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About the Registry
Frequently Asked QuestionsContact Us
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Frequently Asked QuestionsQ: What is APX's VCS Registry? A: APX's VCS Registry is a state-of-the-art transaction system enabling the issuance, transfer, tracking, retirement, reporting and custodial services for Voluntary Carbon Units (VCUs) worldwide. Q: Who can use APX's VCS Registry? A: The Registry serves as a marketplace and tracking system for all market participants involved with VCS projects and VCU transactions Registry Account Holders include project developers, verifiers, financial institutions, brokers, aggregators, and corporations. Q: How do organizations benefit from using the Registry? A: The Registry provides a trusted transaction platform for all market participants with benefits that include:
Access additional revenue streams through transactions and create, manage and track VCUs with an easy to use, web-based platform. Retailers/Brokers Easily manage portfolio transactions and tracking and Leverage a wide range of quality, international project offsets for your customers Corporations Leverage your corporate environmental management activities and communication and benefit from reports and full audit trail with complete environmental attributes Q: How does the Registry work? A: Project Proponents will register for an account with the Registry and upon account approval will be able to submit their project data online for review and verification. Verifiers and Validators will also create accounts with the Registry so as to take advantage of the online process for reviewing projects assigned to them as well as uploading electronic project documents. Upon a project passing all review and verification/validation, the Registry Administrator will submit the project to the VCS Project Database for the issuance of VCUs. These VCUs, once issued, will then be placed in the Project Proponent's account balance for future transfer to other Account Holders within the Registry. The Registry will also provide Account Holders the ability to retire VCUs and provide public reports indicating such VCU status. Q: How do I become an Account Holder? A: The registration process begins by filling out the online registration form (available soon). You will be kept informed on next steps and access to helpful resources to guide you through the process. Q: How can I stay informed of updates? A: This website will be regularly updated. Also, you may sign-up to receive regular e-mail updates. Q: Does the Registry accept and issue VCUs for VCS version 1 projects A: From early October, the registry can issue VCUs for the VCS v1 projects as long as the VCUs haven’t already been registered in a Registry and meet the criteria put forth in section 5.2.1 of the VCS 2007 document. For more information please visit: http://www.v-c-s.org/docs/VCS%202007.pdf Q: What information is available to the public? A: The Registry will offer various publicly accessible reports. The VCSA and APX, Inc. are currenty determining the report content and availability. Q: What is your source for the claim that VCUs make up 30% of the VCM and what year does it apply to? A: Please see the report “State of the Voluntary Carbon Markets 2008” published by Ecosystem Marketplace and New Carbon Finance. This is one of the most widely respected reports on the voluntary carbon market and contains a range of market sizing information. Q: Will it be possible to register only certain vintages of projects - or does one have to register the whole project? A: Yes, it is possible to register specific vintages. A: We are still waiting on the specific guidelines for this scenario from the VCSA. Based on their guidelines the appropriate methodology will be incorporated in the Registry. Q: What if documents get updated? Is it possible to upload new versions? A: Yes. New versions can be uploaded, viewed and tracked in the Registry. Q: How do you check the integrity of the credits? Let's say a project owner has validated the project twice with two different DOE's and has named the project slightly differently and described it slightly differently? How do you avoid double counting? A: When projects are entered into the VCS Project Database by the Registry Administrator, the latitude and longitude for each project is compared to all other projects. If a project is located in close proximity to another project already registered, the project is flagged by the Project Database and the Registry Administer provides the Verifier with information about the other projects in order to determine if the project is being double counted. Thus, validating the integrity of each project from which credits are issues is conducted primarily by the Verifier using project database functionality to ensure project uniqueness. The VCSA will also administer regular audits and checks as oversight to the program. APX handles the largest carbon standards and we intend to ensure uniqueness across all standards that we support. Q: How are project registrations cross checked? A: Project registrations are checked both manually and in an automated fashion through the registry which has the capability to flag project detail information for review. Q: Will you require any original documents from Verifiers? A: Yes, the Registry does require original documents, preferably in the form of a certified electronic copy. The Registry will require certified electronic copies of the following:
*Signed originals of these must be submitted via mail to the Registry Q: Do projects have to be VCS accredited prior to becoming registered on APX? A: Yes, at a minimum projects should be validated through an accredited Verifier who will—along with the Project Proponent—submit project information to the Registry Administrator. Registration in the Registry can occur prior to verification, but after validation. Q: If the first step for a Project Proponent is to submit the project data, is this done through the Registry? Is this previous to project approval from the board? A: The project details are entered into the registry by the Project Proponent. Approval from the board is conferred by having the project validated and verified by an accredited Verifier. The accredited Verifier will use the Registry to submit documents and verify project information. Registration in the Registry can occur prior to verification, but after validation by an accredited VCS Verifier. Q: Does project data / project documents get submitted to database or registry directly? A: The project documents are submitted to the Registry which will incorporate approved project information into the Project Database. All documents are submitted electronically to the Registry and Project Database – with a subset of those documents also being sent as signed hardcopies as well. Q: How does approval of transfer take place, what documents are required for this? A: Additional documentation is not required for the transfer of VCUs as long as both parties have accounts within the Registry. The transferor will simply identify the transfer recipient from a dropdown list and initiate the transfer, which when confirmed by the recipient, will move the VCUs from one account to another. Q: Will APX also check with other registries if projects are already registered to avoid double selling? A: This activity is conducted on the Project Database by the Registry Administrator. If there is any question about project uniqueness, the accredited Verifier is contacted by the Registry as part of the validation and verification process. Q: Is it possible to register projects which have already been verified & certified? Will the Verifier then be involved in the issuing procedure? A: Yes. It is possible to register these projects. The Registry can issue VCUs for VCS v1 projects as long as the VCUs haven’t already been registered in a Registry or that meet the criteria in the VCS 2007 document. Depending on the particular project scenario, the Verifier may not need to be involved if all project documents are completed and in place. Q: Is a VCU interchangeable with VER? A: Voluntary Carbon Unit (VCU) is the specific term for project offset credits generated from Voluntary Carbon Standard (VCS) approved and verified carbon reduction projects. Verified Emission Reduction (or Voluntary Emission Reduction) is the broader industry term for project offsets in the voluntary market. A VCU is a subset of all VERs. Q: It looks like there are multiple registries - why choose one standard over another? A: Primary drivers for market participants in deciding to choose a particular voluntary standard can include the project types, protocols, geographies, and specific methodologies that are associated with that particular standard. The market value of offset credits also varies across standards. APX provides market systems that cover the most widely used international standards including the Gold Standard, the California Climate Actions Registry’s Climate Action Reserve, and the VCS. Q: What kinds of information are included in the baseline info to be sure that in the future the quality of the credit can be assured? How does this accommodate new requirements for information to substantiate? A: The project registration process requires a significant level of detail on the project which then must be validated and verified through an accredited Verifier. Any new requirements from the VCS Association can quickly and easily be added to the registry to gather this additional information. Q: Does a project have to be verified before it can be registered? Can it be listed after validation? A: Registration of a project will occur first in the APX VCS Registry, and then second in the VCS Project Database, also administered by APX. Projects can be registered in the Registry before they are verified, however, they will need to be validated in order to be listed in reports by the Registry. However, before the project can be registered in the VCS Project Database, all appropriate verification and validation (including document upload) must be complete in the Registry. Q: Can you highlight why we should use the APX VCS Registry? A: APX provides the most widely used, highest volume, and technically advanced market systems. In addition we provide world class client support, and our registries are easy to use for all market participants. APX reporting and audit trail features provide the integrity and transparency that the public and stakeholders require. A: The retirement of specific VCUs must be made public for program transparency. However, making public the account information associated with the retirement of VCUs is an option for registry account holders. It is also possible to set up private accounts that do not provide the public or other account holders with any identifying information about the account holder. Q: Who are the accredited Verifiers? Where would that information be located? A: The VCS Association has an approved list of Verifiers/Validators. Please see the VCSA site for more information at http://www.v-c-s.org/validators.html Q: How will this correlate with the voluntary market being developed in California under AB32 via CCAR? Will voluntary units bought through APX be valid/transfered there? A: This is still an open question among regulators, and is certainly being discussed. There is a possibility that certain high quality offsets, such as those from CCAR, VCS, the Gold Standard, and potentially certain CDM/JI credits may qualify under California, WCI, or federal rules. Obviously, APX will be tracking that very closely and we will keep our stakeholders informed on that. No decisions have yet been made by regulators on this question. Q: Is there a provision to account for VCU's issued already? A: Yes, however, the VCS Association has not outlined the formal process for how the registries and the project database will handle this situation. APX is working closely with VCSA to sort out these details. Q: Does the system have the capability to track transactions related to ex-ante credits such as with forestry projects? A: Based on VCS guidelines, the Registry will not issue ex-ante VCUs. All VCUs issued by the Registry will be for forestry reductions that have been monitored, measured, and verified. Other VCS supported standards such as CCAR’s Climate Action Reserve also offer forestry protocols. Q: Is a General Account Holder allowed to register a project on behalf of a project owner? A: Based on current VCS Association guidelines, the account holder must show Proof of Title in order to register a project on behalf of a project owner. If you are not certain about the potential to register projects in any capacity, you have the ability to register as a General Account Holder today, and change your account type at a later date Q: If we are currently qualifying and obtaining Carbon Credits with CCX, would we be able to participate in your program? Would our Verifier need to apply for approval with your organization? A: Yes, you can certainly register to use the APX VCS Registry. Verifiers need to be accredited through the VCS Association. For more information on this please see the VCS site at http://www.v-c-s.org/validators.html Q: How long after the Verifier has approved our documentation will the issuance of VCUs take place? A: Assuming that all required documents and information have been attached and verified, the issuance of VCUs should follow within days. As a minimum next step, the Project Proponent must have paid all relevant issuance fees prior to VCUs being issued. Upon payment, VCUs issuance will occur immediately. Q: Is there a protocol for the VCS for the registration of Energy Efficiency projects for VCU generation? A: The VCS standard follows the project scopes and protocols defined by the UNFCCC, which include Energy Demand as a specific scope. As a result, VCUs can be generated for certain types of EE projects. More information is available at http://www.v-c-s.org/methodologies.html and http://cdm.unfccc.int/DOE/scopes.html. Q: It is possible to buy VCUs from the Registry? A: Yes, the Registry can certainly be used to find and track available project offset credits and have those transferred to a purchaser’s account. The actual financial settlement is conducted outside the Registry through a bilateral relationship or other vehicle such as an exchange. Q: Can a project be registered on the VCS registry and the Gold Standard registry at the same time? A: Yes, the same project can be registered in both registries. However, credits can only be issued in one or the other’s registry for any single monitoring period. The Project Proponent is responsible for notifying the VCS when a project is being registered with another program. Q: Is there a way to join all the platforms at once? Is there a single joining fee? A: Because APX provides market systems for the Gold Standard, CCAR’s Climate Action Reserve, the VCS, plus renewable energy markets worldwide, APX does intend to provide a “single view” for organizations to manage their portfolio of environmental assets in one convenient place. This is not in place today, but stay tuned for more on that. Q: Do updates to documents replace older versions? In other words, can participants see older versions of a document? A: Once VCUs have been issued, all documents associated with the project are frozen and cannot be deleted or replaced. New versions can be uploaded to provide supplemental information. It is possible that the VCS Association may review this requirement depending on the erroneous document, or need for the update – but at this point it is not possible to replace documents after VCUs have been issued for a given reporting period. Q: How do we find out what types of projects qualify for the VCS and would qualify for conversion of the VCUs? A: The VCS Association site provides some high-level information on project types and accredited programs at http://www.v-c-s.org/documents.html and http://www.v-c-s.org/programs.html In general, however, the VCS standard follows the project scopes and protocols defined by the UNFCCC, which has a very comprehensive list of accepted project types and methodologies. UFCCC information is available at http://www.v-c-s.org/methodologies.html and http://cdm.unfccc.int/DOE/scopes.html. Q: Who is The Voluntary Carbon Standard Association? A: Visit The Voluntary Carbon Standard Association website for more information. Q: Who is APX, Inc? A: APX is the leading infrastructure provider for environmental and energy markets in renewable energy and greenhouse gases including carbon certificates. Providing a bank and mint for environmental certificates, the APX Environmental Market Depository is trusted to create, track, manage, and retire renewable energy certificates (RECs), energy efficiency and conservation certificates, carbon offset certificates such as voluntary emissions reductions (VERs), and greenhouse gas emission allowances. The company is the system of choice for every major renewable energy market in North America and greenhouse gas markets worldwide. |
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