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R.I.VER® registry guide

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VER CREDITS GUIDE

Purchase, Sale and Tokenisation of Carbon Credits

According to the World Bank’s latest report, the value of carbon credits (“Credits”) will have to grow over the long term to drive investment at the scale and pace needed to meet emission reduction targets and to subsequently contain global warming. We believe that it is necessary to strengthen and grow the market also in the voluntary sector.

This means not only allowing the offsetting of credits generated by VER (Voluntary Emission Reductions) projects, but also facilitating carbon credit trading so as to increase the value of credits and support the spread of emission reduction projects.

Services offered by the R.I.VER® platform

The R.I.VER® platform offers the following services:

01 Registration of a VER Project

In order to register a VER (Voluntary Emission Reductions or Verified Emission Reductions) Project, you must sign up and create an account on R.I.VER®.

Signing up and creating an account.

To sign up and create an account:

  1. Fill in the online registration form;
  2. Pay the registration fee as per the published rates;
  3. Upload the payment receipt;
  4. The account will be created after the Registry has verified the formal correctness of the data entered in the registration form. The successful registration of the account will be promptly communicated together with details for accessing the Reserved Area.

NOTE: Once the account has been created, you can choose to register a third-party certified VER Project immediately or at a later date.

To register a VER Project:

    1. Fill in the online VER Project application form, providing details of the project(s) and uploading the required documents (these may include the PDD, Project Design Document;
    2. VER Validation Report and Validation Conformity Statement), which must be formally checked by an examiner;
    3. Pay the registration fee for the VER Project;

At the end of registration and after the formal checking of the documentation, the Registry enters the VER Project on the platform.

02 Recognition of credits

If you possess an accredited Certification Body-issued certificate validating the credits generated by a VER Project, you may proceed as follows:

  1. Log in to your reserved area;
  2. Register the VER Project on the platform;
  3. Fill in the online credit entry form, providing details of the project(s) and uploading the required documents, which must be formally verified by the examiner;
  4. Pay the fee for the recognition of project Credits;
  5. Upload the payment receipt.

At the end of the process, and after the formal checking of the documentation, R.I.VER® recognises the credits in the Project registration area on the platform.

03 Marketplace for trading credits

The platform provides users with a showcase space (marketplace) that allows communication between users who want to trade credits.

To operate on the R.I.VER® marketplace, you must be a registered user. For each Project, the Credits available for sale are listed in the appropriate box in the dedicated area.

Here are the steps to follow:

  1. Create an account by filling in the registration form;
  2. Access the reserved area and choose the VER Project whose related Credits you want to purchase;
  3. The user can then contact the holder of the credits by email to set the quantity and selling price. Credit sale agreements take place between users outside the platform;
  4. When the purchaser confirms their wish to buy, the seller definitively transfers the assignable Credits from their account to the purchaser’s account. All transactions are automatically tracked on the blockchain.

04 Tokenisation of Credits

R.I.VER®, in compliance with the need to strengthen and grow the market also in the voluntary sector, allows credits recognised on its registry to be tokenised only on authorised platforms. That way, it can optimally prevent and reduce the risk of double counting.

Conditions for tokenisation:

  1. A Credit can be tokenised only with the prior and express authorisation by R.I.VER® and only on platforms expressly approved in each instance;
  2. After tokenisation, the Credit is “frozen” in the Project area and will be unavailable for trading or clearing until the relevant token exists;
  3. If the token holder asks to offset the underlying Credit, R.I.VER® asks for evidence that the Credit has been de-tokenised before authorising the offsetting;
  4. The credit’s tokenisation status is marked in a special box in the Project area of the register;
  5. All tokenisation registrations are automatically tracked on the blockchain.

05 Offsetting of credits

On R.I.VER® the user can not only make use of direct reduction initiatives, but can also ask to offset credits in order to reduce or neutralise the emissions (CO2, or equivalent greenhouse gases) of its business.

In particular:

  1. A user who holds Project-related Credits can apply to offset Credits on the platform;
  2. Upon receiving the offset request, R.I.VER® verifies it and calculates the Credit offset fee;
  3. After the offset fee has been paid and the payment receipt uploaded, R.I.VER® cancels and definitively withdraws the Credits subject to the offsetting request;
  4. At the end of the operation, R.I.VER® issues a “Certificate of permanent withdrawal” of the Credits subject to the offsetting request and registries the withdrawal in the relevant Project area;
  5. All credit withdrawal registrations are automatically tracked on the blockchain.

Project eligibility criteria

For a project to be eligible, it must be supported by standards or programmes that guarantee:

  • Real and permanent CO₂ reductions and/or removals
  • The application of internationally recognised calculation methodologies (baseline, project and monitoring) or methodologies defined specifically for the projects
  • Regular emissions monitoring and monitoring plans
  • Management of leakage and associated risks
  • Structured and transparent reporting
  • Alignment with internationally recognised integrity principles (to avoid, for example, double counting)
  • Validation and verification by an independent third-party body accredited according to the criteria defined by the ISO/IEC 17029, ISO 14065 and ISO 14064-3 standards.

In general, the Register refers, albeit in a non-binding manner, to the criteria listed in paragraph 11.3 of ISO 14068 Part 1.
The Register considers any references to SDG contributions as an element of added value, which is optional and non-binding for the purposes of eligibility.

PRE-REGISTRATION ASSESSMENT

The Registry’s assessment is based solely on documentation and does not in any way constitute validation, verification or certification.
Only the information contained in the documents issued by the third-party validation/verification body and the Project Design Document (PDD)/Monitoring Report (MR).
The assessment applies to all projects submitted to the Register for registration, regardless of the outcome of the validation / verification carried out by third-party bodies.
During the pre-registration assessment, the Register verifies, on the basis of the PDD/MR and the relevant annexes, at least the following elements:

  • Validation / verification opinion issued by the third-party body and all attached documentation
  • Standard / programme applied

The assessment may have one of the following outcomes:

  • eligible,
  • eligible with additions or clarifications
  • ineligible

The Registry accepts no responsibility for the actual implementation of the project, the declared environmental results, or the issuance or value of the carbon credits generated.

R.I.VER® RESTRICTED AREA

Log in/sign up to reserved area

In order to register a project, you must be registered on R.I.VER® and have an account.
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