Credit Issuance Process

• After a project has been approved, credits can be issued for 1 or more monitoring events. Monitoring events are set during project proposal and approved by the third party Validator during project validation.

• On a monitored event date, a data input request is automatically generated. Data can be submitted manually or via API by the project developer or MRV provider, depending on the project design.

• Credits will only be issued ex-post i.e. after a monitoring event has taken place, and all data must be verified before issuance.

  • See the section 'Data Verification' for more details on the options for data verification.

• Once data has been inputted and verified, the associated number of credits is calculated and issued to the Project Developer account.

• We require KYB for all owners of credits, both for internal governance and tracking. For more information, see the KYB explanation from our KYB provider, Middesk.

Credit Information

• Each credit has the associated information assigned to it:

  • Credit batch (each credit within a batch is fungible if they have (a) the same issuance event, (b) the same ownership/transfer history, and (c) the same status

  • Project Information (ID, Project Name, Project Developer, Dates, Location, Sector + Sub-Sector)

  • Account Owner

    • If different, Beneficial Owner is also displayed

  • Issuance Event

  • Status:

    • 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 an offset or BVCM claim)

• Anyone can trace a credit throughout its lifecycle- including ownership details, whether it has been validated, when it was retired, transferred, or canceled, via the 'Activity' tab on the OCP Registry.

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 credit is subject to a transaction fee based on the credit transfer quantity and price sold. 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 account must have undergone KYB. For more information, see the KYB explanation from our KYB provider, Middesk.