Carbon Credits Register
CARBON CREDIT REGISTER
Carbon credits serialization registry from GHG reductions of the Sustainable Community members which have been qualified, quantified, verified under the cluster of Quebec, Canada.
The use of a register allows each serialized carbon credit to be recorded individually and ensures the uniqueness (integrity) of the use of each GHG reductions that have been qualified under the Sustainable Community, then quantified, verified and converted to carbon credits. Maintaining a register, with all its relevant supporting documentation, makes it possible to address double accounting issues that are inevitable, and that can occur in several different ways such as those mentioned in our blog post of May 2019.
The use of a carbon credit register certified under the VCS program is an internal part of its program. Following international public consultations held in summer 2018 and summer 2019, VERRA, the organization that manages the VCS program, updated the program in September 2019 under the name version 4.0. This more recent version provided for a transfer of external registers, previously managed by APX or HIS Markit, to a centralized register which will be operated directly by VERRA.
Since the validation of the Sustainable Community project under the VCS program in 2013, WILL has used an external register to ensure the uniqueness of its serialized carbon credits. This external register for the whole period of 2013-2020 was previously managed by the firm APX accredited by the VCS program.
A Double Register System
Simultaneously, WILL operates and compiles the GHG reductions of its Sustainable Community project in its own internal register, since the very first verification in February 2014, which has made it possible to:
- Conciliate the information that is entered in the APX register.
- Ensure for each member of the Sustainable Community the distribution of verified carbon credits according to their geolocation, their micro-projects and vintage for the years 2010 to 2029.
- Create and maintain the carbon asset portfolio (CAP) during summer 2019 for each member of the Sustainable Community, which will allow a fair and equitable distribution of the income from the sale of carbon credits in proportion to the verified efforts of each member.
- The double register system (internal and external) optimizes the minimization of the risks of errors inherent in any single system.
Our Internal Register
WILL’s internal registry includes the recording of the results of new carbon credits issued following the 4th verification which covers the years 2017 and 2018. WILL’s internal register conciliates all supporting documentation as well as the quantities of GHG reductions that have been qualified under Sustainable Community, quantified and verified by a third party recognized by VCS and which have been registered in the VERRA registry since April 9, 2020. WILL’s registry distinguishes, still in respect of the uniqueness of each carbon credit, the serialization of carbon credits registered under Verra from the serialization of carbon credits registered under WILL.
This dual record-keeping, always with a view to social and environmental equity, makes it possible to link qualified, quantified and verified GHG reductions that are prior to the current year of their verification by a third party. This internal registry makes it possible to identify, by means of a unique serialization, each carbon credit, which since January 1, 2015, has been the subject of discussion in Quebec on their legitimacy . In an approach of complementarity and in full respect of the integrity of the SPEDE, WILL has confirmed and assumed, since the fall of 2017, the distinction between the GHG emissions priced by the SPEDE, via the fossil energy distributors who are subject to it and the GHG reductions qualified under its Sustainable Community project. This is the reason for WILL’s implementation, since fall 2017, of a specific serialization of verified carbon credits under the ‘will’ designation. This methodological approach, based on the principles of transparency and complementarity of regulated pricing with the role and use of carbon credits from voluntary markets would be replicable for all other jurisdictions.
Moreover, in June 2021, WILL recommended to the stakeholders of the Voluntary Carbon Markets (VCMs), in connection with the discussions underway since May 2021 on the Carbon Core Principle (CCP), to create a digital interconnection mechanism (with Block Chain technologies or their equivalent) in order to interconnect all registries, both those held by recognized voluntary programs, as well as those of government and carbon project holders. This would ensure full transparency and address issues of double counting of all verified carbon credits.
To this end, as of June 2021, WILL has implemented a second part of its internal registry that allows each authorized corporate buyer of Sustainable Community to track the record of each carbon credit sale transaction serialized under WILL. This registry is designated for digital interconnection with all previously mentioned registries.