Credit Issuance Flow
Credits only get issued ex-post, after monitoring events take place which have resulted in verified data on emissions avoided or removed.
Once data has been confirmed by the OCP or relevant third parties, carbon credits equal to the calculated emission reduction or removal will be issued into the Developer’s inventory of carbon credits.
We require KYB for all owners of credits, both for internal governance and tracking.
Each credit has a real-time status displayed:
Active (after a credit has been validated and issued and is available for transfer)
Retired (after a credit has been retired; no further action can be taken)
Cancelled (if a project has been removed or stopped on the OCP registry; no further action can taken and it cannot be claimed as part of a offset or BVCM claim)
Anyone can trace a credit throughout its lifecylce- incuding ownership details, whether it has been validated, when it was retired, transferred or canceled.
Credit Transfer
Any User with carbon credits in their inventory can transfer those carbon credits to another account, by requesting a transfer on the OCP platform.
The project developer sets the price of the credits upon requesting a transfer.
These credits will be given the status ‘on-hold’ during the transfer process, and cannot be transferred or retired until the process is completed.
The first transfer of a credit is subject to a transaction fee, based on credit transfer quantity and price sold at. This fee must be paid to the OCP before the credit is transferred to the new Inventory.
In order to receive the transfer, the buyer must have a Known Account.
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