The International Carbon Registry is based in Iceland and relies on the experience of Iceland’s transition from fossil fuels as an inspiration to other countries seeking to increase their share of renewable energy.
The International Carbon Registry is a registry created out of Iceland, facilitating effective and efficient participation for the many projects involved and emerging in this rapidly growing and crucial ecosystem, with issuance of high-quality international carbon credits.
Decarbonizing the Economy
Climate change is making it necessary for countries around the globe to implement sustainable energy solutions and phase out energy production with fossil fuels. Iceland presents a unique situation as 100 percent of the country’s energy production comes from renewables.
The transition started in the early 20th century, while the country was in poverty, and has been built up steadily with local innovations in hydro and geothermal energy production that are now world-leading. The rest of the world must do it much faster than Iceland and at the same time decarbonize other sectors of the economy.
Carbon markets where organizations compensate for their emissions with purchase of carbon credits play a crucial role in facilitating, accelerating financing and scaling of climate actions for this transition. During the Kyoto era, voluntary carbon markets emerged and developed with proven success. Still, with bold net-zero commitments, carbon markets need to scale up quickly to meet increased demand and ambitious goals. Accountability is vital to the success of this system, facilitating decarbonization of the economy while safeguarding environmental and social integrity.
ICR registers implementation status of climate projects, applied methodology, documentation, validation of projects and verification of mitigation outcomes and more while tracking ownership, transfers and retirements of carbon credits to support transparency, traceability and to prevent double accounting.
International Carbon Registry is a voluntary climate action initiative promoting effectiveness in climate financing while safeguarding environmental integrity. ICR sets out requirements for climate action projects, delivers a platform for registration and issuances of carbon credits which can be transferred to organizations using them as offsets or directly listing them for sale on an exchange in a transparent and publicly accessible manner.
Carbon markets are the best tool to help fight the climate crisis and help the world reach the ambitious goals that have been set. ICR is ready for the emerging carbon market and is part of a vital infrastructure in that trend.
With proven success in decarbonization of the energy sector in Iceland, ICR serves as an epicentre for issuances of carbon credits around the world, promoting innovation and will replicate Iceland’s success story globally.
The ICR requirements are based on requirements set out in ISO 14064-2:2019 and presented in the the ICR Requirement Document. Further the process for registering projects, issuing and activating carbon credits is outlined in the ICR Process Requirement document.
Projects around the world can register projects based on methodology ready approved by the following GHG programs:
- Clean Development Mechanism
- Voluntary Carbon Standard
- Gold Standard for the Global Goals
New methodologies are supported as the fulfil the requirements for new methodologies set out in the ICR Methodology Requirement Document.
- To develop, promote and support innovative climate actions with credible market-based tech solutions which will benefit economies, ecosystems and society.
- To facilitate implementation of real and scalable climate projects
- To support NDCs with mitigation outcomes and thus increase the likelihood of reaching the objectives of the Paris Agreement.