> For the complete documentation index, see [llms.txt](https://documentation.carbonregistry.com/documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://documentation.carbonregistry.com/documentation/icr-program/project-development/procedural/icr-process-requirements-v6.3.md).
# 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 |
{% file src="/files/y5hlbH8eZoHpllN1GHcp" %}
## 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*.
Figure 36: Compensation hierarchy of non-performance events