Projects must follow the process described below to create and sell credits under the Circular Credits Mechanism:
Project registration form (PRF) completion describing the project activities, the situation prior to the project, the expected project benefits, and the monitoring plan. Click here to start the process.
Analysis and registration of the PRF, done by BVRio’s technical team, to ensure data completeness. The project proponent makes a self-declaration about the project’s expected environmental impact and its compliance with the CCS’s Principles and Criteria. After this:
The project is registered
An Estimated Amount of Circular Credits is allocated to the Project
Implementation of project activities and monitoring of results, updating the Estimating Amount reported to the Hub.
Negotiation and transaction of credits – Once a potential buyer or investor expresses interest in the project, the Hub will help parties negotiate and conclude a transaction, which could result in financial support to the project.
Verification of the results of the project – at this stage, the buyer will need to contract for verification of the project’s impact and its compliance with the Circular Action Standard’s Principles and Criteria. Once verification is concluded, the Verified Amount of Circular Credits is allocated to the Project and transferred to the Buyer.
Retirement of circular credits – once credits are used for any specific claim, the party must inform the Circular Action Hub in order to have these credits retired from the Project’s Registry.