR without delay if project information, ownership, authorization, applied criteria, location, project design, focal appointment, representation arrangements, or other material information changes.

6.3.2.1 Required documentation and information

For pre-registration under the status under development, the project proponent shall upload the following documentation to the ICR registry, as applicable:

Information

  1. basic project information required by the ICR registry, including project name, host country, project location, project type, sectoral scope, project proponent, project developer, focal, authorized representative, and other responsible parties, as applicable; and

  2. preliminary information on the applied criteria, methodology, module, tool, methodological guidance, or project-specific criteria and procedures, where applicable;

Public documents

  1. draft project design documentation, PDD/PDDMR;

  2. preliminary environmental and socio-economic safeguards and sustainable development information; and

  3. statement of no double issuance and no double counting;

Private documents

  1. ownership, authorization, representation, beneficial ownership, contractual rights, land rights, asset rights, host country approvals, permits, licenses, mandates, proof of right, or other evidence demonstrating the project proponent’s right to submit the project;

  2. representation deed, focal appointment, letter of authority, or other representation documentation, where the project is submitted by a focal or authorized representative; and

  3. Article 6.2, host country, corresponding adjustment, external scheme, or other use-related information, where applicable;

6.3.3 Under validation

The status under validation indicates that validation has been initiated or is underway in accordance with ICR requirements. When the project proponent requests a status update to under validation, all documentation required for validation shall be in final draft or final version and uploaded to the ICR registry.

A project may be updated to under validation where:

  1. the project has first been pre-registered under the status under development;

  2. the project proponent has contracted an approved VVB for validation, either directly or through a focal or authorized representative acting within the scope of the relevant project-level authorization;

  3. the VVB has the required registry access and approved VVB status, or another status expressly accepted by ICR;

  4. the applicable validation criteria have been identified;

  5. the project documentation required for validation has been uploaded to the ICR registry; and

  6. ICR has accepted the status update in the registry.

The status under validation does not constitute a validation opinion, registration, ICR approval of the project, approval of the applied criteria, or eligibility for issuance.

6.3.3.1 Required documentation and information

For the status under validation, the project proponent shall upload or update the following documentation in the ICR registry, as applicable:

Information

  1. completed basic project information required, including project name, host country, project location, project type, sectoral scope, project proponent, project developer, focal, authorized representative, and other responsible parties, as applicable; and

  2. applied criteria, methodology, module, tool, methodological guidance, or project-specific criteria and procedures;

Public documents

  1. complete project design documentation prepared for validation, including the PDD or PDDMR;

  2. environmental and socio-economic safeguards and sustainable development tool;

  3. GHG emission mitigation calculation files and supporting calculation documentation;

  4. statement of no double issuance and no double counting;

  5. Article 6.2, host country, corresponding adjustment, external scheme, or other use-related documentation, where applicable; and

Private documents

  1. additionality demonstration and supporting evidence;

  2. evidence that an approved VVB has been contracted for validation, which may include a validation agreement, validation and verification agreement, letter of intent, memorandum of understanding, or other evidence accepted by ICR;

  3. validation plan, or validation and verification plan for joint validation and verification engagements;

  4. updated ownership, authorization, representation, beneficial ownership, proof of right, focal appointment, account-holder, and project participant documentation, where applicable;

  5. any other documentation required by ICR, the applied criteria, the VVB, or applicable law.

The project proponent shall ensure that the documentation uploaded for validation is complete, current, and consistent with the project information in the ICR registry.

6.4 Validation

Validation is the independent assessment by an approved VVB of whether the project design conforms to the applicable criteria and whether the project is suitable for registration under the ICR Program.

The project proponent shall engage an approved VVB for validation after the project has been pre-registered under the status under development.

The VVB shall conduct validation in accordance with the ICR Validation and Verification Specifications, ISO 14064-3, ISO 14065, ISO 14066, ISO 17029, where applicable, the ICR Requirement Document, the applied criteria, and other applicable ICR requirements.

The project proponent shall provide the VVB with access to all information and evidence necessary to conduct validation.

The VVB shall upload the validation report, findings, and required supporting documentation to the ICR registry in the form required by ICR.

Validation does not itself constitute registration. Registration requires ICR review and acceptance.

6.4.1 Required documentation

For validation, the project proponent shall ensure that the following documentation is available to the VVB through the ICR registry or another channel accepted by ICR and agreed with the proponent, as applicable:

  1. complete PDD or PDDMR;

  2. environmental and socio-economic safeguards and sustainable development documentation;

  3. GHG emission mitigation calculation files and supporting calculation documentation;

  4. additionality documentation and supporting evidence, where applicable;

  5. methodology-specific documentation, module-specific documentation, tool outputs, or documentation relating to project specific criteria and procedures;

  6. ownership, authorization, proof of right, beneficial ownership, focal appointment, representation, and project participant documentation;

  7. statement of no double issuance and no double counting, where required by ICR;

  8. host country authorization, Article 6.2, corresponding adjustment, external scheme, or other use-related documentation, where applicable;

  9. stakeholder consultation, public comment, grievance, or local stakeholder engagement information, where applicable; and

  10. any other information or evidence required by the VVB, ICR, the applied criteria, or applicable law.

The VVB shall upload the final validation report, findings, and required supporting documentation to the ICR registry in the form required by ICR.

Where the engagement involves joint validation and verification, the VVB shall upload the validation and verification report, validation and verification opinion, findings, and any required supporting documentation to the ICR registry.

6.5 ICR review and registration

After validation has been completed, the project proponent may request ICR review for registration through the ICR registry. The request may be submitted directly by the project proponent or through a focal or authorized representative acting within the scope of the relevant project-level authorization.

The request for registration shall include, as applicable:

  1. the final project design documentation;

  2. the final validation report and validation opinion;

  3. evidence that VVB findings, non-conformities, requests for clarification, and corrective action requests have been resolved or addressed;

  4. applied criteria, methodology, module, tool, or project-specific procedure references;

  5. ownership, authorization, representation, focal appointment, proof of right, beneficial ownership, and account-holder documentation;

  6. additionality documentation;

  7. environmental and socio-economic safeguards and sustainable development tool;

  8. host country, Article 6.2, corresponding adjustment, or external scheme-related documentation, where applicable;

  9. confirmation that all applicable account, agreement, registry, and fee prerequisites have been satisfied, including payment of all applicable fees; and

  10. any other information required by ICR.

The project proponent remains responsible for the completeness, accuracy, validity, and non-misleading nature of the registration request and all supporting documentation, including where the request is submitted by a focal or authorized representative.

ICR reviews the registration request to determine whether the required process steps have been completed and whether the submitted information is complete and sufficient for a registration decision.

ICR review includes review of:

  1. completeness and consistency of project documentation;

  2. consistency of registry information;

  3. project proponent, focal, authorized representative, account-holder, and other responsible-party information;

  4. ownership, authorization, representation, proof of right, beneficial ownership, and rights to GHG emission mitigations;

  5. applicable criteria, methodology, module, tool, or project-specific procedure references;

  6. VVB approval status, validation scope, validation report, validation opinion, and resolution of VVB findings;

  7. additionality, safeguards, and sustainable development documentation;

  8. double counting, double registration, double issuance, double use, and double claiming risks;

  9. host country, Article 6.2, corresponding adjustment, external scheme-related, or other use-related documentation, where applicable;

  10. applicable account, agreement, registry, and fee prerequisites; and

  11. any other matter relevant to completeness, conformity, traceability, or program integrity.

After the project proponent has requested ICR review for registration and all applicable fees have been paid, ICR shall document the outcome of its review in an ICR review report within four weeks. The ICR review report shall identify any findings, clarification requests, corrective action requests, or other issues identified during the review.

The project proponent and, where applicable, the VVB shall respond to the ICR review report within four weeks of issuance of the review report. Responses shall address each finding, clarification request, corrective action request, or other issue identified in the review report and shall include revised documentation, supporting evidence, or explanations where required.

Where the ICR review report identifies required changes to project documentation, validation documentation, registry information, supporting evidence, or other submitted information, the project proponent and, where applicable, the VVB shall make the necessary changes and submit revised documentation and/or responses through the ICR registry or another channel accepted by ICR.

When the project proponent and, where applicable, the VVB have responded to the ICR review report and resolved or addressed all outstanding issues, ICR shall complete its review of the responses and/or complete the registration decision within two weeks, unless ICR determines more time is needed.

If the project proponent or VVB does not respond to the findings in the ICR review report within 20 weeks of issuance of the review report, ICR may determine that the registration request is deemed withdrawn and may update the project status to retracted, unless ICR accepts an extension or determines that another action is appropriate.

ICR may issue an updated review report, request further clarification, require additional documentation, require VVB input, require insurance information, require host country documentation, or withhold registration until the review report findings have been addressed to ICR’s satisfaction.

Following review, ICR may:

  1. register the project;

  2. request further clarification or correction;

  3. require additional documentation or VVB input;

  4. require insurance information, host country documentation, or other supporting evidence;

  5. reject the registration request;

  6. suspend the review pending resolution of identified issues; or

  7. take other actions necessary to maintain program integrity.

A project is registered when ICR confirms registration and updates the project status in the ICR registry.

Registration confirms that the project has completed the registration process under the ICR Program. Registration does not guarantee issuance, conversion, renewal, transferability, rating outcome, risk classification, market value of ICCs, acceptance of ICCs by any third party, or eligibility for any specific claim or use of ICCs.

6.5.1 Required documentation and information

Before requesting ICR review for registration, the project proponent shall review that all relevant and required documentation has been uploaded to the ICR registry and that public documents are available for public access, subject to confidentiality, personal data, intellectual property, commercial sensitivity, legal, and security restrictions.

The request for registration shall include, as applicable:

  1. final project design documentation, including the final PDD or PDDMR;

  2. final validation report and validation opinion, or validation and verification report and opinion for joint validation and verification engagements;

  3. evidence that VVB findings, non-conformities, requests for clarification, and corrective action requests have been resolved or addressed;

  4. applied criteria, methodology, module, tool, methodological guidance, or project-specific criteria and procedures;

  5. methodology-specific documentation, module-specific documentation, tool outputs, or documentation relating to other applicable criteria;

  6. GHG emission mitigation calculation files and supporting calculation documentation;

  7. additionality documentation and supporting evidence, where applicable;

  8. environmental and socio-economic safeguards and sustainable development documentation;

  9. ownership, authorization, representation, focal appointment, proof of right, beneficial ownership, account-holder, and project participant documentation;

  10. statement of no double issuance and no double counting;

  11. rating or risk assessment information, where applicable;

  12. insurance, guarantee, non-performance, non-permanence, non-corresponding adjustment, or other risk-related information, where applicable;

  13. host country authorization, Article 6.2, corresponding adjustment, external scheme, or other use-related documentation, where applicable;

  14. confirmation that all applicable account, agreement, registry, and fee prerequisites have been satisfied, including payment of all applicable fees; and

  15. any other documentation or information required by ICR.

Disclosure after registration

Following registration, ICR publishes project information and documentation necessary to support transparency, traceability, and avoidance of double counting.

Public documents

Unless ICR determines otherwise, the following information and documentation are public after registration, as applicable:

  1. project name, project ID, project status, host country, project location, project type, sectoral scope, crediting period, and project proponent information;

  2. public project design documentation, including PDD or PDDMR;

  3. validation report;

  4. ICR review report;

  5. applied methodology, module, tool, methodological guidance, or project-specific criteria references;

  6. environmental and socio-economic safeguards and sustainable development tool or public summary, where applicable;

  7. public rating or risk assessment information, where applicable;

  8. host country, Article 6.2, corresponding adjustment, external scheme-related, or other use-related information, where applicable; and

  9. other information required by ICR to be publicly disclosed.

Private documents

ICR may withhold or redact information from public disclosure where permitted by ICR requirements, applicable law, confidentiality restrictions, personal data requirements, intellectual property protections, security considerations, or program integrity considerations.

The project proponent shall provide public versions of documentation where full documentation contains confidential, personal, commercially sensitive, or security-sensitive information.

The following documentation may remain private unless ICR determines that disclosure is required or permitted:

  1. validation plans, validation and verification plans, validation agreements, and validation and verification agreements;

  2. documents or spreadsheets demonstrating additionality that contain confidential or commercially sensitive information;

  3. ownership, beneficial ownership, KYC/KYB, proof of right, contractual, financial, or commercially sensitive documentation;

  4. insurance, guarantee, underwriting, risk assessment, or security-sensitive documentation; and

  5. any other information subject to confidentiality, personal data, intellectual property, legal, commercial sensitivity, or security restrictions.

6.6 Project rating and risk assessment

Following registration, the project shall initiate the applicable project rating and risk assessment processes in accordance with section 10.

Unless ICR specifies otherwise, the project design rating and the applicable initial risk assessment shall start no later than after ICR has confirmed registration and updated the project status in the ICR registry.

Where the project proponent considers that the project documentation, validation documentation, safeguards information, ownership information, additionality information, risk-related information, and other relevant supporting information are sufficiently complete before registration, the project proponent may request the approved rating agency and/or the approved risk assessor to initiate the project rating or risk assessment process earlier.

Early initiation of a project rating or risk assessment does not constitute validation, registration, ICR approval of the project, approval of the applied criteria, issuance approval, conversion approval, or confirmation of eligibility for ICCs. The rating agency and the approved risk assessor may update their assessment after registration, after ICR review, after verification, after issuance, or where new information becomes available.

The project proponent shall cooperate with the approved rating agency, the approved risk assessor, external risk advisors, external risk assessors, insurance providers, guarantors, warranty providers, and other approved parties and shall provide the documentation, data, clarifications, and access required to conduct, support, or update the project rating and risk assessment processes.

ICR may take rating status, risk assessment status, cooperation by the project proponent, and the availability, completeness, accuracy, and consistency of information into account when determining continued listing, issuance, conversion of ex-ante ICCs to ex-post ICCs, adjustment account contributions, insurance or guarantee requirements, enhanced monitoring requirements, or other project related actions in accordance with section 10 and other applicable ICR requirements.

6.7 Monitoring

After registration, the project proponent shall monitor project implementation and GHG emission mitigations in accordance with the ICR Requirement Document, ISO 14064-2, the applied criteria, the registered project documentation, and other applicable requirements.

The project proponent shall prepare, or ensure the preparation of, monitoring documentation for each monitoring period according to the MRV plan, for which verification, issuance, conversion, renewal, or another ICR action is requested.

The monitoring documentation shall include, as applicable:

  1. the monitoring period and vintage years covered;

  2. project implementation status;

  3. monitored parameters, data sources, calculations, and supporting evidence;

  4. GHG emission mitigations claimed for the monitoring period;

  5. deviations, corrections, changes, or updates from the registered project documentation;

  6. environmental and socio-economic safeguards and sustainable development monitoring information, where required;

  7. additionality-related ex-post reporting, where required;

  8. leakage, uncertainty, reversal, non-performance, non-permanence, non-corresponding adjustment, or other risk-related information, where applicable;

  9. ownership, authorization, focal appointment, representation, or account-holder changes, where applicable;

  10. legal, regulatory, policy, or host country changes relevant to project eligibility, issuance, claims, or Article 6.2 use, where applicable; and

  11. any other information required by ICR, the applied criteria, the VVB, or applicable law.

When monitoring for a monitoring period has been completed, the project proponent shall upload the monitoring documentation and supporting evidence to the ICR registry and notify ICR that monitoring has been completed.

Monitoring documentation shall be made available to the VVB (see section 6.8) and ICR through the ICR registry or another channel accepted by ICR.

The project proponent may proceed to verification only after the monitoring documentation for the relevant monitoring period has been completed and uploaded, and the applicable registry prerequisites for verification have been satisfied.

The project proponent remains responsible for the accuracy, completeness, validity, and non-misleading nature of the monitoring documentation, including where documentation is uploaded or submitted by a focal or authorized representative.

During project implementation and operation, project rating and risk assessment information shall be maintained in accordance with section 10.

The project proponent shall notify ICR without delay of any material change, event, or new information that may affect the project rating, risk assessment, insurance, guarantee, warranty, adjustment account contribution, issuance eligibility, conversion eligibility, continued listing, or other project-related action.

Such information may include, as applicable, changes in project implementation, monitored performance, ownership, authorization, governance, safeguards, baseline conditions, additionality-related circumstances, leakage, uncertainty, reversal risk, non-performance risk, non-permanence risk, non-corresponding adjustment risk, host country authorization, corresponding adjustment status, insurance coverage, guarantee arrangements, warranty arrangements, or other risk-related matters.

ICR, the approved rating agency, approved risk assessor, or another approved party may request updated information during project implementation or operation to maintain or update the project rating or risk assessment.

The project proponent shall cooperate with such requests and provide accurate, complete, current, and non-misleading information within the timeframe specified by ICR or the relevant approved party.

6.7.1 Required documentation

When monitoring for a monitoring period has been completed, the project proponent shall upload the following documentation to the ICR registry, as applicable:

  1. monitoring report or PDDMR;

  2. supporting evidence for monitored parameters and reported data;

  3. GHG emission mitigation calculation files for the monitoring period;

  4. confirmation of the monitoring period and vintage years covered;

  5. environmental and socio-economic safeguards and sustainable development monitoring information, where required;

  6. additionality-related ex-post reporting and supporting evidence, where required;

  7. statement of no double issuance and no double counting for the monitoring period, where required by ICR;

  8. deviation, correction, project change, or monitoring-period update documentation, where applicable;

  9. leakage, uncertainty, reversal, non-performance, non-permanence, non-corresponding adjustment, or other risk-related documentation, where applicable;

  10. updated ownership, authorization, representation, focal appointment, proof of right, account-holder, or project participant documentation, where applicable;

  11. legal, regulatory, policy, host country, Article 6.2, corresponding adjustment, external scheme, or other use-related updates, where applicable; and

  12. any other documentation required by ICR, the applied criteria, the VVB, or applicable law.

Monitoring documentation shall be made available to the VVB and ICR through the ICR registry or another channel accepted by ICR.

6.8 Under Verification

Verification is the independent assessment by an approved VVB of reported GHG emission mitigations and related project information for a monitoring period.

The project proponent shall engage an approved VVB for verification before ex-post ICCs may be issued, before ex-ante ICCs may be converted to ex-post ICCs, or before another action requiring verified GHG emission mitigations may be completed.

The status under verification indicates that verification has been initiated or is underway in accordance with ICR requirements. When the project proponent requests a status update to under verification, all documentation required for verification shall be in final draft or final version and uploaded to the ICR registry.

A project may be updated to under verification where:

  1. the project is registered, unless the engagement involves joint validation and verification or another applicable route;

  2. the project proponent has contracted an approved VVB for verification, either directly or through a focal or authorized representative acting within the scope of the relevant project-level authorization;

  3. the VVB has the required registry access and approved VVB status, or another status expressly accepted by ICR;

  4. the applicable verification criteria have been identified;

  5. the monitoring report, GHG emission mitigation calculation files, supporting evidence, verification agreement, verification plan, and other documentation required for verification have been uploaded to the ICR registry;

  6. ICR has confirmed receipt and administrative acceptance of the verification agreement and verification plan before verification activities start; and

  7. ICR has accepted the status update in the registry.

ICR confirmation of the verification agreement and verification plan is a program and registry prerequisite.

The status under verification does not constitute a verification opinion, ICR acceptance of verified GHG emission mitigations, issuance, conversion of ex-ante ICCs to ex-post ICCs, approval of the applied criteria, or eligibility for any registry action requiring verified GHG emission mitigations.

The VVB shall conduct verification in accordance with the ICR Validation and Verification Specifications, ISO 14064-3, ISO 14065, ISO 14066, ISO 17029, where applicable, the ICR Requirement Document, the applied criteria, the registered project documentation, and other applicable ICR requirements.

The VVB shall not start verification activities until the verification agreement and verification plan have been uploaded to the ICR registry and ICR has confirmed the applicable registry and program prerequisites.

The project proponent shall provide the VVB with access to all information and evidence necessary to conduct verification.

Verification does not itself constitute issuance or conversion of ex-ante ICCs to ex-post ICCs. Issuance and conversion require ICR review and acceptance after verification.

The project proponent shall ensure that the documentation uploaded for verification is complete, current, and consistent with the project information in the ICR registry.

The verification agreement and verification plan shall be uploaded and confirmed by ICR before verification activities start. Where verification activities start before such confirmation, ICR may require corrective action, additional VVB confirmation, re-performance of verification activities, suspension of review, or other measures necessary to maintain program integrity.

The VVB shall upload the final verification report, findings, and required supporting documentation to the ICR registry in the form required by ICR.

Where the engagement involves joint validation and verification, the VVB shall upload the validation and verification report, validation and verification opinion, findings, and any required supporting documentation to the ICR registry.

6.8.1 Required documentation and information

For the status under verification, the project proponent shall upload or update the following documentation in the ICR registry, as applicable:

Information

  1. completed project information required for verification, including any changes to project name, project ID, host country, project location, project type, sectoral scope, project proponent, project developer, focal, authorized representative, VVB, monitoring period, vintage years, and other responsible parties, as applicable;

  2. applied criteria, methodology, module, tool, methodological guidance, or project-specific criteria and procedures applied for the monitoring period; and

  3. identification of whether the verification relates to ex-post ICC issuance, conversion of ex-ante ICCs to ex-post ICCs, Article 6.2 designation, another external scheme-related use, or another action requiring verified GHG emission mitigations.

Public documents

  1. registered PDD or PDDMR;

  2. updated PDD or PDDMR, where applicable;

  3. monitoring report or PDDMR for the relevant monitoring period;

  4. GHG emission mitigation calculation files and supporting calculation documentation for the monitoring period;

  5. statement of no double issuance and no double counting for the monitoring period;

  6. environmental and socio-economic safeguards and sustainable development monitoring documentation, where required;

  7. host country authorization, Article 6.2, corresponding adjustment, external scheme-related, or other use-related documentation, where applicable; and

  8. public monitoring-period documentation required by the applied criteria, or applicable law.

Private documents

  1. supporting evidence for monitored parameters and reported data;

  2. evidence that an approved VVB has been contracted for verification, including the verification agreement or another form of agreement accepted by ICR;

  3. verification plan;

  4. validation plan, validation agreement, validation and verification plan, or validation and verification agreement, where the engagement involves joint validation and verification or where otherwise required by ICR;

  5. updated ownership, authorization, representation, beneficial ownership, proof of right, focal appointment, and project participant documentation, where applicable;

  6. insurance, guarantee, rating, risk assessment, adjustment account, or other risk-related information, where applicable; and

  7. any other documentation required by ICR, the applied criteria, the VVB, or applicable law.

6.9 ICR review after verification

After verification has been completed, the project proponent may request ICR review after verification through the ICR registry. The request may be submitted directly by the project proponent or through a focal or authorized representative acting within the scope of the relevant project-level authorization.

ICR review after verification is required before ex-post ICCs are issued, ex-ante ICCs are converted to ex-post ICCs, or another action requiring verified GHG emission mitigations is completed.

The request for ICR review after verification shall include, as applicable:

  1. the monitoring report or PDDMR and supporting evidence;

  2. the final verification report or validation and verification report for joint validation and verification engagements;

  3. evidence that VVB findings, non-conformities, requests for clarification, and corrective action requests have been resolved or addressed;

  4. calculation files and evidence supporting the verified GHG emission mitigation;

  5. confirmation of the monitoring period and vintage years;

  6. confirmation of ICC quantity;

  7. statement of no double issuance and no double counting for the monitoring period, where required by ICR;

  8. safeguards monitoring information;

  9. additionality-related ex-post reporting, where required;

  10. leakage, uncertainty, reversal, non-performance, non-permanence, non-corresponding adjustment, or other risk-related information, where applicable;

  11. rating, risk assessment, insurance, guarantee, or adjustment account information, where applicable;

  12. updated PDD, new validation report, or other project-update documentation, where applicable;

  13. host country, Article 6.2, corresponding adjustment, external scheme-related, or other use-related documentation, where applicable;

  14. confirmation that all applicable account, agreement, registry, and fee prerequisites have been satisfied, including payment of all applicable fees; and

  15. any other information required by ICR.

The project proponent remains responsible for the completeness, accuracy, validity, and non-misleading nature of the review request, monitoring documentation, verification documentation, and supporting evidence, including where the request is submitted by a focal or authorized representative.

ICR reviews the monitoring and verification documentation to determine whether the required process steps have been completed and whether the submitted information is complete and sufficient for issuance, conversion, or another action requiring verified GHG emission mitigations.

ICR review includes review of:

  1. completeness and consistency of the monitoring report or PDDMR;

  2. completeness and consistency of the verification report, or validation and verification report for joint validation and verification engagements;

  3. consistency between the monitoring report, verification documentation and registry information;

  4. VVB approval status, verification scope, verification report, and resolution of VVB findings;

  5. unresolved findings, non-conformities, corrections, deviations, material changes, or other matters affecting the verification or requested action;

  6. safeguards monitoring information;

  7. additionality-related ex-post reporting, where required;

  8. leakage, uncertainty, reversal, non-performance, non-permanence, non-corresponding adjustment, or other risk-related information;

  9. double counting, double registration, double issuance, double use, and double claiming risks;

  10. host country, Article 6.2, corresponding adjustment, external scheme-related, or other use-related designation information, where applicable;

  11. applicable account, agreement, registry, and fee prerequisites; and

  12. any other matter relevant to completeness, conformity, traceability, issuance eligibility, conversion eligibility, or program integrity.

After the project proponent has requested ICR review after verification and all applicable fees have been paid, ICR shall document the outcome of its review in an ICR review report within four weeks. The ICR review report shall identify any findings, clarification requests, corrective action requests, or other issues identified during the review.

The project proponent and, where applicable, the VVB shall respond to the ICR review report within four weeks of issuance of the review report. Responses shall address each finding, clarification request, corrective action request, or other issue identified in the review report and shall include revised documentation, supporting evidence, or explanations where required.

Where the ICR review report identifies required changes to monitoring documentation, verification documentation, registry information, issuance information, conversion information, supporting evidence, or other submitted information, the project proponent and, where applicable, the VVB shall make the necessary changes and submit revised documentation and/or responses through the ICR registry or another channel accepted by ICR.

When the project proponent and, where applicable, the VVB have responded to the ICR review report and resolved or addressed all outstanding issues, ICR shall complete its review of the responses and/or complete the issuance, conversion, or other applicable decision within two weeks, unless ICR determines more time is needed.

If the project proponent or VVB does not respond to the findings in the ICR review report within 20 weeks of issuance of the review report, ICR may determine that the review request is deemed withdrawn and may withhold issuance, withhold conversion, suspend the review, or take other action necessary to maintain program integrity, unless ICR accepts an extension or determines that another action is appropriate.

ICR may issue an updated review report, request further clarification, require additional documentation, require VVB input, require updated risk assessment information, require insurance information, require adjustment account information, require host country documentation, require Article 6.2 documentation, or withhold issuance or conversion until the review report findings have been addressed to ICR’s satisfaction.

Following review, ICR may:

  1. approve issuance of ex-post ICCs;

  2. approve conversion of ex-ante ICCs to ex-post ICCs;

  3. approve issuance or conversion subject to deductions, adjustment account contributions, restrictions, labels, or other conditions;

  4. request further clarification or correction;

  5. require additional documentation or VVB input;

  6. require updated risk assessment information, insurance information, adjustment account information, host country documentation, Article 6.2 documentation, or other supporting evidence;

  7. require action under applicable _adjustment account_s, compensation due to non-performance, non-permanence, or non-corresponding adjustment events;

  8. reduce, withhold, or reject the requested issuance or conversion;

  9. suspend the review pending resolution of identified issues; or

  10. take other actions necessary to maintain program integrity.

Ex-post ICCs are issued, and ex-ante ICCs are converted to ex-post ICCs, only after ICR has completed the applicable review and confirmed the relevant action in the ICR registry.

6.9.1 Required documentation and information

Before requesting ICR review after verification, the project proponent shall review that all relevant and required documentation has been uploaded to the ICR registry and that the monitoring period, vintage years, verified GHG emission mitigation quantity, and requested or expected ICC quantity are correctly identified in the registry.

The request for ICR review after verification shall include, as applicable:

  1. final monitoring report or PDDMR and supporting evidence;

  2. final verification report, or validation and verification report for joint validation and verification engagements;

  3. evidence that VVB findings, non-conformities, requests for clarification, and corrective action requests have been resolved or addressed;

  4. calculation files and evidence supporting the verified GHG emission mitigation;

  5. confirmation of the monitoring period and vintage years;

  6. confirmation of the requested ICC quantity;

  7. statement of no double issuance and no double counting for the monitoring period, where required by ICR;

  8. safeguards monitoring information;

  9. additionality-related ex-post reporting, where required;

  10. leakage, uncertainty, reversal, non-performance, non-permanence, non-corresponding adjustment, or other risk-related information, where applicable;

  11. rating, risk assessment, insurance, guarantee, or adjustment account information, where applicable;

  12. updated PDD, new validation report, or other project-update documentation, where applicable;

  13. host country authorization, Article 6.2, corresponding adjustment, external scheme-related, or other use-related documentation, where applicable;

  14. confirmation that all applicable account, agreement, registry, and fee prerequisites have been satisfied, including payment of all applicable fees; and

  15. any other documentation or information required by ICR.

6.9.2 Disclosure after ICR review after verification

Following completion of ICR review after verification and, where applicable, issuance, conversion, or another registry action, ICR publishes monitoring period, verification, issuance, conversion, and other information necessary to support transparency, traceability, and avoidance of double counting.

Unless ICR determines otherwise, the following information and documentation are public after ICR review after verification and, where applicable, issuance or conversion:

  1. monitoring report or PDDMR;

  2. verification report, or validation and verification report for joint validation and verification engagements;

  3. ICR review report after verification;

  4. GHG emission mitigation calculation documentation or public calculation summary;

  5. statement of no double issuance and no double counting for the monitoring period, where required by ICR;

  6. environmental and socio-economic safeguards and sustainable development monitoring information;

  7. public rating or risk assessment information, where applicable;

  8. Article 6.2, host country authorization, corresponding adjustment, external scheme-related, or other use-related information, where applicable;

  9. adjustment account contributions, deductions, cancellations, restrictions, or other adjustment-related information, where applicable; and

  10. other information required by ICR to be publicly disclosed.

ICR may withhold or redact information from public disclosure where permitted by ICR requirements, applicable law, confidentiality restrictions, personal data requirements, intellectual property protections, security considerations, or program integrity considerations.

The project proponent shall provide public versions of monitoring, verification, issuance, conversion, and other documentation where full documentation contains confidential, personal, commercially sensitive, or security-sensitive information.

The following documentation may remain private unless ICR determines that disclosure is required or permitted:

  1. validation plan, where applicable;

  2. verification plan;

  3. verification agreement;

  4. validation agreement, where applicable;

  5. validation and verification plan or validation and verification agreement, where applicable;

  6. documents or spreadsheets demonstrating additionality that contain confidential or commercially sensitive information;

  7. ownership, beneficial ownership, KYC/KYB, proof of right, contractual, financial, or commercially sensitive documentation;

  8. insurance, guarantee, underwriting, risk assessment, adjustment account, or security-sensitive documentation; and

  9. any other information subject to confidentiality, personal data, intellectual property, legal, commercial sensitivity, or security restrictions.

6.10 Crediting period renewal

Where a project is eligible for renewal of its crediting period, the project proponent shall request renewal through the ICR registry before the end of the current crediting period or within another timeframe accepted by ICR.

A renewal request shall include, as applicable:

  1. updated project documentation;

  2. updated baseline, additionality, eligibility, safeguards, risk, and monitoring information;

  3. confirmation that the applied criteria remain applicable;

  4. assessment of changes to laws, regulations, policies, common practice, technology, financial conditions, ownership, project implementation, and other relevant circumstances;

  5. validation or verification documentation required for renewal;

  6. updated rating, risk assessment, insurance, guarantee, or adjustment account information, where required;

  7. Article 6.2, host country authorization, corresponding adjustment, or other scheme-related information, where applicable; and

  8. confirmation that applicable account, agreement, fee, and registry prerequisites have been satisfied.

ICR may approve renewal, approve renewal subject to conditions, request clarification or correction, require additional assessment, reject renewal, or close the project at the end of the crediting period.

6.11 Project changes, deviations, and corrections

The project proponent shall notify ICR of any material project change, deviation, correction, error, omission, or other matter that may affect project eligibility, validation, registration, monitoring, verification, issuance, ICC status, risk classification, rating information, safeguards, ownership, authorization, or claims.

ICR may require the project proponent to submit updated documentation, obtain VVB assessment, revise monitoring reports, correct registry information, update rating or risk information, or take other corrective action.

Where a project change, deviation, or correction affects a prior validation, verification, registration, or issuance decision, ICR may suspend review, withhold issuance, require additional assessment, update project status, initiate an integrity assessment, or take other actions necessary to maintain program integrity.

6.12 Continuing monitoring, reporting, and cooperation obligations

The project proponent remains responsible for continuing monitoring, reporting, correction, and cooperation obligations that apply during and after the project lifecycle, including obligations that apply outside a specific issuance cycle.

The project proponent shall continue to monitor the project in accordance with the registered project documentation, the monitoring plan, the applied criteria, and applicable ICR requirements, regardless of whether issuance or conversion is requested.

Where verification has not been completed for a monitoring period, the project proponent shall submit a monitoring report, updated monitoring information, and supporting information to ICR at least once every five years, unless a shorter reporting interval is required by the registered monitoring plan, applied criteria, ICR requirements, or another timeframe accepted by ICR. The five-year period shall be counted from the project start date, the end of the previous verified monitoring period, the date of the previous monitoring report submitted to ICR, or another date accepted by ICR, as applicable.

The monitoring report or updated monitoring information submitted under this section does not itself constitute verification, issuance, conversion, or acceptance of GHG emission mitigations by ICR. Verification by an approved VVB and ICR review after verification are required before ex-post ICCs may be issued, ex-ante ICCs may be converted to ex-post ICCs, or another action requiring verified GHG emission mitigations may be completed.

Continuing obligations may include, as applicable:

  1. monitoring reversals, non-permanence events, non-performance events, and non-corresponding adjustment events;

  2. notifying ICR of material project changes, implementation changes, ownership changes, authorization changes, focal or representative changes, or changes to account-holder information;

  3. notifying ICR of events that may affect project eligibility, issuance, conversion, ICC status, claims, Article 6.2 use, use under an external scheme, risk assessment information, or adjustment account requirements;

  4. updating monitoring information, safeguards information, risk information, insurance or guarantee information, host country information, or other project information where required;

  5. submitting monitoring reports, updated monitoring information, and supporting information within the applicable timeframe, including at least every five years where verification has not been completed;

  6. cooperating with VVBs, ICR, rating agencies, external risk assessors, insurance providers, guarantors, host countries, or other approved parties; and

  7. providing corrected information without delay where previously submitted information is inaccurate, incomplete, outdated, or misleading.

These obligations may continue after issuance, conversion, retirement, cancellation, closure, withdrawal, retraction, account closure, or another registry action where required by ICR requirements, Terms and Conditions, applicable law, or the nature of the relevant obligation.

Where the project proponent fails to submit monitoring information, a monitoring report, or verification documentation within the timeframe specified in the registered monitoring plan, verification plan, applied criteria, this section, or another timeframe accepted by ICR, ICR may request evidence that the project remains active and that implementation or operation is continuing. If the project proponent fails to provide sufficient evidence within the timeframe specified by ICR, ICR may identify the project as inactive, apply registry restrictions, suspend further issuance or conversion, require updated documentation or VVB assessment, require corrective action, or take another action necessary to maintain program integrity.

6.13 Transfer from other GHG programs

A project registered under another GHG program may be submitted for registration under the ICR Program where the project proponent demonstrates that the project satisfies applicable ICR requirements and that double registration, double issuance, double use, double claiming, and other double counting risks are avoided.

The project proponent shall disclose all prior or current registrations, listings, validations, verifications, issuances, transfers, retirements, cancellations, claims, monitoring periods, crediting periods, and other relevant actions under any other GHG program, registry, scheme, or market mechanism.

The project proponent shall provide documentation required by ICR, which may include, as applicable:

  1. project documentation submitted under the previous GHG program;

  2. validation and verification documentation issued under the previous GHG program;

  3. evidence of project status under the previous GHG program;

  4. evidence of delisting, withdrawal, deregistration, or other termination of project status under the previous GHG program, where required by ICR;

  5. evidence of all prior issuances, transfers, retirements, cancellations, or claims;

  6. evidence that ICCs will not be issued for the same GHG emission mitigations, monitoring period, vintage, project activity, or claim already credited or used under another GHG program;

  7. evidence that any instruments issued under another GHG program have been cancelled, retired, excluded, or otherwise accounted for, where required by ICR;

  8. documentation identifying monitoring periods and vintages eligible for issuance under the ICR Program;

  9. updated project documentation prepared using the applicable ICR template;

  10. updated ownership, authorization, proof of right, representation, focal, and account-holder documentation;

  11. updated additionality, safeguards, risk, and monitoring information, where required;

  12. host country, Article 6.2, corresponding adjustment, external scheme-related, or other use-related designation information, where applicable; and

  13. any other documentation required by ICR.

A project transferred from another GHG program shall not be registered under the ICR Program solely on the basis of its registration, validation, verification, or issuance history under another GHG program.

Before a transferred project may be registered under the ICR Program, the project proponent shall complete the applicable ICR project documentation using ICR templates, submit all required supporting documentation, and complete the applicable project-cycle steps for pre-registration, validation, ICR review for registration, and registration under sections 6.3 to 6.5, unless ICR accepts another process in writing.

Where the transferred project seeks issuance for already monitored or verified GHG emission mitigations, the project proponent shall also complete the applicable monitoring, verification, and ICR review after verification steps under sections 6.7 to 6.9, unless ICR accepts prior monitoring or verification documentation subject to additional VVB assessment or other conditions.

ICR may require rating information, risk assessment information, public disclosure, host country confirmation, registry confirmation, cancellation evidence, exclusion of prior monitoring periods or vintages, or other measures before accepting a transferred project.

ICR may approve registration of a project transferred from another GHG program, approve registration subject to conditions, restrict eligible monitoring periods or vintages, require cancellation or exclusion of prior credits, request further information, reject the transfer request, or take other action necessary to maintain program integrity.

A project transferred from another GHG program is registered under the ICR Program only when ICR confirms registration and updates the project status in the ICR registry in accordance with section 6.5.

6.14 Closure

A project may be assigned the status closed where the crediting period has ended, the project is no longer eligible to issue ICCs, or ICR determines that the project lifecycle has otherwise concluded.

Closure does not affect obligations that survive the crediting period or project listing, including obligations relating to monitoring, reporting, reversals, non-performance, adjustment accounts, Article 6.2 reporting, confidentiality, cooperation, correction of information, or other continuing requirements.

ICR may maintain public and internal registry records for closed projects to support transparency, traceability, and avoidance of double counting.

6.15 Withdrawal

Where a project proponent wishes to withdraw a project from the ICR Program, including for the purpose of transferring the project to another GHG program, the project proponent shall submit a formal withdrawal request to ICR through the ICR registry or another channel accepted by ICR.

The withdrawal request shall include, at a minimum:

  1. project name;

  2. project ID;

  3. reason for withdrawal;

  4. proposed effective date of withdrawal, where applicable;

  5. confirmation whether the project has issued ex-ante ICCs or ex-post ICCs;

  6. confirmation whether any ICCs have been transferred, retired, cancelled, converted, or deposited into an adjustment account;

  7. confirmation whether the project is subject to non-performance, non-permanence, non-corresponding adjustment, reversal, Article 6.2, or other continuing obligations;

  8. confirmation whether the project is intended to be submitted to, registered with, or transferred to another GHG program; and

  9. signature of the project proponent, focal, or authorized representative with authority to request withdrawal.

ICR may require direct confirmation from the project proponent before accepting withdrawal, including where the request is submitted by a focal or authorized representative.

ICR shall review the withdrawal request and may request further information, clarification, documentation, payment of outstanding fees, or evidence necessary to maintain registry integrity, avoid double counting, and address continuing obligations.

Where ex-ante ICCs have been issued and have not been converted to ex-post ICCs, ICR may reject the withdrawal request or require the project proponent to compensate for, replace, cancel, or otherwise resolve any outstanding ex-ante ICCs before withdrawal is accepted.

Where the project has non-permanence risk and has contributed to a non-permanence adjustment account, ICR may require cancellation of ICCs issued from the project activity, use of adjustment account ICCs, replacement, compensation, or other measures required by ICR before accepting withdrawal.

Any ICCs deposited to adjustment accounts in relation to the withdrawn project shall not be reimbursed to the project proponent or any other party.

ICR may approve withdrawal, approve withdrawal subject to conditions, request additional information, reject withdrawal, or suspend the withdrawal process pending resolution of outstanding issues.

The confirmation of withdrawal may be subject to conditions, including limits to specific vintages, deductions, cancellation requirements, treatment of outstanding ICCs, public announcement of withdrawal, or other conditions necessary to maintain program integrity.

Upon approval of the withdrawal request, ICR shall update the project status to withdrawn in the ICR registry. Details of the withdrawn project shall remain publicly available. The withdrawal request and ICR confirmation of withdrawal shall be made publicly available, subject to applicable confidentiality and legal restrictions.

6.15.1 Re-registration after withdrawal

A withdrawn project may request re-registration under the ICR Program by submitting a formal request to ICR.

The request for re-registration shall include, as applicable:

  1. formal letter requesting re-registration;

  2. updated PDD or PDDMR;

  3. new validation report or validation and verification report;

  4. methodology-specific documentation;

  5. evidence addressing any reasons for the prior withdrawal;

  6. evidence that the project has not created double registration, double issuance, double use, or double claiming risks during the period outside the ICR Program;

  7. information on any registration, issuance, transfer, retirement, cancellation, or claim under another GHG program during the period outside the ICR Program;

  8. updated ownership, authorization, representation, focal appointment, proof of right, and account-holder documentation; and

  9. any other documentation required under section 6.5 and, where applicable, section 6.9, or otherwise required by ICR.

ICR reviews the re-registration request in accordance with ICR review for registration under section 6.5 and, where applicable, ICR review after verification under section 6.9 and may require additional information, VVB assessment, updated rating or risk assessment information, public disclosure, or other measures.

ICR may approve re-registration, approve re-registration subject to conditions, reject re-registration, or take other action necessary to maintain program integrity.

If the project is accepted for re-registration, ICR updates the project status in the ICR registry and publishes relevant information, including the request to rejoin, updated project documentation, validation or validation and verification documentation, and other applicable documentation, subject to applicable confidentiality and legal restrictions.

6.16 Retraction

A project may be assigned the status retracted where the project has been pre-registered but has not completed registration under the ICR Program.

ICR may update a project status to retracted where:

  1. the project has not completed registration within 24 months from the date of pre-registration;

  2. the project proponent informs ICR that it no longer intends to pursue registration;

  3. the project proponent, focal, or authorized representative does not respond to ICR findings, clarification requests, corrective action requests, or other review requests within the applicable timelines;

  4. the project proponent fails to submit required documentation, updated information, or evidence necessary to continue the registration process; or

  5. ICR otherwise determines that the project is no longer actively pursuing registration.

A project may be updated from inactive to retracted where the project remains pre-registered and does not complete registration within the applicable timeframe, or where the project proponent does not provide evidence of continued development, validation, or intent to pursue registration within the timeframe specified by ICR.

Before updating a project status to retracted, ICR may notify the project proponent and provide an opportunity to confirm whether the project proponent intends to continue the registration process, unless the project proponent has already confirmed that it does not intend to proceed or the applicable deadline has expired.

A retracted project is not registered under the ICR Program and is not eligible for issuance of ICCs unless it is re-submitted and accepted by ICR in accordance with applicable ICR requirements.

ICR may maintain public and internal registry records for retracted projects to support transparency, traceability, and avoidance of double counting.

The status retracted does not by itself indicate that the project was rejected for substantive non-conformity or that ICR has made a final determination on the project’s eligibility, unless ICR expressly states otherwise.

7. Issuance and adjustment mechanism

7.1 General issuance framework

Issuance is the process by which eligible GHG emission mitigations from a registered project are issued as serialized International Carbon Credits (ICCs) in the ICR registry.

ICCs may be issued as:

  1. Ex-ante ICCs, based on validated estimates of GHG emission mitigations expected to occur in the future; or

  2. Ex-post ICCs, based on GHG emission mitigations that have occurred and have been verified.

Ex-ante ICCs

Ex-post ICCs

Definition

ICCs that have been issued in the ICR registry from a registered project that an approved VVB has validated. Ex-ante ICCs cannot be retired.

ICCs that have been verified that GHG emission mitigations are real and can be used for offsetting emissions or for other environmental claims.

Issued on the ICR registry

Yes – after validation, subject to limitations and safeguards.

Yes – after verification.

Transferable

Yes – can be transferred to a buyer’s account on the ICR registry.

Yes – can be transferred to a buyer’s account on the ICR registry.

Retirable

No

Yes

Cancellable

Yes – if ex-ante ICCs have not been transferred from proponent.

Yes

Convertible

Yes – subject to verification, ex-ante ICCs are converted to ex-post ICCs.

No

ICR issues ICCs through the ICR registry. Issued ICCs, ICC inventories, and relevant ICC status events are recorded through blockchain-based registry infrastructure. Project documentation, review records, registry permissions, account information, and other project lifecycle information are administered through the ICR registry platform.

ICCs may be issued only where the applicable project cycle requirements, review requirements, registry prerequisites, fee requirements, adjustment requirements, and other ICR requirements have been satisfied.

ICR may issue ICCs as standard ICCs, Article 6.2 ICCs, or ICCs with another label, attribute, restriction, or use-related designation recognized by ICR, subject to the applicable requirements for that issuance type, label, attribute, restriction, designation, or intended use.

Issuance does not constitute a guarantee by ICR of market value, legal title, future use, future conversion, rating outcome, risk classification, host country action, corresponding adjustment, or acceptance of ICCs by any third party.

7.2 Issuance prerequisites

ICCs may be issued only where, as applicable:

  1. the project is registered under the ICR Program;

  2. the project proponent, account holder, focal, authorized representative, and other relevant parties have the required registry status, account permissions, authorization, agreements, and documentation;

  3. all applicable fees have been paid;

  4. the relevant project documentation, monitoring documentation, validation documentation, verification documentation, or validation and verification documentation has been uploaded to the ICR registry;

  5. ICR has completed the applicable review under the project lifecycle section;

  6. the requested issuance quantity is supported by validation or verification documentation, as applicable;

  7. applicable Article 6.2, host country authorization, corresponding adjustment, or external scheme-related requirements have been satisfied before any related designation is applied; and

  8. ICR has confirmed issuance in the ICR registry.

ICR may withhold, reduce, condition, suspend, or reject issuance where required information is missing, inconsistent, inaccurate, misleading, subject to unresolved findings, subject to an unresolved ownership or authorization issue, affected by an unresolved risk or integrity concern, or otherwise insufficient to support issuance.

7.3 Issuance request

Ex-ante ICC issuance is subject to request by the project proponent. Ex-ante ICCs are not issued automatically following registration or validation and are subject to limitations.

The project proponent may request full or partial issuance of eligible ex-ante ICCs through the ICR registry. The request may be submitted directly by the project proponent or through a focal or authorized representative acting within the scope of the relevant project-level authorization.

Where a project proponent requests partial issuance of ex-ante ICCs, each issuance request shall be for at least 10,000 t CO2-e unless the remaining validated GHG emission mitigations available for issuance are less than 10,000 t CO2-e.

Following ICR confirmation of monitoring and verification in accordance with the ICR review after verification procedure, ICR issues ex-post ICCs and delivers them to the project proponent’s account, subject to applicable deductions, adjustment account contributions, restrictions, fees, registry prerequisites, and any applicable escrow or conversion requirements.

No minimum issuance quantity applies to ex-post ICCs unless otherwise specified by ICR.

ICR may require a specific issuance request, confirmation, or additional information for ex-post ICCs where necessary for registry administration, adjustment account management, Article 6.2 designation, external scheme-related label, restriction, or use-related designation, risk mitigation, conversion of ex-ante ICCs, or other program requirements.

7.4 Required documentation for issuance

The project proponent shall ensure that all documentation required for the requested issuance type has been uploaded to the ICR registry.

For ex-ante issuance, the required documentation may include, as applicable:

  1. registered project design documentation;

  2. validation report;

  3. validated ex-ante estimates by vintage;

  4. additionality documentation;

  5. environmental and socio-economic safeguards and sustainable development tool;

  6. ownership, authorization, representation, focal appointment, proof of right, beneficial ownership, and account-holder documentation;

  7. rating, risk assessment, insurance, guarantee, adjustment account, or other risk-related documentation;

  8. host country, Article 6.2, corresponding adjustment, or external scheme-related documentation, where applicable; and

  9. any other documentation required by ICR.

For ex-post issuance, the required documentation may include, as applicable:

  1. monitoring report or PDDMR;

  2. verification report, or validation and verification report;

  3. verified GHG emission mitigation calculations and supporting evidence;

  4. confirmation of monitoring period and vintage years;

  5. safeguards monitoring information;

  6. additionality-related ex-post reporting, where required;

  7. leakage, uncertainty, reversal, non-performance, non-permanence, non-corresponding adjustment, or other risk-related information;

  8. ownership, authorization, representation, focal appointment, proof of right, beneficial ownership, and account-holder updates, where applicable;

  9. rating, risk assessment, insurance, guarantee, adjustment account, or other risk-related documentation;

  10. host country, Article 6.2, corresponding adjustment, or external scheme-related documentation, where applicable; and

  11. any other documentation required by ICR.

7.5 ICR confirmation of issuance

ICR confirms issuance where the applicable requirements have been met and the issuance has been recorded in the ICR registry.

ICR confirmation of issuance may include, as applicable:

  1. confirmation that the project is registered and eligible for the requested issuance type;

  2. confirmation that the requested issuance quantity is supported by validation or verification documentation;

  3. confirmation that the applicable ICR review has been completed;

  4. confirmation that applicable fees have been paid;

  5. confirmation that applicable deductions, withholding, escrow, adjustment account contributions, insurance, guarantees, or other risk mitigation requirements have been applied;

  6. confirmation that any applicable Article 6.2, corresponding adjustment, external scheme-related requirements have been satisfied;

  7. confirmation of ICC quantity, issuance type, vintage year, monitoring period, crediting period, labels, restrictions, and serial number range; and

  8. confirmation of delivery to the relevant registry account.

Before confirming issuance, ICR reviews whether the issuance documentation is complete and signed where necessary, whether the relevant VVB is approved for the activity, whether required competence information has been disclosed where applicable, whether the requested issuance quantity is supported by the relevant validation or verification documentation, whether the GHG emission mitigations have not been issued under another GHG program or have been cancelled or excluded as required, and whether registry information is consistent with the project documentation, monitoring documentation, validation documentation, verification documentation, and issuance information.

ICR review of issuance documentation does not replace the VVB’s validation or verification conclusion and does not constitute re-performance of validation or verification.

ICR may approve issuance subject to conditions, deductions, withholding, escrow, adjustment account contribution, designation limits, labels, restrictions, or other measures necessary to maintain program integrity.

7.6 Serialization and registry record

At issuance, ICR assigns or confirms the serial numbers, issuance type, vintage year, quantity, labels, restrictions, and other applicable attributes of the ICCs.

Issuance is completed only when the issued ICCs have been recorded in the ICR registry and delivered, deposited, withheld, escrowed, or otherwise allocated in accordance with the applicable issuance decision.

The registry record for issued ICCs shall be maintained in accordance with the registry infrastructure and public information requirements in section 4.

7.7 Ex-ante ICCs

Ex-ante ICCs are issued based on validated estimates of future GHG emission mitigations from a registered project.

Ex-ante ICCs may be issued only where:

  1. the project has been registered;

  2. a VVB has validated the project and the relevant ex-ante estimates;

  3. the project satisfies the applicable ICR eligibility requirements for ex-ante issuance, including the applicable additionality, insurance, risk assessment, and adjustment account requirements;

  4. the requested ex-ante issuance is within the validated ex-ante quantities, crediting period, monitoring periods, vintage years, and any other limits accepted by ICR;

  5. ICR has completed the applicable review;

  6. applicable rating, risk assessment, insurance, guarantee, adjustment account contribution, or other risk-related requirements have been satisfied;

  7. applicable conditions for non-performance, non-permanence, non-corresponding adjustment, or other risk mitigation have been satisfied; and

  8. ICR has approved ex-ante issuance.

Unless ICR specifies otherwise, ex-ante ICC issuance is limited as follows:

  1. projects without eligible non-performance insurance may issue up to 50% of validated GHG emission mitigations for each vintage during the crediting period, excluding ICCs demarcated for the non-performance adjustment account, only where Additionality Level 4b has been demonstrated in accordance with ICR requirements;

  2. projects with eligible non-performance insurance may issue up to 100% of validated GHG emission mitigations for each vintage during the crediting period, subject to conformity with the applicable ICR insurance eligibility criteria and public disclosure that insurance coverage applies; and

  3. projects intended to be eligible for Article 6.2 designation or international transfer shall not issue ex-ante ICCs during the crediting period unless expressly permitted by the applicable Article 6.2 Procedures or another ICR decision.

ICR may limit or refuse ex-ante issuance by project type, methodology, additionality level, insurance coverage, risk classification, rating information, crediting period, vintage, monitoring period, permanence risk, non-performance risk, host country authorization status, Article 6.2 status, or other relevant factor.

Ex-ante ICCs represent validated expected GHG emission mitigations. They do not represent verified GHG emission mitigations and cannot be retired or used for offsetting claims by design unless and until converted to ex-post ICCs in accordance with applicable ICR requirements.

Ex-ante ICCs may be transferred where permitted by ICR requirements and registry functionality, subject to any restrictions, disclosures, labels, or conditions applied by ICR.

Ex-ante ICCs are delivered to the relevant registry account only after ICR has approved issuance, all applicable fees have been paid, and applicable registry, adjustment account, insurance, risk, and delivery requirements have been satisfied.

7.8 Ex-ante post-verification and conversion of ex-ante ICCs to ex-post ICCs

Where ex-ante ICCs have been issued, the project proponent shall monitor the relevant monitoring period and vintage in accordance with the ICR Requirement Document, the applied criteria, the registered project documentation, and this document.

When monitoring has been completed, the project proponent shall submit the monitoring report and supporting evidence through the ICR registry. The VVB shall submit the verification report, and required supporting documentation through the ICR registry. The project proponent shall request ICR review after verification in accordance with section 6.9.

Following completion of ICR review after verification, ICR converts the corresponding number of ex-ante ICCs to ex-post ICCs, subject to confirmation by ICR in the registry.

Where verified GHG emission mitigations are equal to the number of ex-ante ICCs issued for the relevant monitoring period or vintage, ICR converts the corresponding ex-ante ICCs to ex-post ICCs and updates the registry records accordingly.

Where verified GHG emission mitigations are greater than the number of ex-ante ICCs issued for the relevant monitoring period or vintage, ICR converts the corresponding ex-ante ICCs to ex-post ICCs and delivers the corresponding ex-post ICCs to the current holders of the ex-ante ICCs, subject to confirmation by ICR. Any verified GHG emission mitigations in excess of the issued ex-ante ICCs may be issued as additional ex-post ICCs in accordance with section 7.9 and the applicable verification report.

Where verified GHG emission mitigations are less than the number of ex-ante ICCs issued for the relevant monitoring period or vintage, and the monitoring period for the respective vintage has not been closed, ICR delivers ex-post ICCs corresponding to the verified GHG emission mitigations to an ICR escrow account. The ex-post ICCs remain in the ICR escrow account until monitoring for the respective vintage has been completed, verified, reviewed by ICR, and confirmed in the registry. The project proponent shall complete verification of the respective vintage within 12 months unless ICR accepts another timeframe.

After completion of verification for the monitoring period or vintage:

  1. where verified GHG emission mitigations are greater than the number of ex-ante ICCs issued for the respective monitoring period or vintage, ICR delivers the ex-post ICCs from the ICR escrow account to the current holders of the corresponding ex-ante ICCs, replaces or converts the corresponding ex-ante ICCs, and may issue any excess ex-post ICCs in accordance with the verification report and applicable ICR requirements;

  2. where verified GHG emission mitigations are equal to the number of ex-ante ICCs issued for the respective monitoring period or vintage, ICR delivers the ex-post ICCs from the ICR escrow account to the current holders of the corresponding ex-ante ICCs and replaces or converts the corresponding ex-ante ICCs; and

  3. where verified GHG emission mitigations remain lower than the number of ex-ante ICCs issued for the respective monitoring period or vintage, the project proponent is responsible for compensating for the excess ex-ante ICCs issued.

Where monitoring for a monitoring period or vintage has been completed and verification confirms fewer GHG emission mitigations than the number of ex-ante ICCs issued for the respective monitoring period or vintage, the project proponent shall compensate for the excess ex-ante ICCs issued in accordance with applicable ICR requirements. Where insurance, warranty, guarantee, or another non-performance risk mitigation instrument is in place, the relevant instrument shall be called upon in accordance with its terms and the applicable ICR requirements.

Where the VVB has verified that GHG emission mitigations are greater than the number of ex-ante ICCs issued, the project proponent may request issuance of additional ex-post ICCs for the verified excess quantity in accordance with section 7.9. Where monitoring confirms fewer or more GHG emission mitigations than estimated in the project documentation and validated by the VVB, the issuance, conversion, compensation, or replacement action shall be adjusted accordingly for the respective vintage.

ICR may withhold conversion, withhold issuance, restrict further transfers, require cancellation, call on insurance, warranty, guarantee, or another risk mitigation instrument, require use of adjustment account ICCs, initiate an integrity assessment, or take other actions necessary to maintain program integrity where verified GHG emission mitigations are insufficient to support issued ex-ante ICCs.

7.9 Ex-post ICCs

Ex-post ICCs are issued after GHG emission mitigations have occurred, have been monitored by the project proponent, verified by an approved VVB, reviewed by ICR, and confirmed in the ICR registry.

Following ICR confirmation of monitoring and verification, ex-post ICCs are issued and delivered to the project proponent’s account, subject to applicable deductions, adjustment account contributions, restrictions, fees, and registry prerequisites.

Ex-post ICCs may be issued only where:

  1. the project has been registered;

  2. the relevant monitoring period has been completed;

  3. the project proponent has submitted a monitoring report and supporting evidence;

  4. a VVB has verified the reported GHG emission mitigations;

  5. the verified GHG emission mitigation quantity is supported by the verification report;

  6. ICR has completed the applicable review after verification;

  7. applicable rating, risk assessment, insurance, guarantee, adjustment account contribution, or other risk-related requirements have been satisfied;

  8. applicable Article 6.2, corresponding adjustment or other scheme-related requirements have been satisfied before any relevant designation is applied; and

  9. ICR has confirmed ex-post issuance.

Ex-post ICCs may be transferred, retired, or cancelled in accordance with this document, applicable ICR requirements, registry rules, and any applicable labels, restrictions, or scheme-specific conditions.

Only ex-post ICCs may be retired for offsetting or other claims that require verified GHG emission mitigations, unless ICR expressly recognizes another use under applicable requirements.

7.10 Article 6.2 ICCs and other labels, attributes, or use-related designations

Any label, attribute, restriction, or use-related designation relating to an external scheme shall be interpreted in accordance with section 1.3 and does not by itself indicate endorsement, approval, eligibility, or acceptance under that scheme unless specifically addressed by the respective scheme.

A project or ICC shall not be described in the ICR registry as authorized, eligible, endorsed, approved, or accepted for use under Article 6.2 or external scheme unless the applicable requirements have been satisfied and the relevant status has been confirmed by ICR.

Where a project proponent requests Article 6.2 designation, external scheme-related label or use-related designation, corresponding adjustment status, or another scheme-specific designation, the project proponent shall submit all documentation required by ICR, including, as applicable, the host country letter of attestation and authorization, authorized use, authorized volume, authorized vintages, authorized crediting period, corresponding adjustment and accounting information, use limitations, validity period, and other conditions specified by the host country or required by ICR.

ICR shall not designate ICCs as Article 6.2 ICCs until the relevant host country documentation has been received by ICR, reviewed by ICR for completeness, authenticity, legitimacy, and conformity with the ICR Article 6.2 Procedures, uploaded to the ICR registry, and made publicly available, subject to applicable confidentiality and legal restrictions.

Where host country authorization has not been submitted or has not yet been accepted by ICR, the project or ICCs may be identified in the registry as Article 6.2 authorization pending, in the process of obtaining host country authorization, or another status accepted by ICR, but ICCs shall be issued only as standard ICCs without authorization for international transfer.

Once the host country documentation has been submitted and accepted by ICR, eligible ICCs may be designated or converted to Article 6.2 ICCs only where permitted by the ICR Article 6.2 Procedures and only within the limits of the applicable host country authorization or other scheme-specific approval.

Where the host country letter of attestation and authorization or other approval limits authorized uses, volumes, vintages, crediting periods, project activities, authorized entities, time periods, or other conditions, ICR shall apply the designation only within those limits.

ICR may apply labels, restrictions, status indicators, corresponding adjustment status, authorization status, intended-use information, or other registry information necessary to distinguish ICCs by designation, authorization status, corresponding adjustment status, and intended use.

The registry shall publicly reflect the corresponding adjustment status of Article 6.2 ICCs, including whether the corresponding adjustment is pending, confirmed as applied, or determined not to have been applied, in accordance with the ICR Article 6.2 Procedures.

Any deductions, deposits, replacement contributions, insurance, guarantees, adjustment account contributions, compensation mechanisms, or other measures required for Article 6.2 ICCs or other international-transfer-related ICCs shall be applied in accordance with the ICR Article 6.2 Procedures and the applicable adjustment mechanism provisions in this document.

7.11 Adjustment mechanism

7.11.1 General

ICR uses adjustment mechanisms to address risks associated with:

  1. non-performance of estimated GHG emission mitigations;

  2. non-permanence of carbon stocks, GHG reservoirs, stored or contained GHGs, or other reversible GHG emission mitigation outcomes; and

  3. non-corresponding adjustment by host countries for ICCs intended for international transfer or another use requiring a corresponding adjustment.

ICR may require the project proponent to set aside non-tradable adjustment ICCs in one or more ICR adjustment accounts, provide eligible insurance, provide a guarantee or warranty, or implement another risk mitigation measure accepted by ICR.

Adjustment mechanisms are used to address, as applicable:

  1. failure to achieve, verify, replace, or otherwise support estimated GHG emission mitigations;

  2. losses, reversals, releases, or other impairment of carbon stocks, GHG reservoirs, stored or contained GHGs, or other credited GHG emission mitigation outcomes;

  3. reversal events;

  4. over-issuance;

  5. shortfall between issued ex-ante ICCs and verified GHG emission mitigations;

  6. double-claiming risk associated with international transfers; and

  7. failure by a host country to apply a corresponding adjustment where required.

Deposits to adjustment accounts are completed during issuance of ICCs or at another time specified by ICR.

Adjustment ICCs held in ICR adjustment accounts are non-tradable while held in those accounts and may be cancelled, retired, transferred to escrow, released, reimbursed, or otherwise used only in accordance with applicable ICR requirements.

The adjustment mechanism may include the following adjustment account types, as applicable:

  1. Non-performance adjustment account, for risks that a project does not achieve or verify sufficient GHG emission mitigations to support issued ex-ante ICCs;

  2. Non-permanence adjustment account, for risks of reversal, release, loss, or other impairment of carbon stocks, GHG reservoirs, stored or contained GHGs, or other credited GHG emission mitigation outcomes; and

  3. Non-corresponding adjustment account, for risks that a host country does not apply a corresponding adjustment required for Article 6.2 ICCs or other ICCs subject to corresponding adjustment requirements.

Where ex-ante ICCs are issued for a project subject to non-permanence risk, the applicable non-permanence adjustment requirements also apply to those ex-ante ICCs. As monitoring and verification are completed for the relevant vintages, ex-ante ICCs are converted to ex-post ICCs in accordance with section 7.8. Any corresponding adjustment ICCs held for non-permanence purposes remain in the ICR non-permanence adjustment account unless released, cancelled, or otherwise administered in accordance with applicable ICR requirements.

7.11.2 Risk assessment and adjustment contributions

For projects subject to risks identified in section 7.11, ICR conducts or requires the applicable risk assessment for the relevant risk category.

The risk assessment informs the applicable adjustment account contribution, insurance requirement, guarantee requirement, warranty requirement, or other risk mitigation measure.

Risk assessment outcomes may be made publicly available in accordance with ICR requirements, subject to applicable confidentiality, personal data, commercial, legal, and security restrictions.

Risk assessment may consider, as applicable:

  1. non-performance risk;

  2. non-permanence or reversal risk;

  3. non-corresponding adjustment risk;

  4. counterparty risk;

  5. country risk;

  6. project-specific implementation risk;

  7. technical risk;

  8. financial and KYC/KYB information relating to the project proponent, project developer, implementation partners, or other relevant parties;

  9. track record of the project proponent, project developer, or implementation partners;

  10. natural catastrophe risk;

  11. supply chain disruption risk;

  12. land ownership, community engagement, benefit-sharing, fraud, corruption, political, regulatory, expropriation, confiscation, export license cancellation, contract frustration, war, terrorism, civil unrest, or similar risks;

  13. Article 6.2, host country authorization, corresponding adjustment, or other international-transfer-related risks; and

  14. any other factor relevant to the applicable adjustment risk.

Where the applicable adjustment contribution depends on a risk assessment that is completed after ICR review or issuance approval, ICR may apply the maximum applicable adjustment account contribution on an interim basis.

Following completion of the risk assessment, ICR shall determine the final adjustment account contribution applicable to the project or issuance. Where the final contribution is lower than the interim maximum contribution, ICR shall return or release the excess ICCs to the project proponent’s account, subject to applicable registry, fee, designation, restriction, and program integrity requirements.

Where the final contribution is equal to or higher than the interim contribution, ICR may retain the interim contribution and may require any additional contribution, insurance, guarantee, warranty, or other risk mitigation measure necessary to satisfy the final risk assessment outcome.

ICR may update adjustment account contribution requirements based on project performance, portfolio performance, updated risk assessment, rating information, insurance availability, guarantee arrangements, systemic risk factors, or other relevant information.

7.11.3 Insurance, guarantees, warranties, and other risk mitigation instruments

ICR may recognize or require insurance, guarantees, warranties, letters of credit, contractual undertakings, replacement obligations, adjustment account deposits, or other risk mitigation instruments to address non-performance, non-permanence, non-corresponding adjustment, reversal, over-issuance, or other risks.

Where insurance is used to satisfy ICR requirements for ex-ante issuance, non-performance, non-permanence, non-corresponding adjustment, or another risk category, both the insurance provider and the insurance policy shall be accepted by ICR for the relevant risk mitigation purpose.

The insurance provider shall meet the applicable provider eligibility criteria in Appendix II of the ICR Requirement Document and any other requirements specified by ICR, including requirements relating to licensing, creditworthiness, claims-paying capacity, and ability to provide the required form of compensation.

The insurance policy shall meet the applicable insurance policy eligibility criteria in Appendix II of the ICR Requirement Document and any other requirements specified by ICR, including requirements relating to covered risks, coverage amount, coverage period, exclusions, loss trigger events, insured party, loss payee, claims procedure, termination, renewal, and in-kind or financial compensation arrangements.

Where guarantees, warranties, letters of credit, contractual undertakings, replacement obligations, or other non-insurance risk mitigation instruments are used, the project proponent shall demonstrate that the instrument is valid, enforceable, sufficient for the relevant risk, and acceptable to ICR.

ICR may require evidence of policy terms, guarantee terms, warranty terms, coverage amounts, exclusions, expiry dates, renewal arrangements, claims procedures, provider eligibility, counterparty eligibility, in-kind compensation arrangements, evidence of eligibility, or other information necessary to assess the adequacy of the risk mitigation instrument.

ICR acceptance of an insurance provider, insurance policy, guarantee, warranty, or other risk mitigation instrument is limited to acceptance for the purpose of satisfying applicable ICR requirements. It does not constitute insurance, legal, financial, regulatory, or solvency advice, and does not constitute a guarantee by ICR that the provider or counterparty will perform, that a claim will be accepted or paid, or that the instrument will be sufficient in all circumstances.

Where insurance, guarantee, warranty, or another risk mitigation instrument covers part or all of a relevant risk event, the instrument shall be called upon or otherwise applied in accordance with its terms, Appendix II of the ICR Requirement Document where applicable, and other applicable ICR requirements.

The project proponent shall notify ICR without delay if an insurance policy, guarantee, warranty, letter of credit, contractual undertaking, replacement obligation, or other risk mitigation instrument is amended, suspended, terminated, not renewed, disputed, subject to a denied claim, or otherwise ceases to satisfy applicable ICR requirements.

The existence or ICR acceptance of insurance, guarantees, warranties, or other risk mitigation instruments does not limit the project proponent’s responsibility to monitor, report, verify, correct, replace, compensate, or otherwise address risks or events in accordance with applicable ICR requirements.

7.11.4 Non-performance

A non-performance adjustment may apply where ex-ante ICCs have been issued and the project fails to achieve, verify, replace, or otherwise support the estimated GHG emission mitigations for which the ex-ante ICCs were issued.

7.11.4.1 Non-performance adjustment account allocation

For projects issuing ex-ante ICCs, the project proponent shall either deposit non-tradable adjustment ICCs into the ICR non-performance adjustment account or provide eligible non-performance insurance, warranty, guarantee, or another risk mitigation instrument accepted by ICR in accordance with applicable ICR requirements.

Where insurance, warranty, guarantee, or another risk mitigation instrument is used to satisfy ICR requirements for non-performance risk, the provider and the applicable policy, warranty, guarantee, or instrument shall be accepted by ICR for the relevant non-performance risk mitigation purpose before ICR accepts the instrument in place of, or in combination with, a non-performance adjustment account contribution.

The project proponent shall maintain eligible non-performance insurance, warranty, guarantee, or other accepted risk mitigation cover for the required coverage period and shall provide evidence of continued eligibility, coverage amount, coverage period, policy or instrument terms, exclusions, renewal, provider eligibility, counterparty eligibility, and compensation arrangements where required by ICR.

Where eligible non-performance insurance, warranty, guarantee, or another accepted risk mitigation instrument covers only part of the relevant non-performance risk, ICR may require a non-performance adjustment account contribution for the uninsured, uncovered, or insufficiently covered portion of the risk.

Where the insurance policy, warranty, guarantee, provider eligibility, counterparty eligibility, coverage amount, coverage period, exclusions, claims procedure, renewal status, compensation arrangement, or another material term is amended, suspended, terminated, not renewed, disputed, subject to a denied claim, or otherwise ceases to satisfy applicable ICR requirements, the project proponent shall notify ICR without delay and shall provide replacement cover, an additional non-performance adjustment account contribution, or another risk mitigation measure accepted by ICR.

Where the project is not covered by eligible non-performance insurance, warranty, guarantee, or another risk mitigation instrument accepted by ICR, or where such cover is unavailable, insufficient, no longer accepted by ICR, or covers only part of the relevant risk, the number of ex-ante ICCs deposited to the ICR non-performance adjustment account shall be based on a non-performance risk assessment conducted or accepted by ICR.

The contribution to the non-performance adjustment account shall not be lower than 2% of issued ex-ante ICCs and shall not be higher than 10% of issued ex-ante ICCs, unless otherwise specified by ICR requirements.

Deposits to the ICR non-performance adjustment account are completed at issuance of ex-ante ICCs or at another time specified by ICR.

ICR may require additional deposits to the ICR non-performance adjustment account where the project’s non-performance risk increases, eligible cover lapses or becomes insufficient, the provider, counterparty, policy, warranty, guarantee, or other instrument no longer satisfies applicable ICR requirements, a non-performance event occurs, or ICR otherwise determines that additional risk mitigation is necessary to maintain program integrity.

Non-performance adjustment ICCs held in the ICR non-performance adjustment account are non-tradable while held in that account and may be used only to compensate for non-performance events in accordance with applicable ICR requirements.

Non-performance adjustment ex-ante ICCs are not subject to issuance fees, including at verification and conversion to ex-post ICCs, unless otherwise specified by ICR.

At verification events, ex-ante ICCs are converted to ex-post ICCs in accordance with section 7.8. Ex-ante ICCs held in the ICR non-performance adjustment account shall have priority for conversion to ex-post ICCs over other outstanding ex-ante ICCs for the relevant monitoring period or vintage.

At the end of each project crediting period, the project proponent may apply for reimbursement or release of non-performance adjustment ICCs that have been converted to ex-post ICCs. Any reimbursement or release is at ICR’s sole discretion and may take account of the status of the ICR non-performance adjustment account, cancellations made due to non-performance events, portfolio liquidity, depletion risk, and other program integrity considerations.

7.11.4.2 Non-performance events

Where an event occurs that is likely to result in non-performance, the project proponent shall notify ICR within 30 days of discovering the event. Where ex-ante ICCs have previously been issued, the project proponent shall prepare and submit a non-performance event report using the applicable ICR template.

The non-performance event report shall include a conservative estimate of the impact on previously validated GHG emission mitigations due to the non-performance event, based on monitoring.

The non-performance event report shall be submitted to ICR within six months from the discovery date of the non-performance event and shall be made publicly available, subject to applicable confidentiality, personal data, legal, and security restrictions.

Failure to submit the non-performance event report within this timeframe may result in restrictions, sanctions, suspension of further issuance, or restrictions on other registry actions.

Following receipt of the non-performance event report, ICR may temporarily withhold ex-post ICCs from the ICR non-performance adjustment account and deposit them into an ICR escrow account in a quantity equivalent to the estimated difference stated in the non-performance event report affecting holders of ex-ante ICCs.

The project proponent shall account for and report the non-performance event in the next monitoring report. The VVB shall assess the non-performance event in the corresponding verification report.

Where verification confirms that net GHG emission mitigations are less than the number of issued ex-ante ICCs for the relevant monitoring period or vintage, the project proponent shall compensate for the difference and, where applicable, notify the insurance provider or warranty provider and exercise the applicable insurance or warranty policy.

Where insurance or warranty cover is used to satisfy ICR requirements for non-performance risk, the project proponent shall ensure that the insurance provider or warranty provider and the applicable policy remain eligible and accepted by ICR for the relevant risk throughout the required coverage period.

The project proponent shall notify ICR without delay if the insurance policy, warranty, provider eligibility, coverage amount, coverage period, exclusions, claims procedure, loss payee arrangement, in-kind compensation arrangement, or any other material term is amended, suspended, terminated, not renewed, disputed, subject to a denied claim, or otherwise ceases to satisfy applicable ICR requirements.

Where a non-performance event occurs or is likely to occur, the project proponent shall notify the insurance provider or warranty provider within the timeframe required under the applicable policy or warranty and shall take all reasonable steps necessary to preserve, submit, and pursue any claim or compensation available under the policy or warranty.

The project proponent shall provide ICR with evidence of notification to the insurance provider or warranty provider, claim submission, claim status, claim determination, compensation received or expected, and any correspondence or documentation reasonably required by ICR to assess whether the non-performance event is being addressed in accordance with applicable ICR requirements.

Where the insurance policy or warranty provides financial compensation, in-kind replacement, cancellation of replacement credits, delivery of replacement ICCs, or another compensation mechanism, the project proponent shall ensure that the compensation is applied in accordance with the policy or warranty terms and applicable ICR requirements, including any requirement to compensate affected holders of ex-ante ICCs.

Where an insurance provider or warranty provider has provided a direct undertaking to ICR, or is otherwise contractually bound to ICR or the project proponent for the benefit of ICR or affected holders of ex-ante ICCs, the project proponent shall ensure that such undertaking or contractual obligation is maintained and performed in accordance with its terms.

The existence of insurance or warranty cover, notification to an insurance provider or warranty provider, submission of a claim, or pending claim determination does not suspend or limit the project proponent’s obligation to compensate for the non-performance event, unless ICR expressly accepts another interim arrangement.

Where insurance or warranty cover is unavailable, insufficient, denied, delayed, disputed, or otherwise not applied in full, the project proponent remains responsible for compensating any remaining shortfall in accordance with applicable ICR requirements.

Compensation by the project proponent may include, as applicable:

  1. depositing ex-post ICCs of an earlier vintage from the project proponent’s registry account into the ICR escrow account within 30 days from submission of the verification report, provided that such ICCs are owned by the project proponent and have not been retired or cancelled;

  2. depositing issued ex-post ICCs from subsequent vintages into the ICR escrow account, subject to the same requirements as for earlier-vintage ex-post ICCs; or

  3. purchasing and depositing an equivalent number of replacement ex-post ICCs, or cancelling an equivalent number of ex-post carbon credits issued by an ICROA-endorsed GHG program, an ICVCM-approved program, a CORSIA-eligible emissions unit program where applicable, or another GHG program accepted by ICR, for the same project type, sector, and vintage as determined by ICR.

Where replacement ex-post ICCs are deposited to the ICR escrow account, they shall be delivered proportionally to the current holders of the affected ex-ante ICCs, together with or in place of ex-post ICCs issued for the relevant vintage.

Where replacement carbon credits from another GHG program are cancelled instead of deposited, confirmation of cancellation shall be provided to ICR and made available to the affected holders of ex-ante ICCs, as applicable.

Where ICR requires purchase, deposit, or cancellation of replacement ICCs or replacement carbon credits, the action shall be completed within 60 business days from formal notification by ICR, unless ICR accepts another timeframe.

Where insurance or warranty cover applies to part or all of the non-performance event, the insurance or warranty policy shall compensate for the non-performance of the ex-ante ICC issuance in accordance with the policy terms and applicable ICR requirements.

Where the project proponent cannot compensate for the non-performance event, or where insurance or warranty cover is not available or is insufficient, ICR may cancel ex-post ICCs from the ICR escrow account and release any remaining non-performance adjustment ICCs from the escrow account back to the non-performance adjustment account.

Where GHG emission mitigations verified for the relevant monitoring period or vintage are greater than the number of issued ex-ante ICCs, the applicable ex-ante ICCs are converted to ex-post ICCs and any ex-post ICCs temporarily allocated to the ICR escrow account for the non-performance event shall be released back to the non-performance adjustment account. The project proponent may request issuance of ex-post ICCs for any remaining verified GHG emission mitigations after conversion of the relevant ex-ante ICCs.

Where ICR uses non-performance adjustment ICCs to compensate affected holders of ex-ante ICCs because the project proponent failed to compensate for the non-performance event in full or in part, the project proponent shall reinstate any deductions from the non-performance adjustment account after subsequent monitoring and verification or through another mechanism accepted by ICR.

Where the project proponent fails to compensate for a non-performance event, ICR may take action against the project proponent, including applying sanctions to registry account activities, suspending further issuance of ICCs, withholding conversion, restricting transfers, initiating an integrity assessment, or taking other actions necessary to maintain program integrity until the non-performance event has been compensated.

7.11.5 Non-permanence

A non-permanence adjustment applies where a project is subject to risk of reversal, release, loss, or other impairment of carbon stocks, GHG reservoirs, stored or contained GHGs, or other credited GHG emission mitigation outcomes.

7.11.5.1 Non-permanence adjustment account allocation

For projects subject to non-permanence risk, the project proponent shall either deposit non-tradable adjustment ICCs into the ICR non-permanence adjustment account or provide eligible insurance cover from a licensed insurance company in accordance with the ICR Requirement Document and applicable insurance eligibility criteria.

Where insurance is used to satisfy ICR requirements for non-permanence risk, the insurance provider and insurance policy shall be accepted by ICR for the relevant non-permanence risk mitigation purpose before ICR accepts the insurance cover in place of, or in combination with, a non-permanence adjustment account contribution.

The project proponent shall maintain eligible insurance cover for the required coverage period and shall provide evidence of continued eligibility, coverage amount, coverage period, policy terms, exclusions, renewal, and provider eligibility where required by ICR.

Where eligible insurance covers only part of the relevant non-permanence risk, ICR may require a non-permanence adjustment account contribution for the uninsured or insufficiently covered portion of the risk.

Where the insurance policy, insurance provider, coverage amount, coverage period, exclusions, claims procedure, renewal status, or another material term is amended, suspended, terminated, not renewed, disputed, subject to a denied claim, or otherwise ceases to satisfy applicable ICR requirements, the project proponent shall notify ICR without delay and shall provide replacement insurance, an additional non-permanence adjustment account contribution, or another risk mitigation measure accepted by ICR.

Where the project is not covered by eligible insurance, or where eligible insurance is unavailable, insufficient, no longer accepted by ICR, or covers only part of the relevant risk, the number of ex-ante or ex-post ICCs deposited to the ICR non-permanence adjustment account shall be based on the non-permanence risk assessment conducted or accepted by ICR and shall be subject to the minimum and maximum contribution thresholds specified in the ICR Requirement Document.

Deposits to the ICR non-permanence adjustment account are completed at issuance of ex-ante or ex-post ICCs or at another time specified by ICR.

ICR may require additional deposits to the ICR non-permanence adjustment account where the project’s non-permanence risk increases, insurance cover lapses or becomes insufficient, the insurance provider or policy no longer satisfies applicable ICR requirements, a reversal or non-permanence event occurs, or ICR otherwise determines that additional risk mitigation is necessary to maintain program integrity.

Non-permanence adjustment ICCs are non-tradable while held in the adjustment account and are eligible for use only to compensate for non-permanence events in accordance with applicable ICR requirements.

Non-permanence adjustment ICCs are not subject to issuance fees unless otherwise specified by ICR.

Where ex-ante ICCs are issued for a project subject to non-permanence risk, the non-permanence adjustment applies to those ex-ante ICCs. Any ex-ante ICCs deposited to the non-permanence adjustment account are converted to ex-post ICCs subject to monitoring, verification, ICR review, and confirmation in the registry.

ICR may manage ex-post ICCs in the pooled non-permanence adjustment account as functionally distinct by project type, project category, durability, risk profile, or other criteria determined by ICR. ICR may use ex-post ICCs from the same or similar project type, project category, durability, or risk profile to compensate for non-permanence events.

Unless ICR determines otherwise, eligible ex-post ICCs from the non-permanence adjustment account are used on a first-in, first-out basis after ICR identifies which ICCs meet the relevant compensation criteria.

7.11.5.1 Non-permanence events

Non-permanence events may be intentional or unintentional.

Unintentional non-permanence events include reversals, releases, losses, or other impairment of credited GHG emission mitigation outcomes caused by events beyond the control of the project proponent, including severe weather, wildfires, droughts, pest outbreaks, disease, seismic activity, illegal logging, unauthorized land-use change by third parties, terrorism, armed conflict, insolvency preventing fulfilment of remediation responsibilities, failure of storage or containment systems, or other events that may result in reversal, release, loss, or impairment of carbon stocks, GHG reservoirs, stored or contained GHGs, or other credited GHG emission mitigation outcomes.

Intentional non-permanence events include anthropogenic interventions undertaken at the direction of, or through the influence of, the project proponent.

The project proponent shall notify ICR within 30 days of discovering an actual or potential non-permanence event. Where ICCs have previously been issued, the project proponent shall prepare a non-permanence event report using the applicable ICR template.

The non-permanence event report shall be submitted to ICR within six months from the discovery date of the event and shall include a conservative estimate of the reversal, release, loss, or other impairment of previously verified GHG emission mitigations, based on monitoring of the entire affected area, affected locations, affected storage system, affected containment system, or other affected source, sink, reservoir, or credited mitigation outcome, as applicable.

Failure to submit the non-permanence event report within this timeframe may result in restrictions, sanctions, suspension of further issuance, or restrictions on other registry actions.

Where insurance cover is used to satisfy ICR requirements for non-permanence risk, the project proponent shall ensure that the insurance provider and the applicable insurance policy remain eligible and accepted by ICR for the relevant non-permanence risk throughout the required coverage period.

The project proponent shall notify ICR without delay if the insurance policy, insurance provider eligibility, coverage amount, coverage period, exclusions, claims procedure, loss payee arrangement, in-kind compensation arrangement, renewal status, or any other material term is amended, suspended, terminated, not renewed, disputed, subject to a denied claim, or otherwise ceases to satisfy applicable ICR requirements.

Where a non-permanence event occurs or is likely to occur, the project proponent shall notify the insurance provider within the timeframe required under the applicable insurance policy and shall take all reasonable steps necessary to preserve, submit, and pursue any claim or compensation available under the insurance policy.

The project proponent shall provide ICR with evidence of notification to the insurance provider, claim submission, claim status, claim determination, compensation received or expected, and any correspondence or documentation reasonably required by ICR to assess whether the non-permanence event is being addressed in accordance with the insurance policy and applicable ICR requirements.

Following receipt of the non-permanence event report, ICR may temporarily allocate non-permanence adjustment ex-post ICCs from the ICR non-permanence adjustment account to an ICR escrow account in a quantity equivalent to the estimated reversal, release, loss, or other impairment stated in the report.

The project proponent shall account for the non-permanence event in the next monitoring report after the event, and the VVB shall assess the non-permanence event in the corresponding verification report.

Following verification:

  1. where verified net GHG emission mitigations are net-negative compared to issued ex-post ICCs, the non-permanence adjustment ex-post ICCs allocated to the ICR escrow account shall be cancelled, and any remaining ex-post ICCs shall be released;

  2. where the verified reversal, release, loss, or other impairment is greater than the estimate stated in the initial non-permanence event report, ICR may update the quantity of non-permanence adjustment ex-post ICCs allocated to the ICR escrow account and cancel the equivalent number of ex-post ICCs required to compensate for the non-permanence event; and

  3. where verified GHG emission mitigations are positive and no cancellation is required, the allocated non-permanence adjustment ex-post ICCs shall be released from the ICR escrow account and returned to the non-permanence adjustment account.

Where insurance cover applies to part or all of the non-permanence event, the project proponent shall ensure that the insurance policy is called upon or otherwise applied in accordance with its terms, Appendix II of the ICR Requirement Document where applicable, and other applicable ICR requirements.

Where the insurance policy provides financial compensation, in-kind replacement, cancellation of replacement credits, delivery of replacement ICCs, replenishment of the non-permanence adjustment account, or another compensation mechanism, the project proponent shall ensure that the compensation is applied in accordance with the policy terms and applicable ICR requirements.

Where an insurance provider has provided a direct undertaking to ICR, or where ICR is named as a loss payee, beneficiary, additional insured, or other party with rights under the insurance policy, ICR may exercise those rights in accordance with the policy terms and applicable ICR requirements.

The existence of insurance cover, notification to an insurance provider, submission of a claim, or pending claim determination does not suspend or limit the project proponent’s obligation to address the non-permanence event, unless ICR expressly accepts another interim arrangement.

Where insurance cover is unavailable, insufficient, denied, delayed, disputed, or otherwise not applied in full, the project proponent remains responsible for compensating any remaining shortfall in accordance with applicable ICR requirements.

If the non-permanence event has not been resolved between the relevant parties within 90 days, ICR may cancel ex-post ICCs from the ICR escrow account and may exercise any rights available to ICR under the insurance policy, where permitted by the policy and applicable ICR requirements.

For intentional non-permanence events, the project proponent shall be fully liable for replenishing the non-permanence adjustment account by transferring the equivalent amount and type of ICCs to the non-permanence adjustment account within 90 days from the cancellation of ICCs used to compensate for the non-permanence event.

Where non-permanence adjustment ex-post ICCs are cancelled, ICR shall disclose the relevant non-permanence event as the reason for cancellation.

The non-permanence event report shall be made publicly available, subject to applicable confidentiality, personal data, legal, and security restrictions.

7.11.6 Non-corresponding adjustment

A non-corresponding adjustment may apply where ICCs have been authorized or designated for international transfer or another use requiring a corresponding adjustment and the host country fails to apply the corresponding adjustment within the applicable timeframe or otherwise creates a double-claiming risk.

7.11.6.1 Non-corresponding adjustment account allocation

For Article 6.2 ICCs or other ICCs subject to corresponding adjustment requirements, ICR may require a replacement contribution, adjustment deposit, eligible insurance, guarantee, warranty, or another risk mitigation measure in accordance with the ICR Article 6.2 Procedures.

Adjustment Article 6.2 ICCs deposited to a non-corresponding adjustment account are non-tradable while held in the adjustment account and may be used only in accordance with the ICR Article 6.2 Procedures and other applicable ICR requirements.

Deposits to the non-corresponding adjustment account are completed at issuance, designation, conversion, transfer, or another time specified by ICR.

7.11.6.2 Non-corresponding adjustment events

A non-corresponding adjustment event may occur where a host country fails to apply, report, confirm, or maintain a corresponding adjustment required for Article 6.2 ICCs or other ICCs subject to corresponding adjustment requirements.

Where a non-corresponding adjustment event occurs or is suspected, the project proponent and any other responsible party shall cooperate with ICR and provide evidence of corresponding adjustment status, host country communication, replacement, compensation, insurance, guarantee, or other measures necessary to address the event.

ICR may require insurance, guarantee, replacement contribution, adjustment deposit, cancellation, replacement, status update, public disclosure, or other action in accordance with the ICR Article 6.2 Procedures.

Adjustment Article 6.2 ICCs may be cancelled where a non-corresponding adjustment event occurs and cancellation is required or accepted by ICR in accordance with the ICR Article 6.2 Procedures.

ICR may update the registry status, corresponding adjustment status, labels, restrictions, public disclosure, or other registry information relating to the affected ICCs.

7.12 Adjustment account management

ICR maintains adjustment accounts for non-performance, non-permanence, non-corresponding adjustment, or other risks identified by ICR.

ICR manages adjustment accounts to support program integrity, including through tracking contributions, balances, cancellations, use events, and reporting as determined by ICR.

The registry records adjustment account movements, including deposits, deductions, cancellations, retirements, or other uses, as applicable.

ICR may update adjustment account contribution requirements based on risk assessment, rating information, project performance, portfolio performance, insurance availability, guarantee arrangements, systemic risk factors, or other relevant information.

ICR may publish adjustment account information in aggregated or project-specific form where required or appropriate to support transparency, subject to applicable confidentiality and legal restrictions.

7.13 Issuance restrictions, suspension, and correction

ICR may restrict, suspend, correct, or withhold issuance or conversion where:

  1. project information is incomplete, inconsistent, inaccurate, misleading, or subject to unresolved findings;

  2. ownership, authorization, beneficial ownership, proof of right, focal appointment, or representation is disputed or insufficiently documented;

  3. validation or verification documentation is incomplete, inconsistent, or insufficient;

  4. Article 6.2, corresponding adjustment, external scheme-related, or other use-related requirements are incomplete or unresolved;

  5. there is suspected fraud, intentional misstatement, material misstatement, double issuance, double use, double claiming, over-issuance, or other integrity concern;

  6. applicable fees, agreements, account requirements, or registry prerequisites are not satisfied; or

  7. ICR determines that restriction, suspension, correction, or withholding is necessary to maintain program integrity.

Where ICCs have been issued other than in accordance with ICR requirements, ICR may initiate correction, cancellation, replacement, compensation, adjustment account use, conformity assessment, integrity assessment, or other action in accordance with ICR requirements and applicable Terms and Conditions.

7.14 Fees and delivery of ICCs

ICR may require payment of issuance, conversion, adjustment account, risk assessment, rating, insurance-related, registry, or other applicable fees before completing issuance, conversion, delivery, transfer, retirement, cancellation, or another registry action.

Issued ICCs shall be delivered to the account identified in the issuance request or another account approved by ICR, subject to any escrow, adjustment account, withholding, restriction, or designation requirements.

Following ICR confirmation of monitoring and verification, ex-post ICCs are delivered to the project proponent’s account unless ICR accepts or requires another delivery arrangement in accordance with applicable ICR requirements.

Where ex-post ICCs are issued for the purpose of replacing or converting ex-ante ICCs, ICR may deliver the ex-post ICCs to the current holders of the corresponding ex-ante ICCs, an escrow account, the project proponent’s account, or another account determined by ICR in accordance with applicable ICR requirements.

ICR may delay delivery of ICCs until all applicable documentation, review, account, authorization, fee, risk, adjustment, and registry requirements have been satisfied.

7.15 Public disclosure of issuance information

ICR publishes issuance information required under ICR requirements, subject to applicable confidentiality, personal data, and intellectual property restrictions.

Public issuance information may include, as applicable:

  1. project identifier;

  2. project title;

  3. host country;

  4. project proponent;

  5. issuance type;

  6. issuance date;

  7. vintage year;

  8. monitoring period;

  9. quantity issued;

  10. validation or verification documentation;

  11. applicable Article 6.2, corresponding adjustment, external scheme-related, or other use-related designation;

  12. corresponding adjustment status, where applicable;

  13. adjustment account contribution, deduction, cancellation, or withholding, where applicable; and

  14. other information required by ICR.

For ex-post issuance, ICR may publish, as applicable, the monitoring report or PDDMR, verification report or validation and verification report, methodology-specific documentation, documentation relating to conformity with other criteria, GHG emission mitigation calculations, statement of no double issuance or double counting for the monitoring period, issuance quantity, vintage, monitoring period, and other issuance information required for transparency.

Unless ICR determines that disclosure is required or permitted, validation plans, verification plans, validation or verification agreements, confidential additionality spreadsheets, commercially sensitive supporting documentation, personal data, KYC/KYB documentation, and other confidential or security-sensitive information are not publicly disclosed.

ICR may update public issuance information where new information becomes available, including information relating to rating, risk assessment, conversion, retirement, cancellation, corresponding adjustment, reversal, non-performance, non-permanence, non-corresponding adjustment, correction, suspension, or other material events.

8. Transfers, retirements, cancellations, and use of ICCs

8.1 General

This section specifies the processes for transfer, retirement, cancellation, and other use of ICCs in the ICR registry.

ICCs may be transferred, retired, cancelled, or otherwise administered only in accordance with this document, the ICR Requirement Document, applicable Terms and Conditions, registry rules, applicable Article 6.2 Procedures, applicable account permissions, and any restrictions, labels, designations, or conditions applied by ICR.

The ICR registry records ICC holdings, transfers, retirements, cancellations, conversions, adjustment account movements, escrow movements, and other ICC status changes to support transparency, traceability, and avoidance of double counting.

An ICC status or registry action does not, by itself, authorize any claim, use, international transfer, external scheme-related use, Article 6.2 use, or other scheme-specific use unless the applicable requirements for that claim or use have been satisfied.

ICR may restrict, suspend, reject, reverse, correct, or condition a registry action where required information is missing, inconsistent, inaccurate, misleading, subject to unresolved findings, subject to an unresolved ownership or authorization issue, affected by unresolved risk or integrity concerns, or otherwise insufficient to support the requested action.

8.2 ICC status and account holdings

ICCs are held in registry accounts and may have statuses, labels, restrictions, or designations recorded in the ICR registry.

ICC status may include, as applicable:

  1. issued;

  2. ex-ante;

  3. ex-post;

  4. transferred;

  5. retired;

  6. cancelled;

  7. converted;

  8. deposited in an adjustment account;

  9. held in escrow;

  10. withheld or restricted;

  11. Article 6.2 authorization pending;

  12. Article 6.2 ICC;

  13. external scheme-related label, attribute, restriction, or use-related designation, where applicable;

  14. corresponding adjustment pending;

  15. corresponding adjustment confirmed; or

  16. another status recognized by ICR.

The account holder is responsible for ensuring that ICCs held in its account are used only in accordance with applicable ICR requirements, registry rules, Terms and Conditions, and any applicable labels, restrictions, or designations.

ICR may update ICC status information where required to reflect issuance, conversion, transfer, retirement, cancellation, adjustment account contribution, escrow, corresponding adjustment status, correction, withdrawal, reversal, non-performance, non-permanence, non-corresponding adjustment, or another material event.

8.3 Transfers

A transfer is the movement of ICCs from one registry account to another registry account in accordance with ICR requirements and registry rules.

A transfer represents a transfer of beneficial ownership of the GHG emission mitigation entitlement represented by the ICCs, subject to applicable ICR requirements, registry rules, Terms and Conditions, and any restrictions recorded in the registry.

The ICR registry is designed to complete transfers only where the relevant ICCs are available and eligible for transfer, and where the receiving account satisfies applicable registry requirements. Completed transfers are recorded in the registry and, where applicable, on the blockchain ledger.

Only ICCs that are eligible for transfer may be transferred. ICCs may be ineligible for transfer where they are retired, cancelled, held in an adjustment account, restricted, suspended, escrowed, subject to unresolved findings, subject to an unresolved ownership or authorization issue, or otherwise restricted by ICR.

The account holder, or a registry user with the required account permissions, may request or initiate a transfer through the ICR registry.

Before a transfer is completed, ICR or the registry may require confirmation of:

  1. the transferring account;

  2. the receiving account;

  3. the quantity of ICCs to be transferred;

  4. the unit-level identifiers;

  5. the ICC status, issuance type, vintage, project, and labels;

  6. the authority of the user initiating the transfer;

  7. applicable account, KYC/KYB, agreement, fee, and registry prerequisites;

  8. any restrictions on transfer arising from Article 6.2, corresponding adjustment, external scheme-related use, ex-ante status, escrow, adjustment accounts, insurance, guarantee, rating, risk assessment, or other conditions; and

  9. any other information required by ICR.

ICR may reject, suspend, revert or condition a transfer where the transfer could result in double counting, double claiming, unauthorized use, breach of restrictions, breach of Terms and Conditions, unresolved ownership issues, sanctions or legal concerns, registry-security concerns, or other integrity risks.

Completion of a transfer does not constitute retirement, cancellation, offsetting, claim authorization, corresponding adjustment confirmation, or acceptance of ICCs by any third party.

8.3.1 Transfers to existing accounts

Where ICCs are transferred to an existing registry account, the receiving account shall meet all applicable account, authorization, agreement, fee and registry requirements before the transfer is completed.

The registry may require the transferring account holder to identify the receiving account, confirm the ICC quantity and serial number range, and confirm that the transfer is consistent with applicable restrictions.

ICR may require additional confirmation from the transferring account holder, receiving account holder, project proponent, focal, authorized representative, or another responsible party where the transfer concerns restricted ICCs, Article 6.2 ICCs, ex-ante ICCs, escrowed ICCs, ICCs subject to insurance or guarantee arrangements, or ICCs otherwise subject to special conditions.

8.3.2 Transfers to new organizations or individuals

Where ICCs are to be transferred to an organization or individual that does not yet have an eligible registry account, the recipient shall complete the applicable account registration, identity verification, agreement, and registry requirements before the transfer can be completed.

Until the recipient has completed the applicable account registration and verification requirements, the transfer may remain pending or may not be completed. ICR may require updated transfer instructions where the recipient does not complete the applicable account requirements within the timeframe specified by ICR.

ICR may withhold or reject the transfer until the recipient has been accepted as an account holder or user with the required permissions.

Where the recipient does not complete the applicable account requirements within the timeframe specified by ICR, ICR may return the transfer request, cancel the pending transfer, require updated instructions from the transferring account holder, or take another action necessary to maintain registry integrity.

8.4 Retirements

A retirement is the permanent removal of an eligible ex-post ICC from circulation for a stated use, claim, or purpose.

Only ex-post ICCs may be retired for offsetting or other claims that require verified GHG emission mitigations.

Ex-ante ICCs shall not be retired or used for offsetting claims unless and until they have been converted to ex-post ICCs in accordance with applicable ICR requirements.

A retirement request shall be submitted through the ICR registry by the account holder or a registry user with the required account permissions.

The retirement request shall include, as applicable:

  1. the account from which ICCs are retired;

  2. the project and ICCs to be retired;

  3. the quantity of ICCs;

  4. the vintage year or years;

  5. the unit-level identifiers;

  6. the retirement purpose;

  7. the beneficiary or person/entity on whose behalf the retirement is made;

  8. claim period, reporting period, or use period, where applicable;

  9. country, scheme, or use-related information, where applicable;

  10. Article 6.2, corresponding adjustment, external scheme-related, or other designation information, where applicable; and

  11. any other information required by ICR.

Once an ICC has been retired, it cannot be transferred, cancelled for another purpose, converted, deposited into an adjustment account, or used again.

ICR may reject or suspend a retirement request where the ICCs are not eligible for retirement, where required information is incomplete or misleading, where the requested use is inconsistent with applicable restrictions, or where the retirement could result in double counting, double claiming, unauthorized use, or other integrity risks.

8.5 Retirement claims and use information

The account holder or person on whose behalf ICCs are retired is responsible for ensuring that any claim made in relation to retired ICCs is accurate, complete, not misleading, and consistent with applicable ICR requirements, retirement information, Article 6.2 requirements, external scheme requirements, including CORSIA requirements where applicable, host country authorization, corresponding adjustment status, applicable law, and any other relevant scheme or reporting requirement.

ICR does not guarantee that a retirement, by itself, satisfies any third-party claim, reporting, regulatory, tax, procurement, CORSIA, Article 6.2, net-zero, carbon neutrality, offsetting, or other use requirement.

ICR may require additional information before permitting a retirement claim or registry entry where the ICCs are subject to a specific designation, restriction, label, or corresponding adjustment requirement.

Retirement information is publicly disclosed in the ICR registry to support transparency and avoidance of double counting.

Public retirement information may include, as applicable:

  1. project name and project ID;

  2. ICC quantity;

  3. vintage year or years;

  4. serial number range or unit-level identifiers;

  5. retirement date;

  6. account holder or retiring party;

  7. beneficiary;

  8. retirement purpose;

  9. claim period or use period;

  10. Article 6.2, corresponding adjustment, external scheme-related, or other use-related information; and

  11. other information required by ICR.

For retired Article 6.2 ICCs, the registry identifies the corresponding adjustment status as Pending CA, CA applied, No CA applied, or another status recognized by ICR in accordance with the ICR Article 6.2 Procedures.

ICR may correct administrative errors in retirement information where necessary to maintain accurate registry records, provided that any correction preserves traceability and does not reverse or reuse retired ICCs except where expressly permitted by ICR requirements and applicable law.

8.6 Cancellations

A cancellation is the permanent removal of ICCs from circulation for a reason other than a standard retirement claim, including correction, compensation, withdrawal, adjustment account use, over-issuance, non-performance, non-permanence, non-corresponding adjustment, replacement, or another purpose accepted by ICR.

ICCs may be cancelled by ICR, by an account holder, or by another party authorized under applicable ICR requirements, depending on the reason for cancellation.

A cancellation request or cancellation action shall include, as applicable:

  1. the project and ICCs to be cancelled;

  2. the quantity of ICCs;

  3. the vintage year or years;

  4. the serial number range or unit-level identifiers;

  5. the account from which ICCs are cancelled;

  6. the reason for cancellation;

  7. supporting evidence, where required;

  8. affected monitoring period, issuance, conversion, adjustment account, or other registry event, where applicable; and

  9. any other information required by ICR.

ICR may cancel ICCs where cancellation is necessary to address over-issuance, double issuance, double use, double claiming, non-performance, non-permanence, non-corresponding adjustment, reversal, erroneous issuance, invalid issuance, withdrawal, retraction, sanctions, registry correction, or another integrity concern.

Where standard ICCs are designated or converted to Article 6.2 ICCs in accordance with the ICR Article 6.2 Procedures, the original ICCs shall be cancelled or otherwise updated in the registry as required by ICR to preserve traceability and avoid double use.

Once an ICC has been cancelled, it cannot be transferred, retired, converted, deposited into an adjustment account, or used again.

Cancellation information may be publicly disclosed in the ICR registry, including the reason for cancellation, to support transparency, traceability, and avoidance of double counting.

8.7 Restrictions on ex-ante ICC use

Ex-ante ICCs represent validated expected GHG emission mitigations and do not represent verified GHG emission mitigations.

Ex-ante ICCs may be transferred where permitted by ICR requirements and registry functionality, subject to any restrictions, disclosures, labels, or conditions applied by ICR.

Ex-ante ICCs shall not be retired or used for offsetting claims, compensation claims, carbon neutrality claims, net-zero claims, claims under an external scheme, including CORSIA where applicable, Article 6.2 claims, or other claims requiring verified GHG emission mitigations unless and until they have been converted to ex-post ICCs in accordance with applicable ICR requirements.

Any communication, sale, transfer, disclosure, or use of ex-ante ICCs shall accurately identify them as ex-ante ICCs and shall not represent them as verified or retirable ICCs.

ICR may restrict transfers, require disclosures, require labels, suspend use, withhold conversion, or take other actions where ex-ante ICCs are used or represented in a manner inconsistent with ICR requirements.

8.8 Article 6.2 and external scheme-related use

ICCs may be used for Article 6.2 or another external scheme-related purpose only where the applicable requirements for that purpose have been satisfied.

Article 6.2 ICCs and ICCs intended for international transfer shall be administered in accordance with the ICR Article 6.2 Procedures, applicable host country authorization, corresponding adjustment requirements, registry labels, use restrictions, and any conditions applied by ICR.

Use under an external scheme, including CORSIA where applicable, shall be subject to the applicable eligibility requirements of that scheme, ICR requirements, the ICR Article 6.2 Procedures where relevant, host country documentation, corresponding adjustment requirements where applicable, and any use limitations, labels, restrictions, or conditions applied by ICR.

Where ICCs are subject to authorized use limitations, volume limitations, vintage limitations, crediting period limitations, claim limitations, buyer limitations, or other restrictions, the account holder and any party using the ICCs shall ensure that the ICCs are used only within those limits.

References to an external scheme do not indicate that ICR, a project, or any ICC is eligible, endorsed, approved, or accepted under that scheme unless confirmed in accordance with section 1.3.

ICR may require public disclosure of Article 6.2, host country authorization, corresponding adjustment, external scheme-related, or other use-related information necessary to support transparency and avoid double counting.

8.9 Adjustment account and escrow movements

ICCs may be deposited into, held in, released from, transferred from, or cancelled from adjustment accounts or escrow accounts only in accordance with applicable ICR requirements.

Adjustment account and escrow movements may occur in connection with:

  1. non-performance adjustment;

  2. non-permanence adjustment;

  3. non-corresponding adjustment;

  4. ex-ante to ex-post conversion;

  5. compensation for excess ex-ante ICCs;

  6. over-issuance or erroneous issuance;

  7. withdrawal or re-registration;

  8. insurance, guarantee, warranty, or replacement arrangements; or

  9. transactions between entities;

  10. another action accepted by ICR.

ICCs held in adjustment accounts are non-tradable unless and until released by ICR in accordance with applicable requirements.

ICCs held in escrow are subject to the conditions of the escrow arrangement and may be delivered, released, cancelled, converted, or otherwise administered only as determined by ICR.

8.10 Public disclosure of ICC use information

ICR publishes ICC use information required under ICR requirements, subject to applicable confidentiality, personal data, intellectual property, legal, commercial, and security restrictions.

Public ICC use information may include, as applicable:

  1. ICC status;

  2. project name and project ID;

  3. project proponent;

  4. account holder or retiring party;

  5. beneficiary;

  6. transfer, retirement, cancellation, conversion, adjustment account, or escrow event;

  7. date of the registry action;

  8. quantity of ICCs;

  9. vintage year or years;

  10. serial number range or unit-level identifiers;

  11. purpose or reason for retirement or cancellation;

  12. Article 6.2, host country authorization, corresponding adjustment, information, authorization, or other scheme-related information; and

  13. any other information required by ICR.

ICR may withhold or redact information from public disclosure where permitted by ICR requirements, applicable law, confidentiality restrictions, personal data requirements, intellectual property protections, security considerations, or program integrity considerations.

ICR may update public ICC use information where new information becomes available, including information relating to correction, cancellation, retirement, corresponding adjustment, reversal, non-performance, non-permanence, non-corresponding adjustment, withdrawal, retraction, sanctions, or another material event.

9. Validation and verification bodies

9.1 General

Validation and verification bodies (VVBs) provide independent third-party assessment services under the ICR Program.

Approved VVBs may conduct, as applicable:

  1. project validation;

  2. verification of GHG emission mitigations for a monitoring period;

  3. joint validation and verification;

  4. assessment of project changes, deviations, corrections, baseline updates, project inclusions, or other project-specific matters;

  5. methodology validation, where applicable; and

  6. other assessments required or accepted by ICR.

Validation and verification support ICR Program decisions but do not replace ICR review or ICR decision-making. A validation or verification opinion does not, by itself, constitute project registration, issuance, conversion of ex-ante ICCs to ex-post ICCs, approval of a methodology, approval of a project change, Article 6.2 designation, external scheme-related designation, or any other ICR Program decision.

Approved VVBs shall follow the project-cycle procedures applicable to VVBs in these Process Requirements and shall conduct validation, verification, joint validation and verification, methodology validation, and other VVB assessments in accordance with the ICR Validation and Verification Specifications, ISO 14064-3, the applicable criteria, the applicable ICR reporting template, the VVB’s accredited procedures, and other applicable ICR requirements.

9.1 Role of VVBs in the ICR project lifecycle

VVBs participate in the ICR project lifecycle at the points where independent assessment is required.

A VVB may be engaged for project validation only after the project has been pre-registered under the status under development, unless ICR expressly accepts another process.

A VVB may conduct validation activities for an ICR project only after the project has been assigned the status under validation, the VVB has access to the project record, and the applicable validation prerequisites under this document have been satisfied.

A VVB may conduct verification activities for an ICR project only after the project has been assigned the status under verification, the VVB has access to the project record, and the applicable verification prerequisites under this document have been satisfied.

A VVB may conduct joint validation and verification where permitted by ICR requirements and where the project, monitoring period, applied criteria, project documentation, monitoring documentation, and registry status support joint assessment.

The VVB shall maintain independence, impartiality, competence, and professional scepticism throughout the engagement.

9.2 Relationship with the ICR Validation and Verification Specifications

The ICR Validation and Verification Specifications establish ICR-specific requirements and guidance for VVBs conducting validation, verification, joint validation and verification, methodology validation, and other VVB assessments under the ICR Program.

This document describes when VVBs participate in ICR processes, what registry actions are required, how VVB documentation is submitted, and how validation and verification outputs are used in ICR project-cycle processes.

This document does not restate all validation and verification requirements. Where these procedures refer to validation, verification, validation report, verification report, validation opinion, verification opinion, validation and verification report, findings, non-conformities, requests for clarification, corrective action requests, materiality, competence, impartiality, evidence, sampling, site visits, remote assessment, or other VVB activities, those matters shall be interpreted in accordance with the ICR Validation and Verification Specifications and other applicable ICR requirements.

9.3 VVB approval process, status, and scope

9.3.1 General

A VVB shall have approved VVB status in the ICR registry before accepting, conducting, or completing validation, verification, joint validation and verification, methodology validation, or other VVB actions under the ICR Program.

ICR approval of a VVB is a program approval for participation in the ICR Program. It does not constitute accreditation, accreditation assessment, accreditation decision-making, or determination of conformity with ISO 14065, ISO 14064-3, ISO 14066, ISO 17029, or accreditation requirements. Assessment of conformity with accreditation requirements remains the responsibility of the relevant accreditation body.

ICR may approve, condition, restrict, suspend, or withdraw a VVB’s approval to perform services under the ICR Program in accordance with this document, the ICR Validation and Verification Specifications, applicable accreditation information, registry requirements, the VVB agreement, and other applicable ICR requirements.

9.3.2 Application

A VVB seeking approval under the ICR Program shall submit an application to ICR using the applicable application form or another submission method accepted by ICR.

The application shall include, as applicable:

  1. legal name, registration information, address, and contact information of the VVB;

  2. identification of the authorized representative and primary ICR contact person;

  3. evidence of accreditation, including accreditation certificate, accreditation body, accreditation scope, validity period, and relevant sectoral or technical scope information;

  4. evidence of recognition or approval under another GHG program, where applicable;

  5. information on the requested scope of services under the ICR Program, including validation, verification, joint validation and verification, methodology validation, sectoral scopes, project types, methodologies, activity types, geographies, or other assessment types;

  6. information on competence, resources, technical personnel, reviewers, decision-makers, and relevant experience;

  7. information on impartiality, independence, conflict-of-interest management, and confidentiality arrangements;

  8. confirmation that the VVB has, or will establish, the required ICR registry account and complete applicable KYC, KYB, agreement, and registry prerequisites;

  9. confirmation that the VVB accepts and will comply with applicable ICR requirements, the ICR Validation and Verification Specifications, applicable reporting templates, registry workflows, and the VVB agreement; and

  10. any other information or documentation required by ICR.

9.3.3 Application review and approval meeting

ICR reviews the application to determine whether the required information has been submitted and whether the VVB appears eligible for approval under the ICR Program.

The application review may include review of:

  1. legal identity and authorized representative information;

  2. accreditation status, accreditation scope, accreditation body, and validity period;

  3. recognition or approval under another GHG program, where applicable;

  4. requested scope of services under the ICR Program;

  5. competence and resource information;

  6. impartiality, independence, confidentiality, and conflict-of-interest arrangements;

  7. registry account setup, KYC, KYB, and account permissions;

  8. ability to comply with ICR requirements, registry workflows, reporting templates, and communication requirements; and

  9. any other matter relevant to VVB approval, scope recognition, or program integrity.

ICR may request clarification, correction, additional information, updated accreditation evidence, scope information, competence information, impartiality information, account information, or other documentation necessary to complete the application review.

ICR may invite the applicant to an approval meeting before approval is granted. The purpose of the approval meeting may include introducing the ICR Program, ICR program documentation, registry platform, VVB role, project-cycle interface, reporting templates, communication channels, review procedures, oversight arrangements, and any conditions or restrictions that may apply to approval.

9.3.4 VVB agreement and registry account setup

A VVB shall sign the applicable VVB agreement before being granted approved VVB status, unless ICR expressly accepts another arrangement.

The VVB agreement formalizes the relationship between ICR and the VVB and may address, as applicable, scope of services, obligations, confidentiality, registry access, documentation submission, communication requirements, fees, oversight, suspension, termination, and other terms applicable to the VVB’s participation in the ICR Program.

The VVB shall establish and maintain an ICR registry account and complete applicable KYC, KYB, user permission, account setup, and registry requirements before the VVB may be identified as an approved VVB in the ICR registry.

9.3.5 Approval decision, scope, and public information

ICR may approve the VVB where ICR determines that the application, supporting documentation, registry account setup, KYC/KYB status, accreditation or recognition information, competence information, and VVB agreement are sufficient for approval under the ICR Program.

ICR may define or restrict the VVB’s approved scope by validation or verification function, sector, project type, methodology, module, tool, activity type, geography, accreditation scope, competence, assessment type, methodology validation, joint validation and verification, or another relevant factor.

ICR may grant approval subject to conditions, limitations, additional information requirements, training requirements, scope restrictions, monitoring, or other requirements necessary to maintain program integrity.

Where approved, ICR may identify the VVB in the ICR registry, ICR documentation, ICR website, or another public or internal channel as an approved VVB. ICR may include information on the VVB’s approved scope, accreditation status, sectoral scope, contact information, and other relevant information.

A VVB shall not represent itself as approved for any scope, service, project type, methodology, geography, or assessment type that is outside the scope accepted by ICR.

9.3.6 Continuing eligibility and changes affecting approval

An approved VVB shall maintain the accreditation, recognition, competence, resources, impartiality, registry account status, agreement status, and other conditions on which ICR approval was granted.

An approved VVB shall notify ICR without undue delay of any matter that may affect its approval status or approved scope, including:

  1. suspension, withdrawal, expiry, limitation, or change of accreditation;

  2. change in accreditation body, accreditation scope, sectoral scope, technical scope, or validity period;

  3. suspension, withdrawal, limitation, or change of recognition under another GHG program, where applicable;

  4. material change in legal status, ownership, governance, authorized representative, or contact information;

  5. material change in competence, resources, technical personnel, reviewers, or decision-makers relevant to ICR activities;

  6. conflict-of-interest, impartiality, confidentiality, or independence issues affecting ICR activities;

  7. inability to comply with ICR requirements, the ICR Validation and Verification Specifications, reporting templates, registry workflows, or the VVB agreement; or

  8. any other matter that may affect the VVB’s eligibility, scope, approval status, or ability to perform services under the ICR Program.

ICR may periodically review an approved VVB’s status, accreditation information, scope, competence information, registry activity, documentation quality, responsiveness, and conformity with ICR requirements.

9.3.7 Restriction, suspension, or withdrawal of approval

ICR may restrict, suspend, or withdraw a VVB’s approval where:

  1. the VVB no longer satisfies applicable approval, accreditation, competence, impartiality, account, agreement, or scope requirements;

  2. the VVB’s accreditation is suspended, withdrawn, expired, restricted, or materially changed;

  3. the VVB acts outside its approved scope;

  4. the VVB fails to comply with ICR requirements, the ICR Validation and Verification Specifications, reporting templates, registry workflows, the VVB agreement, or applicable ICR communications;

  5. the VVB fails to respond to ICR findings, clarification requests, corrective action requests, oversight requests, or other communications within the required timeframe;

  6. the VVB submits incomplete, inconsistent, inaccurate, misleading, or insufficient validation or verification documentation;

  7. ICR identifies competence, impartiality, independence, conflict-of-interest, confidentiality, or performance concerns;

  8. required fees or agreement obligations are not satisfied;

  9. the VVB ceases to operate, becomes unable to provide services, or requests withdrawal from the ICR Program; or

  10. ICR determines that restriction, suspension, or withdrawal is necessary to maintain program integrity.

Where ICR restricts, suspends, or withdraws a VVB’s approval, ICR may update the VVB’s status in the ICR registry, remove or restrict the VVB as an available VVB option for new project engagements, restrict upload permissions, require corrective action, require additional information, refer the matter to the relevant accreditation body, publish information where appropriate, or take another action in accordance with applicable ICR requirements and the VVB agreement.

Restriction, suspension, or withdrawal of VVB approval does not by itself invalidate validation or verification opinions previously issued by the VVB. ICR may, however, review affected projects, validation documentation, verification documentation, opinions, ICCs, or registry actions where the matter giving rise to the restriction, suspension, or withdrawal may affect program integrity, project eligibility, issuance, conversion, or ICC status.

ICR oversight of VVB performance is addressed in section 9.13.

9.5 VVB engagement and project access

The project proponent is responsible for engaging an approved VVB where validation, verification, joint validation and verification, or another VVB assessment is required.

The engagement may be coordinated through a focal or authorized representative acting within the scope of the relevant project-level authorization.

Before entering into a validation agreement for a project under the ICR Program, the VVB shall confirm that the project has been pre-registered under the status under development, unless ICR expressly accepts another process.

Before starting validation activities for an ICR project, the VVB shall confirm that the project has been updated to the status under validation and that the VVB has access to the project record, project documentation, applied criteria, and other information necessary to conduct validation.

Before starting verification activities for an ICR project, the VVB shall confirm that the project has been updated to the status under verification and that the VVB has access to the project record, monitoring documentation, supporting evidence, applied criteria, and other information necessary to conduct verification.

The project proponent shall provide the VVB with access to all project documentation, monitoring documentation, supporting evidence, registry records, project information, and other information necessary to conduct the assessment.

The VVB shall notify ICR where registry access, documentation, evidence, or project information is insufficient to complete the assessment in accordance with applicable requirements.

9.6 Validation interface with the ICR registry

The VVB shall use the ICR registry platform to submit validation documentation in the form required by ICR. The registry interface supports submission, traceability, communication, and administration of VVB documentation under the ICR project cycle.

The VVB shall not start validation activities for an ICR project unless the project has been updated to the status under validation and applicable registry and program prerequisites have been satisfied.

Where ICR requires a validation agreement, validation and verification agreement, validation plan, or validation and verification plan to be uploaded before validation activities start, the VVB shall confirm that the required documentation has been uploaded to the ICR registry and that ICR has confirmed the applicable registry and program prerequisites.

ICR confirmation of receipt or administrative acceptance of a validation plan, validation and verification plan, validation agreement, or validation and verification agreement is a project-cycle and registry prerequisite. It does not constitute approval of the technical adequacy of the plan or agreement and does not limit the VVB’s responsibility for planning and conducting the engagement in accordance with the ICR Validation and Verification Specifications, ISO 14064-3, the VVB’s accredited procedures, and applicable accreditation requirements.

The VVB shall upload the final validation documentation after completion of validation activities, resolution or closure of findings as applicable, completion of independent review, and issuance of the validation opinion.

Validation documentation submitted through the ICR registry shall include, as applicable:

  1. final validation report prepared using the applicable ICR validation report template;

  2. findings, non-conformities, clarification requests, corrective action requests, responses, and resolution status;

  3. final validation plan and any revised validation plan required by ICR;

  4. validation and verification plan, where the engagement involves joint validation and verification;

  5. public version or redacted version of validation documentation, where required by ICR; and

  6. any other VVB documentation required by ICR, the applicable ICR reporting template, or the ICR registry workflow.

ICR may request additional information from the VVB relating to validation objectives, criteria, scope, documentation versions assessed, findings, competence, impartiality, independent review, validation activities performed, unresolved issues, limitations, qualifications, conditions, or other matters relevant to ICR review.

The VVB shall ensure that validation documentation uploaded to the ICR registry is final, complete, internally consistent, traceable to the project documentation assessed, signed or otherwise authorized where required, and consistent with the validation conclusion and opinion issued by the VVB.

Where the VVB becomes aware after upload that validation documentation is incomplete, inaccurate, inconsistent, outdated, or affected by facts discovered after validation, the VVB shall notify ICR without undue delay and address the matter in accordance with the ICR Validation and Verification Specifications, the VVB’s accredited procedures, and applicable ICR requirements.

Submission of validation documentation through the ICR registry does not constitute ICR registration, ICR approval of the project, approval of the applied criteria, approval of future monitoring-period results, or any other ICR Program decision.

9.7 Verification interface with the ICR registry

The VVB shall use the ICR registry platform to submit verification documentation in the form required by ICR. The registry interface supports submission, traceability, communication, and administration of VVB documentation under the ICR project cycle.

The VVB shall not start verification activities for an ICR project unless the project has been updated to the status under verification and applicable registry and program prerequisites have been satisfied.

Where ICR requires a verification agreement, validation and verification agreement, verification plan, or validation and verification plan to be uploaded before verification activities start, the VVB shall confirm that the required documentation has been uploaded to the ICR registry and that ICR has confirmed the applicable registry and program prerequisites.

ICR confirmation of receipt or administrative acceptance of a verification plan, validation and verification plan, verification agreement, or validation and verification agreement is a project-cycle and registry prerequisite. It does not constitute approval of the technical adequacy of the plan or agreement and does not limit the VVB’s responsibility for planning and conducting the engagement in accordance with the ICR Validation and Verification Specifications, ISO 14064-3, the VVB’s accredited procedures, and applicable accreditation requirements.

The VVB shall upload the final verification documentation after completion of verification activities, resolution or closure of findings as applicable, completion of independent review, and issuance of the verification opinion.

Verification documentation submitted through the ICR registry shall include, as applicable:

  1. final verification report prepared using the applicable ICR verification report template;

  2. validation and verification report and opinion, where joint validation and verification is conducted;

  3. findings, non-conformities, clarification requests, corrective action requests, responses, and resolution status;

  4. final verification plan and any revised verification plan required by ICR;

  5. validation and verification plan, where the engagement involves joint validation and verification;

  6. verified GHG emission mitigation quantity for the monitoring period;

  7. monitoring period and vintage years assessed;

  8. public version or redacted version of verification documentation, where required by ICR; and

  9. any other VVB documentation required by ICR, the applicable ICR reporting template, or the ICR registry workflow.

ICR may request additional information from the VVB relating to verification objectives, criteria, scope, level of assurance, materiality threshold, monitoring period, vintage years, monitoring report or PDDMR version assessed, findings, competence, impartiality, independent review, verification activities performed, verified quantity, unresolved issues, limitations, qualifications, conditions, or other matters relevant to ICR review after verification.

The VVB shall ensure that verification documentation uploaded to the ICR registry is final, complete, internally consistent, traceable to the monitoring report and supporting evidence assessed, signed or otherwise authorized where required, and consistent with the verification conclusion and opinion issued by the VVB.

Where the VVB becomes aware after upload that verification documentation is incomplete, inaccurate, inconsistent, outdated, or affected by facts discovered after verification, the VVB shall notify ICR without undue delay and address the matter in accordance with the ICR Validation and Verification Specifications, the VVB’s accredited procedures, and applicable ICR requirements.

Submission of verification documentation through the ICR registry does not constitute issuance, conversion of ex-ante ICCs to ex-post ICCs, acceptance of verified GHG emission mitigations by ICR, Article 6.2 designation, or any other ICR Program decision.

9.8 Joint validation and verification

Joint validation and verification may be conducted where permitted by ICR requirements and where the VVB is approved, accredited, impartial, and competent to conduct both validation and verification for the relevant project, activity, monitoring period, methodology, sectoral scope, and criteria.

Where joint validation and verification is conducted, the VVB shall establish and apply separate validation and verification objectives, criteria, scopes, conclusions, and opinions, even where the activities are planned, conducted, reported, or submitted together.

The VVB shall submit joint validation and verification documentation through the ICR registry in the form required by ICR.

Joint validation and verification documentation submitted through the ICR registry shall include, as applicable:

  1. validation and verification report prepared using the applicable ICR validation and verification report template clearly distinguishing the validation conclusion from the verification conclusion;

  2. findings, non-conformities, clarification requests, corrective action requests, responses, and resolution status, clearly identifying whether each matter relates to validation, verification, or both;

  3. validation plan, verification plan, or combined validation and verification plan, including any revised plan required by ICR;

  4. information required under section 9.6 for the validation component;

  5. information required under section 9.7 for the verification component; and

  6. any other VVB documentation required by ICR, the applicable ICR reporting template, or the ICR registry workflow.

A verification conclusion shall not compensate for an unresolved validation issue, and a validation conclusion shall not compensate for insufficient verification evidence. Where an unresolved matter affects both validation and verification, the VVB shall clearly identify the matter and explain its effect on the validation conclusion and the verification conclusion.

ICR may require separate validation and verification reports, opinions, findings records, or supporting documentation where necessary for clarity, traceability, public disclosure, registry administration, ICR review, issuance, conversion, or program integrity.

Submission of joint validation and verification documentation through the ICR registry does not constitute registration, issuance, conversion, acceptance of a design change, Article 6.2 designation, or any other ICR Program decision.

9.9 VVB responses to ICR review reports

ICR may issue review reports, findings, clarification requests, corrective action requests, or other comments relating to validation or verification documentation.

The VVB shall respond to ICR findings within the applicable timeline where the finding relates to validation documentation, verification documentation, the VVB’s assessment, the validation or verification opinion, the VVB’s findings, the competence or scope of the assessment team, or another matter within the VVB’s responsibility.

The project proponent remains responsible for project documentation, monitoring documentation, supporting evidence, and information submitted to ICR. The VVB remains responsible for its validation, verification, joint validation and verification, or other assessment documentation and conclusions.

Where ICR requires clarification to validation or verification documentation, the VVB shall submit revised documentation, responses, explanations, or supporting evidence through the ICR registry or another channel accepted by ICR.

ICR may withhold registration, issuance, conversion, renewal, approval of a project change, or another registry action until VVB-related findings have been addressed to ICR’s satisfaction.

9.10 VVB reporting and upload obligations

The VVB shall inform ICR of relevant task dates associated with validation, verification, or joint validation and verification, including, as applicable, desk review, site visit, draft report or findings report, number and type of findings raised, date on which findings are resolved, and date of issuance of the final validation or verification report.

The VVB shall promptly notify ICR of material changes to the schedule, scope, assessment approach, or expected completion date where such changes may affect ICR project-cycle administration, review, registration, issuance, conversion, or other registry action.

The VVB shall upload required documentation directly to the ICR registry unless ICR accepts another submission channel.

The VVB shall ensure that documentation uploaded to the registry:

  1. relates to the correct project and, where applicable, monitoring period;

  2. identifies the applied criteria;

  3. identifies the project proponent and project documentation assessed;

  4. identifies the monitoring report and supporting evidence assessed, where applicable;

  5. states the validation or verification conclusion clearly;

  6. identifies findings and their resolution;

  7. identifies limitations, qualifications, scope exclusions, or assumptions, where applicable;

  8. includes required signatures, approvals, or confirmations;

  9. is suitable for publication where a public version is required; and

  10. is submitted within the timeline required by ICR.

Where uploaded documentation contains confidential, personal, commercially sensitive, or security-sensitive information, the VVB shall cooperate with the project proponent and ICR to provide public versions or redacted versions where required.

9.11 Clarification requests and communication with ICR

ICR may communicate directly with the VVB regarding validation, verification, joint validation and verification, methodology validation, project changes, findings, evidence, scope, competence, accreditation, documentation, review comments, facts discovered after validation or verification, or other matters relevant to the VVB’s role under the ICR Program.

The VVB shall cooperate with ICR and respond to clarification requests, corrective action requests, or other review comments where required.

The VVB shall notify ICR without undue delay where:

  1. the VVB withdraws from an engagement;

  2. the VVB determines that validation or verification cannot be completed;

  3. the VVB identifies a material issue affecting eligibility, quantification, monitoring, ownership, authorization, double counting, safeguards, issuance, conversion, or another registry action;

  4. the VVB identifies fraud, suspected fraud, intentional misstatement, material misstatement, or significant non-conformity;

  5. the VVB identifies a matter that may affect a prior validation or verification opinion;

  6. the VVB’s accreditation, approval status, competence, impartiality, or scope changes in a way that may affect the engagement; or

  7. ICR otherwise requires notification.

9.12 ICR oversight of VVB performance

ICR may monitor, review, and assess VVB performance under the ICR Program.

ICR oversight may include review of validation and verification documentation, VVB responses to ICR findings, competence and scope information, accreditation status, conflict-of-interest or impartiality information, feedback from project proponents or other parties, sampling of completed engagements, or other oversight activities.

ICR oversight supports ICR’s role as GHG program and registry administrator. It does not constitute accreditation assessment, accreditation decision-making, or determination of conformity with ISO 14065, ISO 14064-3, ISO 14066, ISO 17029, or accreditation requirements. Assessment of conformity with accreditation requirements remains the responsibility of the relevant accreditation body.

Where ICR identifies concerns relating to VVB performance, ICR may:

  1. request clarification or corrective action from the VVB;

  2. require additional review or revised documentation;

  3. require additional competence information;

  4. restrict the VVB’s scope of services;

  5. suspend the VVB’s ability to accept new engagements;

  6. reject or require correction of validation or verification documentation;

  7. refer the matter to the relevant accreditation body;

  8. publish information where required or appropriate to support transparency and program integrity; or

  9. take other action in accordance with applicable ICR requirements and the VVB agreement.

ICR oversight of VVB performance does not reduce the VVB’s responsibility for the validation, verification, or other assessment it performs.

10. Ratings and risk assessment

10.1 General

In addition to validation and verification conducted by approved VVBs, projects under the ICR Program may be subject to ratings and risk assessments.

Ratings and risk assessments are project integrity processes used to support transparency, comparability, market confidence, risk-based program administration, adjustment account management, insurance or guarantee determinations, and public disclosure of relevant project-level information.

For the purposes of this section, an approved rating agency means a rating agency appointed, approved, recognized, or accepted by ICR to conduct project ratings under the ICR Program.

For the purposes of this section, an approved risk assessor means an external risk advisor, external risk assessor, insurance provider, guarantor, warranty provider, rating agency, or other approved party appointed, approved, recognized, or accepted by ICR to conduct or support risk assessment, risk monitoring, insurance-related review, guarantee-related review, or adjustment account analysis.

Ratings and risk assessments do not constitute validation or verification, do not result in a validation or verification opinion, and do not replace any conformity assessment activity conducted by an ICR-approved VVB.

Validation and verification remain independent conformity assessment activities under the ICR Program. Ratings and risk assessments are separate project integrity processes and shall not be interpreted as confirmation of conformity with ICR requirements, ISO 14064-2, ISO 14064-3, an applied methodology, or any other applicable criteria.

Ratings and risk assessments may each be initiated or updated at different points in the project lifecycle, including registration, monitoring, verification, issuance, conversion of ex-ante ICCs to ex-post ICCs, crediting period renewal, periodic review, routine assessment, integrity assessment, or other project-cycle events.

Ratings and risk assessments are separate from validation, verification, registration, issuance, conversion, transfer, retirement, cancellation, and other ICR decisions, but their outputs may be displayed in the ICR registry and may inform ICR Program administration where applicable.

10.2 Project ratings

Projects under the ICR Program are subject to an independent project rating where required by ICR.

Unless ICR expressly specifies otherwise, project rating is a mandatory requirement for project registration, issuance of ICCs, conversion of ex-ante ICCs to ex-post ICCs, and continued listing of the project under the ICR Program.

Project ratings support transparency, comparability, and market confidence by providing an independent rating agency’s assessment of project quality, selected project risks, and relevant information made available during the project cycle.

Ratings provide additional information to market participants, project proponents, project developers, buyers, investors, insurance providers, and other interested stakeholders. Ratings do not constitute risk assessments for ICR risk-based program administration and do not replace any ICR Program requirement.

Project ratings are conducted independently from ICR. The approved rating agency applies its own rating methodology, governance procedures, analytical judgement, quality assurance procedures, and rating processes.

ICR may facilitate access to project information, coordinate registry processes, support information flows, and publish rating information through the ICR registry platform or other public channels. ICR does not determine, control, approve, amend, or guarantee the rating outcome.

The rating process does not replace validation, verification, ICR review, registration, issuance, risk assessment, adjustment account management, conversion of ex-ante ICCs to ex-post ICCs, or any other ICR Program requirement. It operates as an independent and parallel assessment process within the ICR project cycle.

Project ratings are not validation or verification opinions and shall not be interpreted as confirmation of conformity with ICR requirements, ISO 14064-2, ISO 14064-3, an applied methodology, or any other applicable criteria.

10.2.1 Timing of project ratings

Independent project ratings may be initiated, issued, or updated at defined points in the ICR project cycle.

A project design rating may be initiated or issued following registration. The project design rating may reflect the validated project design, applied methodology or methodological criteria and procedures, safeguards information, risk-related information, ownership information, baseline and additionality information, validation report, ICR review report, and other relevant project documentation.

Following verification of GHG emission mitigations, and as part of ongoing review, an approved rating agency may issue or update the project rating. The rating may reflect verified performance, verification outcomes, monitoring data, issuance-related information, updated project documentation, material project developments, and any material changes to project design, implementation, monitoring, safeguards, risk-related information, or documentation.

Rating outcomes may be updated over time as the project progresses through monitoring, verification, issuance, conversion of ex-ante ICCs to ex-post ICCs, crediting period renewal, continued operation, routine assessment, or integrity assessment.

The rating review operates in parallel with the ICR review and issuance process and does not replace verification, ICR review, issuance, conversion of ex-ante ICCs to ex-post ICCs, adjustment account management, or any other ICR Program requirement.

10.2.2 Publication and transparency of ratings

ICR may publish or display rating outcomes, rating categories, rating status, rating summaries, rating dates, rating updates, or links to rating information on the ICR registry platform or through other public ICR channels.

Publication of rating information supports transparency and enables market participants and interested stakeholders to consider independent rating information alongside ICR registration status, validation and verification documentation, issuance information, risk assessment information, project documentation, and other public project information.

Rating outcomes may be updated when new information becomes available, including after registration, verification, issuance, conversion of ex-ante ICCs to ex-post ICCs, monitoring updates, material project changes, periodic rating review, or other relevant project-cycle events.

ICR may determine the manner in which rating information is displayed in the ICR registry. Rating information may be shown as a rating outcome, rating status, rating category, rating summary, link to an external rating report or platform, or other transparency information.

ICR may withhold or redact non-public rating inputs, working papers, commercially sensitive information, personal data, confidential assumptions, or other information that is not approved for publication.

10.2.3 Independence and limitations

Project ratings are independent assessments conducted by the approved rating agency. ICR does not control the rating outcome, rating methodology, analytical judgement, rating category, assumptions, conclusions, or timing of any rating, except to the extent necessary to coordinate project-cycle processes and registry transparency.

ICR may facilitate the rating process by providing access to project documentation, supporting information flows, identifying project-cycle milestones, and publishing rating information. Such facilitation shall not be interpreted as ICR approval, endorsement, modification, or adoption of the rating agency’s methodology, analytical judgement, or rating outcome.

ICR does not warrant or guarantee any rating methodology, rating outcome, rating conclusion, rating update, or market interpretation of a rating.

A rating does not constitute approval, endorsement, validation, verification, certification, investment advice, legal advice, financial advice, or a guarantee of project performance, credit quality, market value, environmental outcome, permanence, non-performance, future issuance, continued eligibility, acceptance by any buyer, or acceptance by any third party.

10.2.4 Relationship to registration, issuance, conversion, and continued listing

Unless ICR expressly specifies otherwise, project rating is a mandatory component of the ICR project cycle. Participation in the project rating process is a condition for registration, issuance of ICCs, and continued eligibility and listing of the project in the ICR registry.

A project rating does not substitute for any ICR eligibility requirement, VVB validation, VVB verification, ICR review, registration decision, issuance decision, conversion decision, adjustment account requirement, risk assessment requirement, or other ICR Program requirement.

ICR may consider the availability of rating information, project proponent cooperation, unresolved factual issues, material inconsistencies, or material information identified during the rating process when determining whether additional clarification, review, corrective action, routine assessment, integrity assessment, suspension of project-related actions, withholding of issuance, withholding of conversion, or other measures are required under ICR requirements and applicable Terms and Conditions.

Failure by a project proponent, project developer, focal, or authorized representative to cooperate with rating-related processes, or provision of false, misleading, materially incomplete, or inaccurate information, may result in suspension of project-related actions, withholding of registration, withholding of issuance, withholding of conversion, suspension of continued listing, or other measures in accordance with ICR requirements and applicable Terms and Conditions.

10.3 Risk assessments

Projects under the ICR Program are subject to risk assessment where required under ICR requirements, including in relation to the adjustment procedures described in section 7.11.

Risk assessments support risk-based program administration, adjustment account management, insurance or guarantee determinations, transparency, and the ongoing integrity of ICCs issued under the ICR Program.

To determine risk-based adjustment account contributions, including non-performance, non-permanence, and non-corresponding adjustment contributions, ICR conducts or requires risk assessments using insurance-quality underwriting criteria or other criteria accepted by ICR.

ICR may rely on approved risk assessors to support the assessment.

Approved risk assessors may support ICR in identifying, assessing, monitoring, and mitigating project-level and portfolio-level risks, including risks relevant to risk-adjusted adjustment account contributions, adjustment account liquidity, insurance or guarantee arrangements, and scenario analysis.

Risk assessments may include performance-focused, permanence-focused, and corresponding-adjustment-focused risk profiles and may evaluate the likelihood and financial implications of future outcomes by reference to relevant risk factors, benchmarks, historical data, comparable projects, remote sensing, public and commercial satellite data, publicly available information, commercial data sources, and expert input, where applicable.

Risk assessments may support the establishment, calibration, and ongoing management of ICR’s metrics for risk-adjusted adjustment account contributions at project and portfolio level.

Where applicable, ICR may use risk assessment outputs to compare a project’s risk profile against other projects in the relevant portfolio, sector, geography, methodology, or risk class.

Risk assessments do not constitute validation or verification and shall not be interpreted as a validation or verification opinion, rating, certification, or confirmation of conformity with ICR requirements, ISO 14064-2, ISO 14064-3, an applied methodology, or any other applicable criteria.

Validation and verification remain the responsibility of ICR-approved VVBs. ICR retains responsibility for decisions relating to registration, issuance, conversion, adjustment account management, continued listing, suspension, and any other measures under ICR requirements.

Risk assessments and inputs from approved risk assessors are advisory inputs to ICR’s risk-based program administration. Approved risk assessors may inform decisions relating to project adjustment account contributions, adjustment account management, or the management of ICCs within ICR adjustment accounts. Such decisions remain with ICR in accordance with ICR requirements and applicable Terms and Conditions.

10.3.1 Timing of risk assessments

Risk assessments may be conducted or updated at relevant points in the ICR project cycle, including before issuance of ex-ante ICCs or ex-post ICCs, before conversion of ex-ante ICCs to ex-post ICCs, in connection with Article 6.2 ICC designation, following material project changes, following verification, following events that may affect project performance or permanence, following events relevant to adjustments under section 7.11, and during periodic or portfolio-level reviews.

Before issuance of ICCs, ICR may conduct or require the applicable risk assessment to determine the relevant adjustment account contribution, where applicable.

Risk assessments may also be updated where new information becomes available, including updated monitoring data, verification findings, changes in project implementation, changes in host country circumstances, changes in ownership or governance, non-performance events, non-permanence events, non-corresponding adjustment events, or other material developments.

ICR may periodically reassess risk at project or portfolio level, including at least annually where applicable, or earlier where significant changes occur.

Ongoing risk monitoring may be used to identify changes in project or portfolio risk that may require updated adjustment account contributions, enhanced monitoring, additional information, corrective action, or other risk-based measures.

Where an adjustment contribution depends on a risk assessment that is completed after ICR review or issuance approval, ICR may apply the maximum applicable adjustment account contribution on an interim basis. Following completion of the risk assessment, ICR shall determine the final adjustment account contribution and return or release excess ICCs to the project proponent’s account where the final contribution is lower than the interim maximum contribution, subject to applicable ICR requirements.

10.3.2 Risk categories

Risk assessments may consider project-level, counterparty, country, technical, financial, operational, governance, legal, regulatory, environmental, socio-economic, natural catastrophe, and international-transfer-related risks.

Risk categories may include, as applicable:

  1. non-performance risk, including the risk that issued ex-ante ICCs are not matched by verified GHG emission mitigations for the relevant vintage or monitoring period, as further addressed under section 7.11.4;

  2. non-permanence risk, including reversal risks affecting carbon stocks or stored GHG reservoirs, as further addressed under section 7.11.5;

  3. non-corresponding adjustment risk, including the risk that a host country does not apply a corresponding adjustment for Article 6.2 ICCs within the applicable timeframe, as further addressed under section 7.11.6;

  4. over-issuance risk;

  5. double counting, double issuance, double use, or double claiming risk;

  6. counterparty risk, including the track record, financial standing, governance, and KYC/KYB status of the project proponent, project developer, implementation partners, or other relevant parties;

  7. country risk, including land ownership rights, community engagement and benefit sharing, fraud and corruption indices, political risk, regulatory risk, expropriation, confiscation, export license cancellation, contract frustration, war, terrorism, civil unrest, or similar risks;

  8. technical and implementation risk, including project-type specific technical risks, project-specific technology risk, operational risk, supply chain disruption, implementation capacity, monitoring risk, and data quality risk;

  9. safeguards risk, including environmental and socio-economic risks identified through project documentation, safeguards documentation, validation, verification, ICR review, or other sources;

  10. natural catastrophe and climate-related physical risks, including risks that may affect project implementation, project performance, permanence, or the continued generation of GHG emission mitigations;

  11. insurance, guarantee, warranty, liquidity, replacement, or adjustment account risk; and

  12. any other risk relevant to the project, ICCs, intended use, or ICR Program integrity.

The relevant risk categories and the weight given to each category may vary by project type, sectoral scope, host country, issuance type, crediting period, project stage, and the nature of the risk being assessed.

10.3.3Use of risk assessment outputs

Risk assessment outputs may include risk classifications, quantified exposures, probabilities, sensitivities, estimated financial implications, adjustment account contribution requirements, insurance or guarantee requirements, or other risk-based measures.

Such outputs may be used by ICR to determine or inform:

  1. contribution requirements to non-performance, non-permanence, or non-corresponding adjustment accounts;

  2. whether insurance, guarantees, warranties, or other risk mitigation instruments may be accepted or required;

  3. risk-adjusted deductions or allocations at issuance or conversion;

  4. adjustment account management, including liquidity management, portfolio-level risk monitoring, and scenario analysis;

  5. enhanced monitoring, reporting, evidence, or review requirements;

  6. whether additional clarification, corrective action, or further review is required;

  7. routine assessment, integrity assessment, or another assessment under section 11;

  8. suspension of project-related actions, withholding of issuance, withholding of conversion, or other measures under ICR requirements and applicable Terms and Conditions; and

  9. public transparency information relating to project risks, adjustment account contributions, or risk classifications, where applicable.

Risk assessment outputs may also inform ICR’s management of adjustment accounts at portfolio level, including assessment of systemic risk factors, adjustment account depletion scenarios, and the sufficiency of adjustment account balances to compensate for non-performance, non-permanence, or non-corresponding adjustment events. The operational procedures for adjustments and adjustment account management are set out in sections 7.11 and 7.12.

Risk assessment outputs do not replace validation, verification, ICR review, or conformity with applicable ICR requirements.

ICR may take a conservative approach where risk assessment information is incomplete, uncertain, unavailable, inconsistent, disputed, or not accepted by ICR.

10.3.4 Publication and transparency of risk assessments

Risk assessment outputs, risk classifications, adjustment account contribution requirements, or summary risk information may be made publicly available through the ICR registry platform or other public ICR channels where required or determined by ICR.

Public disclosure supports transparency regarding the basis for adjustment account contributions, adjustment procedures under section 7.11, adjustment account management under section 7.12, and risk-based program administration.

ICR may determine the form and level of detail of public disclosure, taking into account program transparency, confidentiality, data protection, commercial sensitivity, security, and the need to preserve the integrity of risk assessment processes.

ICR may withhold or redact confidential business information, personal data, commercially sensitive information, insurance policy details, underwriting information, internal risk modelling, security-sensitive information, or other non-public information.

10.4 Data engagement and project proponent participation

Project proponents, project developers, focals, and authorized representatives shall cooperate with rating and risk assessment processes in accordance with applicable ICR Terms and Conditions, ICR requirements, and project documentation requirements.

Cooperation may include:

  1. providing additional documentation or data;

  2. responding to clarification requests;

  3. correcting factual errors in information previously submitted;

  4. participating in interviews, data engagement processes, rating processes, or risk assessment processes;

  5. facilitating access to relevant personnel, records, systems, or project information; and

  6. providing explanations relating to project design, implementation, monitoring, data, assumptions, safeguards, ownership, baseline, additionality, leakage, non-performance, non-permanence, non-corresponding adjustment, governance, or other project-related risks.

Approved rating agencies and approved risk assessors may review project documentation available through the ICR registry, information publicly disclosed by ICR, and other public sources. They may contact the project proponent, project developer, focal, or authorized representative to request additional data, documentation, clarifications, or factual corrections.

Where a rating agency provides a data review opportunity, the project proponent may review the data underpinning the rating and may submit factual corrections or additional information within the timeline specified by the rating agency. The rating agency determines whether and how submitted information is incorporated into the rating in accordance with its own methodology, governance procedures, data policies, and quality control processes.

Where ICR or an approved risk assessor requests information for a risk assessment, the project proponent shall provide the requested information within the timeline specified by ICR or the approved risk assessor.

ICR determines whether and how information submitted for risk assessment purposes is used for adjustment account contributions, risk classifications, insurance or guarantee determinations, enhanced monitoring, or other risk-based program administration.

The project proponent remains responsible for ensuring that information submitted to ICR, VVBs, approved rating agencies, approved risk assessors, insurance providers, guarantors, warranty providers, or other approved third parties is true, accurate, complete, current, and not misleading.

Where the project proponent becomes aware of any error, omission, or misrepresentation in project information previously provided, the project proponent shall notify ICR and provide corrected information without delay in accordance with applicable ICR requirements and Terms and Conditions.

10.5 Use and sharing of project information

By submitting a project to ICR, the project proponent authorizes ICR to share project-related documentation and information with approved rating agencies, approved risk assessors, insurance providers, guarantors, warranty providers, VVBs, and other approved parties to the extent necessary to conduct or support project ratings, rating updates, periodic rating reviews, risk assessments, risk monitoring, adjustment account management, portfolio-level analysis, insurance-related review, project integrity assessments, or related transparency processes.

Such information may include, as applicable:

  1. project design descriptions, project design description and monitoring reports, and monitoring reports;

  2. environmental and socio-economic safeguards documentation;

  3. validation reports, verification reports, and ICR review reports;

  4. ownership, authorization, representation, focal, and project-participant information;

  5. information on applied methodologies, modules, tools, or methodological criteria and procedures;

  6. baseline, additionality, leakage, quantification, uncertainty, monitoring, and data quality information;

  7. risk assessment information, including information relevant to non-performance, non-permanence, non-corresponding adjustment, governance, implementation, financial, technical, country, natural catastrophe, safeguards, or other project-related risks;

  8. KYC/KYB information, financial and governance information, implementation information, host country information, insurance or guarantee information, Article 6.2 information, issuance information, conversion information, adjustment account information, and project performance information; and

  9. supporting evidence submitted by the project proponent, project developer, focal, authorized representative, VVB, or other authorized project participant.

Information sharing shall be limited to the purposes of project rating, risk assessment, project integrity, adjustment account management, program oversight, and transparency.

ICR establishes data sharing arrangements with approved rating agencies, approved risk assessors, insurance providers, guarantors, warranty providers, or other approved parties to ensure that project information is shared only for authorized purposes and subject to appropriate confidentiality, data protection, information security, and use-restriction obligations.

Confidential information shall be handled in accordance with applicable ICR Terms and Conditions, applicable data sharing arrangements, and any confidentiality obligations applicable to the approved rating agency, approved risk assessor, insurance provider, guarantor, warranty provider, or other approved party.

10.6 Relationship between ratings, risk assessments, and ICR oversight

Project ratings and risk assessments are separate project integrity processes.

A project rating provides an independent rating agency’s assessment of project quality, project risks, and relevant project-level information in accordance with the rating agency’s own methodology, governance procedures, analytical judgement, and rating processes.

A risk assessment supports ICR’s risk-based program administration by evaluating project risks against applicable reference classes, risk factors, benchmarks, and underwriting-relevant criteria, including risks relevant to adjustment account contributions, insurance or guarantee determinations, issuance, conversion, continued listing, and portfolio-level risk management.

A project rating may take into account risk-related information, and a risk assessment may take into account information identified through project documentation, validation, verification, ICR review, rating processes, monitoring, or other sources. However, neither process replaces the other unless otherwise specified by ICR.

Risk assessments may evaluate risks by reference to comparable projects, historical data, insurance experience, risk models, counterparty information, sectoral or geographic benchmarks, portfolio data, and other relevant evidence.

Risk assessment outputs may therefore express project risks as risk classifications, quantified exposures, probabilities, sensitivities, estimated financial implications, required adjustment account contributions, insurance or guarantee requirements, or other risk-based measures.

These outputs are intended to support risk-based administration and portfolio-level analysis and are not ratings, rating opinions, or public statements of overall project quality.

Project ratings and risk assessments are separate from validation, verification, ICR review, routine assessment, integrity assessment, and any other conformity or oversight process conducted under section 11.

Neither a project rating nor a risk assessment constitutes validation, verification, certification, approval, endorsement, or confirmation of conformity with ICR requirements, ISO 14064-2, ISO 14064-3, an applied methodology, or any other applicable criteria.

Validation and verification remain the responsibility of ICR-approved VVBs, and any ICR oversight, routine assessment, integrity assessment, or conformity-related action remains subject to applicable ICR requirements.

ICR may consider rating information, risk assessment outputs, project proponent cooperation, unresolved factual issues, material inconsistencies, or material information identified during rating or risk assessment processes when determining whether additional clarification, review, corrective action, routine assessment, integrity assessment, suspension of project-related actions, withholding of issuance, withholding of conversion, or other measures are required under ICR requirements and applicable Terms and Conditions.

Where information identified through a rating or risk assessment process indicates potential non-conformity, material inconsistency, misrepresentation, unresolved factual issue, non-performance, non-permanence, non-corresponding adjustment, double counting, or another matter relevant to ICR requirements, ICR may request additional information, require corrective action, initiate routine assessment or integrity assessment, suspend project-related actions, withhold issuance or conversion, restrict ICC actions, or take other measures in accordance with ICR requirements and applicable Terms and Conditions.

Failure by a project proponent, project developer, focal, or authorized representative to cooperate with rating-related or risk assessment processes, or provision of false, misleading, materially incomplete, or inaccurate information, may result in suspension of project-related actions, withholding of registration, withholding of issuance, withholding of conversion, suspension of continued listing, or other measures in accordance with ICR requirements and applicable Terms and Conditions.

11. Oversight, conformity assessment, and integrity assessment

11. General

ICR maintains oversight of projects, ICCs, account activities, VVB interactions, ratings, risk assessments, adjustment mechanisms, and other processes under the ICR Program.

ICR oversight supports transparency, traceability, conformity with applicable ICR requirements, avoidance of double counting, and the integrity of projects and ICCs.

ICR oversight may occur at any stage of the project or ICC lifecycle, including draft preparation, pre-registration, validation, registration, monitoring, verification, issuance, conversion, transfer, retirement, cancellation, withdrawal, re-registration, closure, retraction, rating, risk assessment, or adjustment account management.

ICR oversight may include routine assessment, integrity assessment, conformity assessment, review of registry records, review of project documentation, review of ICC status, review of VVB documentation, review of ratings or risk assessment information, review of adjustment account information, or other actions necessary to maintain program integrity.

This section applies in addition to the review, correction, withholding, suspension, cancellation, compensation, retraction, withdrawal, rating, risk assessment, adjustment account, public disclosure, and registry-action provisions set out in sections 6 to 10.

ICR oversight does not replace the project proponent’s responsibility to conform to applicable ICR requirements, the VVB’s responsibility for validation or verification, or any third party’s responsibility for information, opinions, ratings, risk assessments, insurance, guarantees, warranties, or other services it provides.

11.2 ICR oversight function

ICR may monitor, review, assess, or investigate matters relevant to the ICR Program, including:

  1. project eligibility, registration, monitoring, verification, issuance, conversion, renewal, closure, withdrawal, re-registration, or retraction;

  2. accuracy, completeness, validity, and non-misleading nature of project documentation, monitoring documentation, supporting evidence, and registry information;

  3. ownership, authorization, representation, focal appointment, proof of right, beneficial ownership, account-holder information, and user permissions;

  4. validation and verification documentation, VVB status, VVB scope, VVB competence, VVB independence, and VVB responses to ICR findings;

  5. double counting, double registration, double issuance, double use, double claiming, or other integrity risks;

  6. ICC issuance, labels, status, transfer, retirement, cancellation, conversion, escrow, and adjustment account movements;

  7. ex-ante ICC issuance, conversion, non-performance, and compensation arrangements;

  8. non-permanence, reversals, reversal reporting, and non-permanence compensation arrangements;

  9. Article 6.2, host country authorization, corresponding adjustment, external scheme-related requirements, and any related labels, restrictions, or use-related designations;

  10. ratings, risk assessments, insurance, guarantees, warranties, and other risk mitigation instruments;

  11. public disclosure, confidentiality, data handling, and registry transparency;

  12. compliance with Terms and Conditions, registry rules, fee requirements, and account requirements; and

  13. any other matter relevant to conformity, traceability, transparency, or program integrity.

ICR may request information, clarification, correction, revised documentation, supporting evidence, VVB input, rating information, risk assessment information, insurance information, host country documentation, account-holder confirmation, or other information necessary to complete an oversight activity.

11.3 Routine assessment

Routine assessment is a periodic or targeted review conducted by ICR to confirm that projects, ICCs, registry records, account information, or other program elements remain complete, current, and consistent with applicable ICR requirements.

Routine assessment may be conducted:

  1. periodically;

  2. before or after issuance;

  3. before or after conversion of ex-ante ICCs to ex-post ICCs;

  4. before or after crediting period renewal;

  5. following material project changes;

  6. following rating updates or risk assessment updates;

  7. following changes in ownership, authorization, focal appointment, account holder, project developer, or project implementation;

  8. following changes in host country authorization, corresponding adjustment status, external scheme-related eligibility or use-related information;

  9. as part of VVB oversight;

  10. as part of adjustment account management; or

  11. where ICR determines that review is necessary to maintain program integrity.

Routine assessment may result in no action, a request for clarification, request for updated documentation, request for VVB assessment, update to registry information, updated rating or risk assessment request, adjustment to issuance or conversion conditions, or another proportionate action.

11.4 Integrity assessment

Integrity assessment is an assessment initiated where ICR identifies, receives, or suspects information indicating a material issue that may affect project eligibility, ICC integrity, issuance validity, claim validity, registry integrity, or conformity with applicable ICR requirements.

ICR may initiate an integrity assessment where there is information indicating, or risk of:

  1. fraud, suspected fraud, intentional misstatement, or material misstatement;

  2. material error, omission, inconsistency, or misleading information;

  3. double registration, double issuance, double use, double claiming, or other double counting risk;

  4. over-issuance or invalid issuance;

  5. invalid, disputed, insufficient, expired, or unclear ownership, authorization, representation, proof of right, focal appointment, beneficial ownership, account-holder status, or user permission;

  6. unresolved validation or verification concerns;

  7. VVB competence, independence, scope, accreditation, or performance concerns;

  8. non-performance or likely non-performance;

  9. non-permanence, reversal, or likely reversal;

  10. non-corresponding adjustment or likely failure to apply a corresponding adjustment;

  11. breach of Article 6.2, host country authorization, corresponding adjustment, external scheme-related restrictions, intended-use requirements, or other scheme-specific requirements, where applicable;

  12. misuse, misrepresentation, or unauthorized claim relating to ICCs;

  13. breach of Terms and Conditions, registry rules, fee requirements, or account requirements;

  14. refusal or failure to cooperate with ICR, a VVB, rating agency, risk assessor, insurance provider, guarantor, or other approved party; or

  15. any other matter that may affect program integrity.

ICR may conduct an integrity assessment based on information from project proponents, VVBs, account holders, users, rating agencies, external risk assessors, insurance providers, guarantors, host countries, regulators, market participants, public sources, complaints, grievances, media reports, registry data, or ICR’s own review.

Where an integrity assessment is initiated due to project-specific concerns, non-conformity, suspected misstatement, suspected fraud, non-performance, non-permanence, non-corresponding adjustment, double counting risk, or another matter attributable to the project, ICCs, account activity, or project participants, ICR may require the project proponent or other responsible party to pay all costs associated with the assessment.

11.5 Assessment process

When ICR initiates a routine assessment, integrity assessment, conformity assessment, or other oversight process, ICR may notify the project proponent, account holder, VVB, focal, authorized representative, rating agency, external risk assessor, insurance provider, guarantor, or other relevant party, unless notification may compromise the assessment, program integrity, legal obligations, or protection of affected parties.

ICR may identify the project, issuance, ICCs, account activity, or other affected registry record as under review while a routine assessment, integrity assessment, conformity assessment, or other oversight process is ongoing. The under review status indicates that ICR is assessing conformity, integrity, or related matters and does not by itself constitute a final determination of non-conformity.

ICR may request the relevant party to provide information within a timeframe specified by ICR.

The assessment may include, as applicable:

  1. review of registry records;

  2. review of project documentation, monitoring documentation, validation documentation, verification documentation, review reports, ratings, risk assessments, insurance information, or other supporting evidence;

  3. review of ICC holdings, serial numbers, status, transfers, retirements, cancellations, conversions, escrow movements, or adjustment account movements;

  4. review of blockchain records, where applicable;

  5. request for clarification or correction;

  6. request for additional evidence;

  7. request for VVB input, revised VVB documentation, or additional VVB assessment;

  8. request for updated rating or risk assessment information;

  9. request for insurance, guarantee, warranty, or replacement information;

  10. request for host country, Article 6.2, corresponding adjustment, external scheme-related, or other use-related information, where applicable;

  11. interviews or information requests to relevant parties;

  12. consultation with external experts, risk assessors, insurance providers, guarantors, rating agencies, accreditation bodies, host countries, or other parties; and

  13. any other action necessary to determine the relevant facts and appropriate outcome.

ICR may conduct an assessment directly or may appoint an external expert, consultant, VVB, risk assessor, rating agency, legal adviser, technical expert, or other outsourced party to support or perform all or part of the assessment.

The project proponent, account holder, VVB, focal, authorized representative, or other relevant party shall cooperate with ICR and provide requested information, clarification, corrections, or supporting evidence within the timeframe specified by ICR.

Where the relevant party fails to respond within the timeframe specified by ICR, ICR may withhold further project-related or ICC-related actions, or take other action necessary to maintain program integrity.

11.6 Findings and non-conformities

ICR may identify findings, clarification requests, corrective action requests, non-conformities, material non-conformities, observations, or other issues during routine assessment, integrity assessment, conformity assessment, ICR review, or another oversight process.

A non-conformity may relate to failure to meet applicable ICR requirements, applied criteria, registry requirements, Terms and Conditions, account requirements, project documentation requirements, monitoring requirements, validation or verification requirements, issuance requirements, adjustment requirements, Article 6.2 requirements, or other applicable requirements.

ICR may classify non-conformities by severity, including:

  1. Critical non-conformity, where the matter constitutes an irreversible or fundamental violation of ICR Program requirements, fraud, intentional misstatement, or another matter that jeopardizes the integrity of the ICR Program or affected ICCs;

  2. Major non-conformity, where the matter constitutes a reversible violation of ICR Program requirements that may affect eligibility, issuance, conversion, ICC status, claims, or program integrity, or may indicate systemic failure if repeated or unresolved; and

  3. Minor non-conformity, where the matter constitutes an isolated, temporary, or limited violation of ICR Program requirements that does not create systemic risk if corrected within the timeframe specified by ICR.

A material non-conformity may include, as applicable:

  1. a matter that affects project eligibility, registration, issuance, conversion, retirement, claim-making, or continued listing;

  2. a matter that affects the validity, quantity, ownership, status, or use of ICCs;

  3. a matter that affects the reliability of a validation or verification opinion;

  4. a matter that creates or may create double counting, double issuance, double use, double claiming, or other integrity risk;

  5. a matter that affects adjustment account contributions, insurance, guarantees, warranties, compensation, or replacement obligations;

  6. a matter that affects host country authorization, corresponding adjustment status, Article 6.2 designation, external scheme-related restrictions, intended use, or other scheme-specific use, where applicable; or

  7. a matter that may materially affect transparency, traceability, or program integrity.

The project proponent, VVB, focal, authorized representative, account holder, or other relevant party shall provide a written response to each finding or non-conformity within the timeframe specified by ICR.

Responses shall include, as applicable:

  1. detailed response to each finding;

  2. root cause analysis;

  3. corrective action plan;

  4. revised project documentation, monitoring documentation, validation documentation, verification documentation, registry information, or supporting evidence;

  5. evidence that corrective actions have been implemented; and

  6. any other information required by ICR.

ICR may require the relevant party to respond to findings, correct non-conformities, provide revised documentation, obtain VVB assessment, update registry information, compensate affected ICC holders, cancel ICCs, replace ICCs, update rating or risk assessment information, or take other corrective action.

11.7 Corrective actions

Corrective actions may include, as applicable:

  1. correction of project documentation, monitoring documentation, validation documentation, verification documentation, review responses, registry information, or public information;

  2. submission of additional evidence or clarification;

  3. VVB assessment, revised validation documentation, revised verification documentation, re-validation, re-verification, or additional assurance work;

  4. correction of ownership, authorization, representation, focal appointment, proof of right, account-holder, beneficial ownership, or user-permission information;

  5. correction of ICC status, labels, restrictions, serial number information, Article 6.2 status, external scheme-related information, intended-use information, or corresponding adjustment status;

  6. withholding, reduction, correction, cancellation, replacement, compensation, or suspension of issuance or conversion;

  7. cancellation, retirement, replacement, escrow, or adjustment account use;

  8. use of insurance, guarantee, warranty, or other risk mitigation instrument;

  9. replenishment of adjustment accounts;

  10. updated rating, risk assessment, or insurance information;

  11. enhanced monitoring, reporting, or verification requirements;

  12. public disclosure, correction of public information, or public notice;

  13. restrictions on transfers, retirements, cancellations, or other registry actions;

  14. suspension of project-related or account-related actions;

  15. withdrawal, closure, or retraction, where applicable; and

  16. any other action required by ICR to restore conformity or maintain program integrity.

ICR may specify the timeframe for completing corrective actions.

Failure to complete corrective actions within the timeframe specified by ICR may result in further actions under this section.

11.8 Further actions

ICR may take further action where necessary to maintain program integrity, protect registry users, avoid double counting, correct errors, address non-conformities, or respond to integrity risks.

ICR may determine that a project is temporarily suspended or permanently suspended.

A temporary suspension may apply while an assessment, investigation, corrective action, VVB assessment, registry correction, compensation, replacement, insurance claim, adjustment account action, or other remedial process is ongoing.

A permanent suspension may apply where ICR determines that a project is no longer eligible to continue under the ICR Program, where a critical non-conformity has occurred, where a major non-conformity remains unresolved within the timeframe specified by ICR, where required corrective action cannot be completed, or where continued project activity would present an ongoing risk to program integrity.

Where a project is permanently suspended, ICR may prohibit further validation, verification, review, registration, issuance, conversion, renewal, re-registration, or other project-cycle progression, except where ICR permits an action necessary to correct registry records, cancel or replace ICCs, compensate affected parties, use adjustment accounts or escrow accounts, complete withdrawal or closure, complete public disclosure, or otherwise protect program integrity.

Permanent suspension of a project does not, by itself, determine the status of all ICCs previously issued in relation to the project. ICR may separately restrict, suspend, cancel, require replacement of, require compensation for, or otherwise update the status of affected ICCs in accordance with applicable ICR requirements.

Permanent suspension does not remove obligations relating to issued ICCs, retired ICCs, cancelled ICCs, adjustment accounts, escrow accounts, reversals, non-performance, non-corresponding adjustment, Article 6.2 reporting, correction of information, cooperation with ICR, or other continuing requirements.

ICR may publish the permanent suspension status and the reason for the suspension where required or appropriate to support transparency, traceability, avoidance of double counting, market integrity, or public confidence, subject to applicable confidentiality, personal data, legal, commercial, security, and program integrity restrictions.

Where ICR determines that a critical non-conformity exists, ICR may prohibit further issuance, conversion, transfer, retirement, or other project-related or ICC-related actions, cancel affected ICCs, update project or ICC status, reject pending requests, require compensation or replacement, suspend or terminate participation in the ICR Program, or take other action necessary to protect program integrity.

Where ICR determines that a major non-conformity exists, ICR may suspend issuance, conversion, transfer, retirement, or other project-related or ICC-related actions for the affected project activities or ICCs until the non-conformity has been corrected to ICR’s satisfaction. If the major non-conformity remains unresolved within the timeframe specified by ICR, ICR may cancel affected ICCs, reject pending requests, permanently suspend the project, or take further action.

Where ICR determines that a minor non-conformity exists, ICR may require correction within a timeframe specified by ICR. If the minor non-conformity is not corrected within that timeframe, ICR may escalate the matter, restrict project-related or ICC-related actions, or take further action.

Further actions may include, as applicable:

  1. withholding review, registration, issuance, conversion, renewal, transfer, retirement, cancellation, withdrawal, re-registration, or another registry action;

  2. suspending review, project status, issuance, conversion, transfer, retirement, cancellation, or other ICC-related actions;

  3. applying restrictions, labels, warnings, or status updates in the registry;

  4. requiring additional VVB assessment, rating, risk assessment, insurance, guarantee, warranty, or host country documentation;

  5. reducing issuance or conversion quantity;

  6. correcting registry records;

  7. cancelling, replacing, or requiring compensation for ICCs;

  8. using, withholding, releasing, or cancelling ICCs held in adjustment accounts or escrow accounts;

  9. requiring replenishment of adjustment accounts;

  10. restricting account access, user permissions, account activity, or project activity;

  11. rejecting a request for registration, issuance, conversion, renewal, transfer, retirement, cancellation, withdrawal, or re-registration;

  12. updating project status to closed, withdrawn, retracted, under review, temporarily suspended, or permanently suspended, where applicable;

  13. publishing a notice, correction, statement, or other public disclosure;

  14. referring a matter to a VVB, accreditation body, rating agency, risk assessor, insurance provider, guarantor, host country, regulator, law enforcement authority, or other relevant party;

  15. terminating or restricting recognition of a VVB, or other approved party where applicable; or

  16. taking any other action available under ICR requirements, registry rules, Terms and Conditions, or applicable law.

ICR may take interim action before completing an assessment where immediate action is necessary to protect program integrity, prevent misuse of ICCs, avoid double counting, preserve evidence, protect account holders, or comply with applicable law.

11.9 Referrals and cooperation with other parties

ICR may refer matters to or request information from VVBs, accreditation bodies, rating agencies, external risk assessors, insurance providers, guarantors, host countries, regulators, authorities, market mechanisms, other GHG programs, registries, or other relevant parties.

ICR may cooperate with such parties where necessary to assess or address:

  1. VVB performance or accreditation concerns;

  2. insurance, guarantee, warranty, or compensation matters;

  3. host country authorization or corresponding adjustment matters;

  4. double counting, double issuance, double use, or double claiming risks;

  5. fraud, suspected fraud, intentional misstatement, material misstatement, or other integrity concerns;

  6. transfer, withdrawal, re-registration, or interaction with another GHG program or registry;

  7. legal, regulatory, sanctions, or enforcement matters; or

  8. other matters relevant to ICR Program integrity.

Information sharing under this section shall be subject to applicable confidentiality, personal data, legal, commercial, security, and program integrity restrictions.

11.10 Public disclosure of oversight outcomes

ICR may publish information relating to routine assessment, integrity assessment, conformity assessment, non-conformities, corrective actions, suspensions, restrictions, cancellations, retractions, withdrawals, sanctions, registry corrections, or other oversight outcomes where publication is required or appropriate to support transparency, traceability, avoidance of double counting, market integrity, or public confidence.

Public disclosure may include, as applicable:

  1. project name and project ID;

  2. project status;

  3. ICC status, quantity, vintage, serial number range, or affected registry action;

  4. nature of the finding, non-conformity, correction, restriction, suspension, cancellation, withdrawal, retraction, or other action;

  5. affected monitoring period, issuance, conversion, retirement, cancellation, or claim;

  6. whether corrective action has been required, completed, or remains outstanding;

  7. whether ICCs have been cancelled, replaced, compensated, withheld, escrowed, or otherwise restricted;

  8. Article 6.2, host country authorization, corresponding adjustment, external scheme-related status, or other use-related information, where applicable;

  9. VVB, rating, risk assessment, insurance, guarantee, warranty, or other third-party information, where appropriate and permitted; and

  10. other information determined by ICR to be necessary for transparency or program integrity.

ICR may withhold or redact information from public disclosure where necessary to protect confidential information, personal data, commercially sensitive information, intellectual property, legal privilege, security-sensitive information, ongoing assessments, or other legitimate interests.

11.11 Survival of obligations

Oversight, corrective action, cooperation, reporting, compensation, replacement, confidentiality, information-sharing, record-retention, and other obligations may continue after registration, issuance, conversion, retirement, cancellation, closure, withdrawal, retraction, account closure, or termination of participation in the ICR Program.

Withdrawal, closure, retraction, retirement, cancellation, or account closure does not remove obligations relating to issued ICCs, retired ICCs, cancelled ICCs, adjustment accounts, escrow accounts, reversals, non-performance, non-corresponding adjustment, Article 6.2 reporting, investigations, correction of information, cooperation with ICR, or other continuing requirements.

12. Other procedures

12.1 General

This section specifies other administrative procedures that apply across the ICR Program and the ICR registry.

The procedures in this section apply in addition to the project lifecycle procedures, issuance and adjustment procedures, ICC transfer and use procedures, VVB procedures, rating and risk assessment procedures, and oversight procedures set out in sections 6 to 11.

ICR may issue additional registry user guidance, template instructions, formal clarifications, registry notices, FAQs, technical guidance, communications, or other administrative instructions to support implementation of this document.

12.2 Public comments

ICR may provide opportunities for public comments on projects, methodologies, program documents, or other matters under the ICR Program.

Where a public comment process is opened, ICR may publish relevant information, specify the comment period, identify the form in which comments shall be submitted, and determine how comments are considered.

Comments relating to a project may be submitted through the ICR registry, the relevant public project page, a public consultation page, email, or another channel accepted by ICR.

Where ICR receives comments relating to a project, ICR shall make relevant comments available to the project proponent and, where a VVB has been engaged, to the VVB. Where a VVB has not yet been engaged, the project proponent shall provide relevant comments, responses, and information on any actions taken to the VVB during validation or verification.

The project proponent, VVB, methodology developer, or other responsible party shall address relevant public comments where the comments raise matters relating to project eligibility, safeguards, ownership, stakeholder consultation, baseline, additionality, quantification, monitoring, validation, verification, double counting, claims, or program integrity.

Relevant project comments shall be addressed during the current or subsequent validation or verification, unless ICR determines that the matter should be addressed through an ICR oversight process under section 11, the grievance process under section 12.3, a methodology process, an exemption or deviation process, or another applicable ICR process.

ICR may consider public comments when deciding whether to request clarification, require correction, require VVB input, require updated documentation, withhold registration, withhold issuance, initiate oversight, or take another action under this document.

ICR may disregard comments that are abusive, irrelevant, duplicative, unsupported, submitted outside the specified timeframe, submitted by a person who does not provide required identification information, or otherwise unsuitable for consideration.

12.3 Grievances, complaints, and appeals

ICR maintains a separate grievance process for complaints and appeals concerning the ICR Program.

Grievances, complaints, and appeals shall be submitted, assessed, reviewed, determined, appealed, recorded, and disclosed in accordance with the applicable ICR Grievance Process.

The grievance process applies to complaints and appeals concerning decisions or actions taken under the ICR Program, including, as applicable, validation and verification outcomes, issuance or non-issuance of ICCs, compliance with ICR requirements, methodologies, procedures, or determinations made under the grievance process.

The grievance process does not apply to private commercial disputes, contractual disagreements between parties, disputes subject to binding judicial or arbitral proceedings, or disputes that are required to be resolved under another applicable agreement or dispute-resolution procedure.

A grievance, complaint, or appeal shall include the information required under the ICR Grievance Process. Where a grievance, complaint, or appeal indicates a potential non-conformity, integrity risk, double counting risk, safeguards issue, ownership issue, procedural error, technical inconsistency, or other material matter, ICR may initiate routine assessment, integrity assessment, corrective action, referral, public disclosure, or another oversight process in accordance with section 11.

ICR may publish summaries, determinations, outcomes, corrective actions, or related registry actions where required or appropriate under the ICR Grievance Process, subject to applicable confidentiality, personal data, legal, commercial, security, and program integrity restrictions.

12.4 Exemptions

ICR may grant an exemption, deviation, extension, or alternative process only where ICR determines that doing so is justified and does not undermine program integrity, transparency, traceability, conformity with applicable ICR requirements, or avoidance of double counting.

A request for exemption, deviation, extension, or alternative process shall be submitted to ICR and shall include:

  1. the project, ICCs, account, process step, or requirement affected;

  2. the exemption, deviation, extension, or alternative process requested;

  3. the reason for the request;

  4. supporting evidence;

  5. assessment of any effect on project eligibility, validation, verification, issuance, conversion, ICC status, claims, public disclosure, Article 6.2 use, external scheme-related use, adjustment accounts, ratings, risk assessments, or program integrity; and

  6. any other information required by ICR.

ICR may approve, approve with conditions, reject, or request further information in relation to an exemption, deviation, extension, or alternative process.

ICR may publish information on exemptions or deviations where required or appropriate to support transparency.

An exemption, deviation, extension, or alternative process granted by ICR does not waive any other applicable ICR requirement unless ICR expressly states otherwise.

12.5 Information sharing and confidentiality

ICR may share project, account, ICC, VVB, rating, risk assessment, insurance, guarantee, host country, registry, or other information with approved parties where necessary for ICR Program administration, registry operation, validation, verification, rating, risk assessment, insurance, guarantee, adjustment account management, Article 6.2 administration, oversight, public disclosure, legal compliance, or program integrity.

Approved parties may include, as applicable, VVBs, rating agencies, external risk assessors, insurance providers, guarantors, host countries, accreditation bodies, regulators, authorities, other GHG programs, registries, market mechanisms, service providers, and professional advisers.

Information sharing shall be subject to applicable ICR requirements, Terms and Conditions, confidentiality obligations, personal data requirements, intellectual property restrictions, registry rules, data-sharing arrangements, and applicable law.

ICR may withhold, redact, aggregate, anonymize, or summarize information before sharing or publication where necessary to protect confidential information, personal data, commercially sensitive information, intellectual property, legal privilege, security-sensitive information, or other legitimate interests.

The project proponent, account holder, VVB, focal, authorized representative, rating agency, risk assessor, insurance provider, guarantor, or other relevant party shall identify information claimed to be confidential when submitting it to ICR. ICR may determine whether information is accepted as confidential and whether disclosure is required or appropriate under ICR requirements, applicable law, transparency requirements, or program integrity considerations.

12.6 Public communications and use of ICR information

Project proponents, project developers, account holders, VVBs, rating agencies, external risk assessors, market participants, and other parties shall ensure that public communications relating to ICR, projects, ICCs, ratings, risk assessments, validation, verification, issuance, conversion, transfer, retirement, cancellation, Article 6.2 designation, external scheme-related use, or other ICR-related matters are accurate, complete, current, and not misleading.

A party shall not represent that a project is registered, that ICCs have been issued, that ICCs are eligible for a specific use, that a corresponding adjustment has been applied, that a rating has been issued, that ICR has approved a claim, or that ICR, a project, or any ICC is eligible, endorsed, approved, or accepted another external scheme unless the relevant information is confirmed in the ICR registry, confirmed by ICR, and, where applicable, confirmed in accordance with section 1.3.

Use of ICR names, logos, marks, registry information, project information, ICC information, rating information, risk assessment information, or public documentation shall be consistent with applicable ICR requirements, Terms and Conditions, trademark rules, registry information, and any conditions specified by ICR.

ICR may require correction, withdrawal, clarification, or public correction of misleading or inaccurate communications. ICR may also initiate oversight or take further action under section 11 where public communications create or may create an integrity risk.

12.7 Public information tools and insights

ICR may provide public information tools, dashboards, insights, APIs, registry views, downloadable data, blockchain records, or other public information services to support transparency, traceability, market understanding, and avoidance of double counting.

Public information tools may display or make available project information, ICC information, issuance information, transfer information, retirement information, cancellation information, rating information, risk information, Article 6.2 information, corresponding adjustment status, adjustment account information, or other registry information.

Where project proponents, project developers, VVBs, account holders, or other users upload media, insights, updates, images, videos, presentations, or other public-facing content to the ICR registry or ICR public information tools, the content shall be accurate, not misleading, and relevant to the project, organization, ICCs, or registry information to which it relates. ICR may remove, restrict, correct, or require correction of content that is unrelated, inaccurate, misleading, unsupported, confidential, personal, security-sensitive, or inconsistent with ICR requirements.

Information displayed through public tools is provided for transparency and registry information purposes. ICR may update, correct, restrict, suspend, or remove public information tools or displayed information where necessary to maintain accuracy, protect confidential information, address technical issues, or maintain program integrity.

Where there is inconsistency between public information tools and the authoritative registry record, ICR may determine the authoritative record and correct the displayed information as necessary.

12.8 Fees and payment administration

ICR may require payment of applicable fees before accepting, reviewing, processing, approving, or completing any project, account, ICC, VVB, rating, risk assessment, registry, or other action.

ICR may withhold review, registration, issuance, conversion, transfer, retirement, cancellation, withdrawal, re-registration, account action, or another registry action until all applicable fees have been paid.

Payment of a fee does not guarantee registration, issuance, conversion, transfer, retirement, cancellation, rating outcome, risk assessment outcome, approval of a request, or any other ICR decision.

12.9 Record retention

ICR may retain project records, account records, ICC records, registry records, validation and verification records, rating and risk assessment records, correspondence, public disclosure records, blockchain records, oversight records, and other records necessary to administer the ICR Program.

Project proponents, account holders, VVBs, focals, authorized representatives, project developers, and other relevant parties shall retain records required to demonstrate conformity with applicable ICR requirements, applied criteria, Terms and Conditions, registry rules, Article 6.2 requirements, external scheme-related requirements where applicable, or applicable law.

Records shall be retained for the period specified by ICR, applicable Terms and Conditions, applicable law, applied criteria, host country requirements, or another applicable requirement.

ICR may require submission of retained records during review, verification, routine assessment, integrity assessment, grievance review, public comment review, legal review, or another ICR process.

12.10 Updates, clarifications, transition provisions, and effective date

ICR may update this document, issue clarifications, publish guidance, update templates, update registry procedures, or issue transition provisions where necessary to maintain program integrity, improve usability, respond to market developments, address legal or regulatory developments, implement new ICR requirements, or correct errors.

ICR may determine how updates apply to existing projects, new projects, pending submissions, registered projects, issued ICCs, VVB activities, ratings, risk assessments, adjustment accounts, account holders, or other affected parties.

Transition provisions may specify effective dates, grace periods, grandfathering, additional documentation requirements, updated review requirements, or other measures.

Unless ICR specifies otherwise, the version of this document in effect at the time of the relevant ICR decision applies to the relevant process step.

ICR may issue formal clarifications to interpret or apply this document. A clarification may be published and may apply generally or to a specific matter, as determined by ICR.

12.11 Conflicts, errors, and administrative corrections

Where ICR identifies an error, inconsistency, ambiguity, or conflict in registry information, public information, project documentation, templates, guidance, communications, or administrative records, ICR may correct the error, request corrected information, issue clarification, or take another action necessary to maintain accuracy and program integrity.

Where there is a conflict between this document and another applicable ICR requirement, the document hierarchy and interpretation provisions apply.

Administrative corrections shall preserve traceability and shall not reverse completed registry actions, retirements, cancellations, or public disclosures unless expressly permitted by ICR requirements and applicable law.

ICR may publish corrections where necessary to support transparency, traceability, avoidance of double counting, or public confidence.

Appendix I – Document History

Version
Date
Comment

2.0

11.8.2021

Initial version under version 2.0.

3.0

6.1.2022

Main changes:

  • Transition requirements from other GHG programs amended

  • Definitions amended, consistency referring to defined terms

Flowcharts improved for clarity

4.0

14.10.2022

Alignment with revision of ICR requirements document and ICR methodology requirements in October 2022.

4.1

28.2.2023

Update due to new platform

5.0

6.2.2023

Alignment with of ICR requirement document v.5.0 and ICR validation and verification specifications v1.0. Better alignment with registry platform, processes to address reversal events and non-performance.

6.0

15.10.2024

Process for applications for exemptions from ICR requirements. Reversal replaced with non-permanence. Adjustment account allocations details, Corresponding adjustment account allocation. Better alignment with structure of other ICR documentation. Procedures updated with revision to ICR requirement document and other relevant documentation. After public consultation language made clearer especially relating to ex-ante ICC issuance and conversion to ex-post ICCs, post verification and compensation mechanisms for non-performance and non-permanence events. Diagrams updated. Appendix added for examples for compensation for non-performance events.

6.1

1.11.2024

Numbering of sections and figures fixed, formatting, minor language modification relating to application of defined terms.

6.2

14.11.2025

Added requirements of regular reporting of validation/verification activities. Details about exemptions and grievances expanded. Project concept submission no longer supported. Intentional vs. unintentional non-permanence events introduced. New registry functionalities introduced. Project cycle explained further.

6.3

16.6.2026

Comprehensive revision and restructuring to reflect the current ICR Program architecture, registry processes, project lifecycle, and integrity mechanisms. The document was substantially expanded compared with v6.2, with revised provisions on registry infrastructure, account prerequisites, project registration, monitoring, verification, issuance, conversion of ex-ante ICCs to ex-post ICCs, transfers, retirements, cancellations, adjustment mechanisms, VVB roles and approval, ratings, risk assessments, oversight, public comments, exemptions, grievances, information sharing, and transition provisions. Requirements were clarified for non-performance, non-permanence, non-corresponding adjustment, insurance, guarantees, warranties, adjustment accounts, escrow, suspension, retraction, and continuing project obligations.

Appendix II – Conversion of Ex-Ante ICCs to Ex-Post ICCs

Example: A project with start date 1.6.2023 will generate 150,000 t CO2-e over the _crediting period_of 15 years. Verification will be annual. Joint _validation_and verification are conducted for the _monitoring_period 1.6.2023 – 1.1.2025. Assume that the project has not been insured for non-performance and thus is only eligible to _issue_50% of the validated estimation. Assume there is no permanence risk.

Table AII1: Issuances at _validation_and verification.

Year

Validated

Ex-ante ICCs issued

Non-performance adjustment deposit

Delivered to proponent

Ex-post ICCs

2023 (6 months)

5,000

-

-

-

5,000

2024

10,000

-

-

-

10,000

2025

10,000

5,000

100

4,900

-

2026

10,000

5,000

100

4,900

-

2027

10,000

5,000

100

4,900

-

2028

10,000

5,000

100

4,900

-

2029

10,000

5,000

100

4,900

-

2030

10,000

5,000

100

4,900

-

2031

10,000

5,000

100

4,900

-

2032

10,000

5,000

100

4,900

-

2033

10,000

5,000

100

4,900

-

2034

10,000

5,000

100

4,900

-

2035

10,000

5,000

100

4,900

-

2036

10,000

5,000

100

4,900

-

2037

10,000

5,000

100

4,900

-

2038 (6 months)

5,000

2,500

50

2,450

-

After five years of the project being verified annually, confirming the following GHG emission mitigations:

Table AII2: Verification and conversion to ex-post ICCs.

Year

Verified

A: Ex-ante issued

Difference (ex-post ICC issuances)

Ex-ante -> ex-post ICC

Ex-post ICCs post verification

2023 (6 months)

5,000

0

0

0

5,000

2024

10,000

0

0

0

10,000

2025

11,000

5,000

6,000

5,000

11,000

2026

9,000

5,000

4,000

5,000

9,000

2027

12,000

5,000

7,000

5,000

12,000

2028

5,000

5,000

0

5,000

5,000

2029

4,500

5,000

-500

4,500

4,500

The non-performance adjustment account has benefited from the ex-ante ICC to ex-post ICC conversion.

Table AII3: Non-performance adjustment account inventory in year 2029

Year

Non-performance adjustment account inventory (ex-ante ICCs)

Non-performance adjustment account inventory (ex-post ICCs)

2023 (6 months)

0

0

2024

0

0

2025

0

100

2026

0

100

2027

0

100

2028

0

100

2029

0

100

2030

100

0

2031

100

0

2032

100

0

2033

100

0

2034

100

0

2035

100

0

2036

100

0

2037

100

0

2038 (6 months)

50

0

Total

850

500

The following occurs annually:

Table AII4: Actions for vintages

Year

Actions needed

Ex-post ICCs post verification

2023 (6 months)

No action applicable (no ex-ante ICCs issued)

5,000

2024

No action applicable (no ex-ante ICCs issued)

10,000

2025

No action needed; verified GHG emission mitigations greater than issued ex-ante ICCs. The project proponent may issue 6,000 ex-post ICCs after ex-ante ICC to ex-post ICC conversion

11,000

2026

No action needed; verified GHG emission mitigations greater than issued ex-ante ICCs. The project proponent may issue 4,000 ex-post ICCs after ex-ante ICC to ex-post ICC conversion

9,000

2027

No action needed; verified GHG emission mitigations greater than issued ex-ante ICCs. The project proponent may issue 7,000 ex-post ICCs after ex-ante ICC to ex-post ICC conversion

12,000

2028

No action needed; verified GHG emission mitigations equal to issued ex-ante ICCs. Proponent cannot _issue_additional ex-post ICCs after ex-ante ICC to ex-post ICC conversion

5,000

2029

Compensation mechanism initiated; issued ex-ante ICCs are greater than verified GHG emission mitigations.

4,500

For the year 2029, there needs to be a compensation for excess issuances of ex-ante ICCs. Section 7.11.4.2 applies for the compensation.

A diagram of a company Description automatically generated

Figure 36: Compensation hierarchy of non-performance events

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