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VCS Project Registration Process Version 1

Oct 04, 2014

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VCS Guidance Document: VCS Project Registration and VCU Issuance Process

Version 1.0

www.v-c-s.org

VCS Association

Contents 1. 2. 3. 4. Introduction ..............................................................................................................................3 Definitions ................................................................................................................................4 Opening a VCS Registry Account ............................................................................................7 Project Registration Process....................................................................................................7 4.1 Step 1: Project Validation and Verification .......................................................................7 4.2 Step 2: Project Registration ............................................................................................10 4.3 Step 3: Project Review ...................................................................................................13 4.4 Step 4: Initial VCU Issuance ...........................................................................................15 4.5 Step 5: Periodic VCU Issuance ......................................................................................17 4.6 Step 6: Project Maintenance ..........................................................................................19 5. Grandparenting Project Registration Process .......................................................................19 5.1 Rationale and Criteria .....................................................................................................19 5.2 Process ...........................................................................................................................20 6. AFOLU Pooled Buffer Account ..............................................................................................22 6.1 Assignment of Buffer Credits ..........................................................................................22 6.2 Release of Buffer Credits................................................................................................22 6.3 Cancellation of Buffer Credits .........................................................................................23 7. Further Information ................................................................................................................23 7.1 Procedure When Project Fails to Comply with Registration Requirements ...................23 7.2 Inter-Registry Transfer of VCUs .....................................................................................24 7.3 The Role of the VCS Association in Project Registration ...............................................24 7.4 Further Clarification on Identifying the Project Owner ....................................................24 7.5 Switching Project Proponent ..........................................................................................25 7.6 VCS Program Updates, including VCS 2007 Validation Date Deadline ........................25

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1.

INTRODUCTION

This document outlines the process for project registration and VCU issuance under the VCS Program. The document is intended for use by Project Proponents, VCU buyers, VCU sellers and any other entities participating in the VCU market. The following steps are required under the VCS Program to register a Project and issue VCUs, and these are presented in detail in this document: 1. Project validation and verification 2. Project registration 3. Project review 4. Initial VCU issuance 5. Periodic VCU issuance 6. Project maintenance For the purposes of this document, the Project Registration Process refers to all or any of these six steps, as the case may be. Section 3 outlines the process for opening a VCS Registry account, which is a pre-requisite for Step 2 and those that follow in the Project Registration Process. A Project Proponent interacts with a VCS Registry to register a Project and issue VCUs, and Project registration and VCU issuance occurs with the VCS Registry. Each VCS Registry supplies information to the VCS Project Database, which acts as the central database to ensure uniqueness of Projects and VCUs and to provide transparency of same to the public through its web interface. Note that all Project Proponent interaction is with the VCS Registry and the VCS Project Database is merely a reflection of VCU activities and positions within the VCS Registries. This version of the document outlines the Project Registration Process applicable for the initial go-live of the VCS Registries and VCS Project Database. It does not cover functionality that may be subsequently added to the VCS Registries and VCS Project Database.

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2.

DEFINITIONS

For the purpose of this document, the following definitions apply. Approved GHG Program means a Greenhouse Gas Programme, as defined in ISO 14064:2006, that has gained approval by the VCS Board based on a gap analysis. AFOLU means Agriculture, Forestry and Other Land Use and includes activities related to:

Afforestation, Reforestation and Revegetation (ARR) Agricultural Land Management (ALM) Improved Forest Management (IFM) Reduced Emissions from Deforestation and Degradation (REDD)

AFOLU Pooled Buffer Account means the VCS account, containing non-tradable AFOLU carbon credits for covering the risk of unforeseen losses in carbon stocks across the AFOLU project portfolio. Buffer Credits means non-tradable AFOLU carbon credits held in an AFOLU Pooled Buffer Account. Commercially Sensitive Information means trade secrets, financial, commercial, scientific, technical or other information whose disclosure could reasonably be expected to result in a material financial loss or gain, prejudice the outcome of contractual or other negotiations or otherwise damage or enrich the person or entity to which the information relates. Emission Reductions means all and any GHG emission reductions or removals generated by the Project during the Project Crediting Period. Market Participant means an entity that is participating in the VCU market, as a Project Proponent, VCU buyer, VCU seller or in any other capacity. Monitoring Report means the document that records data to allow the assessment of the Emission Reductions generated by the Project in accordance with the monitoring plan set out in the Project Description. Official Translation means a translation by a member of a member body of the International Federation of Translators. Member bodies of the International Federation of Translators are listed at http://www.fit-ift.org/en/home.php#. Other GHG Program means a GHG program indicated on a list of GHG programs specified by the VCSA and provided to the VCS Registries, such list to be amended by the VCSA from time to time.

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Project means a GHG emission reduction or removal project activity as defined ISO140643:2006 Clause 2.14. Note: A project can include one or more activities. Project Crediting Period means for non-AFOLU projects and ALM projects focusing exclusively on emissions reductions of N2O, CH4 and/or fossil-derived CO2, a maximum of 10 years which may be renewed at most two times and for AFOLU projects other than such ALM projects, a minimum of 20 years up to a maximum of 100 years. Project Description means the document that describes the Projects GHG emission reduction or removal activity(ies) and that uses either the VCS Project Description Template or the project description template specified by the relevant Approved GHG Program. Project Documents means the documents defined as such in Section 4.2. Project Owner means the project proponent stated in the Project Description and that is validated by the Validator as having ownership of the Project and original right to the Projects Emission Reductions. Project Proponent means the sponsor in relation to a Project under the VCS Program. Project Proponent Issuance Representation means a unilateral representation issued by the Project Proponent undertaking that the Monitoring Report, and all and any other Project Documents for which it is responsible, supplied to the VCS Registry are true and accurate in all material respects and that it has the right to register the Emission Reductions with a VCS Registry. Project Proponent Registration Representation means a unilateral representation issued by the Project Proponent undertaking that the Project Description, and all and any other Project Documents for which it is responsible, supplied to the VCS Registry are true and accurate in all material respects and that it has right to all and any Emission Reductions generated by the Project during the Project Crediting Period. Project Proponent Withdrawal Form means the form signed by the Project Proponent and in which it gives up its rights to represent the Project within the VCS Registry and VCS Project Database. Project Registration Process has the meaning given to it in Section 1. Proof of Right means the document(s) demonstrating the Project Proponents right to all and any Emission Reductions generated by the Project during the Project Crediting Period or Verification Period, as the case may be. Validation Report means the written report of validation made by the Validator in accordance with the VCSA Rules. Validation Statement means the deed issued by the Validator as part of the Validation Report, or as a separate deed referencing the Validation Report to which it relates, containing a unilateral

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representation that it has validated the Project's compliance with the applicable VCSA Rules, and which is prepared using the template provided on the VCS Website. Validator means an o

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