Climate projects that register with ICR must conform to a comprehensive and robust set of requirements set out in the ICR Requirement Document in order to be able to register and issue carbon credits (ICCs).
One ICC credit represents one metric tonne of CO2 removed from the atmosphere or prevented from entering the atmosphere by applying an approved climate action methodology. Projects can cover all sectors of mitigation of climate change including renewables, afforestation, energy efficiency, carbon removals etc.
All project conforming to ICR requirements are subject to a validation of projects and verification of mitigation outcomes by an approved validation and verification body. ICCs are issued when projects have been validated and can therefore facilitate financing of the projects and the terms of the financing. Once real impacts have been verified and ICCs become active, ICCs are eligible for use as offsets for organizations mitigating their remaining emissions which cannot be avoided or reduced.
The ICR central registry stores information regarding each project such as methodology applied, geographic location and boundary of projects, estimated mitigation outcomes and real mitigation outcomes. Further documentation regarding Project Design Document, Monitoring Reports, Validation and Verification Reports is available for every registered project. All issued ICCs are serialized with unique identification, the status of credits are reflected over the lifecycle of the project i.e. issued, inactive, active and retired. The ICR central registry documents and records all transfers, ownership and retirements of ICCs.
ICR Registry platform serves also as the registry for afforestation projects and Forest Carbon Units (FCU) according to the Forest Carbon Code issued by the Icelandic Forest Service.