For the Carbon market ecosystem to function, there must be a transparent set of requirements for climate projects who want to be registered as an ICR climate project. The requirements set out the principles that emerged under initiatives such as the UNCCC Clean Development Mechanism. ICR principles are the same but further rely on International Standards. All climate projects must comply with the ICR Requirement Document, the ICR Process Requirements, and ISO 14064-2:2019. They must further be validated, and their climate impacts by an approved accredited certification body, to be eligible for registration and issuance of carbon credits. All requirements are accessible under the Documentation section.
The baseline scenario or the reference case for the project activity (hypothetical description of what would have most likely occurred in the absence of any considerations about climate change mitigation) must be considered.
All Climate projects registered with ICR must be Additional that is they would not be implemented if not for financing from Carbon markets.
GHG Emission Mitigations achieved by the project activity with respect to estimation on leakage lay the foundation for the volume of ICCs that can be issued and measurements of real Mitigations set the basis for activation of ICCs and issuance of remaining ICCs from Validation
Permanence is vital for future results. All projects must deposit Adjustment ICCs to an Adjustment Account which has the role of meet possible reversal events.
Validation & Verification
All projects are subject to validation of projects and verification of impacts. When Projects have been validated ICCs can be issued partially and when impacts have been verified ICCs are activated and remaining ICCs be Issued and activated. Only Active ICCs can be used for retirements and offsetting emissions.
The impacts of project activities must be monitored in order to determine net GHG benefits and for the purpose of activating ICCs that have been issued
ICR provides templates for Project Design Description, Monitoring, Validation, Verification, etc. All Climate projects must use these templates in order to provide consistency within ICR.