📄ICR Definitions v2.0
Summary
ICR serves as a framework for climate projects of any sizes where environmental integrity is promoted with credibility, consistency and transparency of quantification, monitoring, reporting, validation, and verification.
Version no. | 2.0 |
Date of Version | 9. October 2023 |
Introduction
This document provides definitions of terms used in the ICR program. In addition, the ICR program also applies to definitions from ISO 14064-2, ISO 14064-3, and ISO 14065.
Definitions
Account means a registry account where users or account holders hold their instruments.
Account holder means an organization (or an individual) that has beneficial ownership of the right to the instruments held with the account.
Ex-post (Active) ICCs mean ICCs that have been verified that impacts are real and can be used for offsetting emissions.
Active FCUs mean FCUs that have been verified that impacts are real and can be used for offsetting emissions.
Activation means activation of issued ex-ante ICCs or FCUs, based on verification of real GHG emission mitigations. Active (ex-post) ICCs or FCUs can be retired and used for the purpose of offsetting emissions.
Adjustment account or Buffer adjustment account means an account on the ICR registry in which project proponents deposit part of issued ICCs or FCUs to meet possiblenon-performance, reversal events and/or non-permanence of impacts according to the ICR requirement document the ICR process requirements and any other applicable requirements.
Adjustment credits or Buffer adjustment credits means non-tradeable credits held in a pooled adjustment account on the ICR registry in which project proponents deposit part of issued ICCs or FCUs to meet possible non-performance, reversal events and/or non-permanence of impacts in accordance with the ICR requirements and the ICR process requirements and any other applicable requirements.
AFOLU means agriculture, forestry, and other land use.
Applicable law means any applicable local, state, national, or international law, statute, regulation, ordinance, or other means of establishing legal rights and obligations.
Approved GHG program means Clean Development Mechanism, Verified Carbon Standard, and Gold Standard for the Global Goals.
Authorization for international transfer means approval or authorization issued by a host country towards project mitigation outcomes for use as ITMO and subject to corresponding adjustment.
Beneficial Ownership Rights mean any contractual or other rights to direct benefit or control the sale or other disposition of, cancellation, or retirement of an Instrument.
Blockchain means a decentralized, distributed digital ledger technology that records transactions across multiple computers in a secure and transparent manner. Each block in the chain contains a unique cryptographic hash of the previous block, ensuring the integrity and immutability of the data.
Business Day means any day except a Saturday, Sunday, or national holiday. A Business Day shall open at 9:00 a.m. and close at 5:00 p.m. GMT.
Bundled project means a set of multiple climate initiatives that combines multiple project activities into one comprehensive project.
Cancellation account means an account in the ICR registry that lists serial numbers of disputed Instruments, Instruments transferred to third parties without accounts in the ICR registry, and Instruments held by account holders that have exited the ICR Registry.
Cancellation means permanent removal of instruments, e.g. ICCs from circulation in the ICR registry system for purposes other than retirement.
Carbon credit means a transferrable instrument issued electronically representing GHG emission mitigation in an amount of one (1) metric tonne of CO2 equivalent (t CO2-e), which can be used for contributing towards climate actions, compensating for, or offsetting emissions.
Carbon dioxide equivalent (CO2-e) means a unit for comparing the radiative forcing of a GHG to that of carbon dioxide.
Carbon dioxide removal (CDR) means the process, including natural processes, of removing carbon dioxide from the atmosphere and storing it for decades, centuries, or millennia.
Climate (GHG) project or Project means an activity initiated by a project proponent with the aim of mitigating climate change. Climate projects can involve an activity to reduce or avoid GHG emissions or to sequester or remove GHG from the atmosphere.
Corresponding adjustment (CA) means adjustment effected through a subtraction for GHG emissions mitigation, e.g., ITMOs, transferred and addition for GHG emissions mitigation e.g., ITMOs acquired in national GHG accounting towards NDCs.
Crediting period means the period in which climate projects attributable to a mitigation activity can result in the issuance of carbon credits.
Corrective action means realizing and defining a problem, containing the non-conformity, determining its cause, and taking appropriate action to prevent it from happening again.
Double claiming means when the same GHG emission mitigation outcome is claimed by two different parties towards achieving its targets, e.g., once by the country in which the mitigation outcome occurs, and once by the party using a carbon credit.
Double counting means when GHG emission mitigation outcome is counted more than once. Double counting can occur through double issuance, double use, and/or double claiming.
Double issuance means when more than one carbon credit is issued for the same mitigation outcome, e.g., when the same mitigation activity is registered under two different crediting standards.
Double use means when the same instrument is counted twice towards achieving climate change objectives, e.g., if a party uses the same instrument to meet two different objectives.
Pre-registration means listing a project, on the registry that is in development but not implemented yet or completed validation.
Environmental benefits mean benefits to the environment other than GHG emission mitigations.
Forest carbon code means a set of requirements for voluntary carbon sequestration projects that incorporate core principles of good carbon management as part of sustainable forest management in Iceland developed, issued, and managed by the Icelandic Forestry Service.
Forest Carbon Unit (FCU) means Carbon credit issued according to the Forest carbon code.
GHG program means a voluntary or mandatory international, national, or subnational system or scheme that registers, accounts or manages GHG emissions mitigation activities or climate projects.
GHG sink means a process that removes a GHG from the atmosphere.
GHG source means a process that releases a GHG into the atmosphere.
GHG reservoir means a component, other than the atmosphere, that has the capacity to accumulate GHGs and to store and release them.
GO means Guarantees of Origin according to the amended European Directive 2009/28/EC
Greenhouse gas or GHG means gaseous constituent of the atmosphere, both natural and anthropogenic, that absorbs and emits radiation at specific wavelengths within the spectrum of infrared radiation emitted by the Earth’s surface, the atmosphere, and clouds. GHGs include carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6). Other examples of GHGs are provided in the latest Intergovernmental Panel on Climate Change (IPCC) Assessment Report.
Greenhous gas emissions or GHG emissions mean a release of a GHG into the atmosphere.
Greenhouse gas emission mitigation or GHG emission mitigation means the measured decrease of GHG emissions and/or the mass of GHGs removed from the atmosphere over a specified period of time relative to a project baseline.
Greenhous gas removal or GHG removal means withdrawal of a GHG from the atmosphere by GHG sinks. See also Carbon dioxide removal (CDR).
Grouped project means a climate project where additional instances of project activities, which meet pre-established eligibility criteria, may be added subsequent to project validation.
ICC means International Carbon Credit.
ICR means International Carbon Registry.
ICR requirements mean those requirements adopted by ICR and outlined in the ICR requirement document and ICR process requirements and the International carbon credit program managed by ICR, and any other standard produced and administered by ICR from time to time.
ICR registry or registry means the registry technology which houses, records ownership, originates, cancels, and facilitates the issuance, transfer, retirement, and data retention of various environmental credits.
ICR requirements mean those requirements adopted by ICR and outlined in the ICR requirement document and ICR process requirements and the International carbon credit program managed by ICR, and any other standard produced and administered by ICR from time to time.
ICR site or website means www.carbonregistry.com
Ex-ante (Inactive) ICCs mean ICCs that have been issued in the ICR registry from a registered project that an approved VVB has validated.
Inactive FCUs mean FCUs that have been issued in the ICR registry from a registered project that an approved VVB has validated.
Instrument means a unit issued by and held in the ICR registry representing the right of an account holder in whose account the unit is recorded to claim the achievement represented by the unit. Such achievement may include, but is not limited to, i) a GHG emission mitigation in an amount of one (1) metric tonne of CO2 equivalent that has been validated and verified in accordance with the applicable ICR requirements and any operational documents, ii) guarantee of the nature and origin of energy is produced from a renewable natural resource in an amount of one (1) megawatt-hour (MWh). Recordation of an Instrument in the holder's account at the ICR registry is evidence of that account holder's entitlement to that instrument.
International transferred mitigation outcomes (ITMO) refer to engagement on a voluntary basis in cooperative approaches that may be used towards nationally determined contributions (NDCs) subject to the application of a corresponding adjustment in the host country as defined in 1/CMA.3 Glasgow Climate Pact Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA).
ISO 14064-1 means ISO 14064-1 Greenhouse gases — Part 1: Specification with guidance at the organization level for quantification and reporting of greenhouse gas emissions and removals.
ISO 14064-2 means ISO 14064-2 Greenhouse gases — Part 2: Specification with guidance at the project level for quantification, monitoring and reporting of greenhouse gas emission reductions or removal enhancements.
ISO 14064-3 means ISO 14064-3 Greenhouse gases — Part 3: Specification with guidance for the verification and validation of greenhouse gas statements.
ISO 14065 means ISO 14065 General principles and requirements for bodies validating and verifying environmental information.
ISO 14066 means ISO 14066 Greenhouse gases — Competence requirements for greenhouse gas validation teams and verification teams.
Issue or issuance means the creation of serialized credits as verified GHG emissions mitigations (Ex-post) or ICR credits (ICC) equivalent to the number of validated GHG reductions or GHG removal enhancements (Ex-ante) for a project over a specified period of time OR the creation of serialized credits as verified Guarantee of origin or GO credits equivalent to the number of verified production of energy by renewable source over a specified period of time. Issued credits are delivered to the beneficial owners account for transfer, activation, retirement, or cancelation.
Methodology means a set of requirements and procedures which apply to specific project activities for identifying the project boundary, determining the baseline scenario, demonstrating additionality, quantifying net GHG emission mitigations, and specifying the monitoring procedures.
Methodology description means the written document describing in detail and specifying criteria and procedures for specific project activities, identification of the project boundary, determination of the baseline scenario, demonstration of additionality, quantification of net GHG emission mitigations, and specification of monitoring procedures in line with the requirements of ICR requirement document and ISO 14064-2.
Methodology developer means a project proponent, stakeholder, or other entity developing a methodology, module, or tools.
Mitigation outcomes mean the impacts resulting from climate project activities on climate change measured in CO2-e.
Market participant means any account holder of the ICR registry who does so in the capacity as a broker, agent, or representative of any kind on behalf of a third party for the purposes of utilizing the ICR services.
Monitoring report means a report summarizing results from a continuous or periodic assessment of GHG mitigations outcomes.
Multiple project activities mean several project activities, representing a bundled or grouped project.
Nationally Determined Contribution (NDC) means efforts by each country to the Paris agreement to reduce national emissions and adapt to the impacts of climate change and is updated every five years.
Operational documents mean ICR requirements and accompanying procedures and guidelines available on the ICR website.
Organization means an entity responsible for emitting greenhouse gases (GHGs) into the atmosphere as a result of its activities or operations and intends to compensate through internal and external activities.
Privacy policy means the ICR GDPR privacy policy available on the ICR website as amended from time to time.
Program advisory panel (PAP) means a group of experts providing advice for developing the ICR program.
Project agreement means an agreement between the ICR and the project proponent (account holder) for the registration of a project and issuance of ICCs.
Project activity means a specific set of technologies, measures and/or outcomes that alter the conditions identified in the baseline scenario and which result in GHG emission mitigations.
Project developer means an organization responsible for identifying, developing, and implementing climate projects.
Project design description (PDD) means a document describing the project’s GHG emission mitigation activities using the ICR project design description template or the project design description template specified by the relevant approved GHG program.
Project proponent(s) means a holder of the statutory, property, or contractual right over plant, equipment, or process, land, vegetation, or conservation or management process that generates GHG emission mitigations.
Project type means either carbon dioxide removal (CDR), avoidance/reduction of emissions, or hybrid (both).
Registration means a full registration of a project which has been validated.
Registry user-ID or user-ID means the login user-ID appointed to the user to access a registry account.
Representation deed means a deed between the project proponent and an organization and/or an individual for whom the project proponent has assigned all, or partially its rights to the representation of the project.
Retirement means permanent removal of instruments, e.g. ICCs from circulation. The term retirement applies to the use of a carbon credit by an entity to meet voluntary commitments or compliance obligations. The term is distinct from cancellations.
Reversal means where net GHG emission mitigations in any monitoring period is negative. The amount of a reversal is calculated as the difference between the current total to-date net GHG emission mitigations of the project, compared to the total to-date net GHG emission mitigations of the project at the latest verification.
Reversal event means any event resulting in a loss of more than five percent of previously verified GHG emission mitigations due to losses in carbon stocks in sinks or reservoir included in the project boundary.
Reversal event report means a document describing a reversal event using the Reversal Event Template
Scheme Controller means an organization administering a national or subnational emission trading or offsetting scheme including but not limited to the Icelandic Forestry Service and as amended from time to time.
Scheme Instrument means a credit issued by a Scheme Controller for a greenhouse gas (GHG) reduction or GHG removal enhancement of one metric ton of carbon dioxide equivalent, pursuant to the Scheme Requirements, including but not limited to a Forest Carbon Unit.
Scheme Requirements means the requirements adopted by a Scheme Controller for a national or sub-national emissions trading or offsets scheme, including any protocols adopted by the Scheme Controller and which may be amended from time to time.
User means an individual with administration and/or other access permissions to the account holder’s account.
User-account means a user instance connected to the account holder's account holding information on projects, production sites, and/or instruments issued.
User guidelines mean all supporting documentation to the ICR requirement document and the ICR process requirements as amended from time to time.
Validation means the process of evaluating the reasonableness of the assumptions, limitations, and methods that support a statement about the outcome of future activities.
Validation report means a report summarizing the findings and results of a validation.
Verification means the process of evaluating a statement of historical data and information to determine if the statement is materially correct and conforms to criteria.
Verification report means a report summarizing the findings and results of verification.
Validation and verification body (VVB) means a competent and impartial entity responsible for performing and reporting on a validation and/or verification, respectively.
Vintage means the year in which the climate project GHG emission mitigation outcomes are generated based on validated estimation of mitigation outcomes for ex-ante ICCs or FCUs or as verified by a VVB for ex-post ICCs or FCUs.
VVB review criteria mean the ICR procedures to ensure the quality of validation/verification practices conducted by VVBs as set out in the ICR requirement document and ICR process requirements or other guidance documents and informed to the VVB by ICR from time to time.
Appendix – Document History
Version | Date | Comment |
1.0 | 14.10.2022 | First version. |
2.0 | 9.10.2023 | Revised and added definitions and corrections. |
Last updated
