Credit Class Intro
While a subset of credit classes may initially be developed by Regen Registry, the intention is to build a vibrant community of Credit Designers that will take the lead going forward.
Regen Registry aims to support the creation of a broad set of credit classes that cover different ecosystems, geographical regions and localities, and are tailored for different stakeholders (e.g. smallholder farmers, corporate farms, indigenous communities, conservation organizations, etc).
The intent of the Credit Class is to democratize and invigorate the design of ecosystem service credits by allowing for a flexible and modular approach which unites different measurement systems under a shared set of definitions, rules, and requirements. Regen Registry separates out the typical set of definitions that are integrated into most registry standards and allow Credit Designers to modify and upgrade these as needed and appropriate, essentially replacing the top-down approach with a bottom-up one. By separating out the methodology from the programmatic requirements of a credit, the credit class provides an adaptable solution to building ecosystem service credits by allowing individuals to design ecological assets to fit a specific set of needs.
Creating a one-size-fits-all solution is suboptimal and does not tap into the overall potential of nature-based solutions. Ecological systems are inherently complex and regenerative farming, grazing ,and conservation practices are often nuanced and locale specific. Similarly, the needs and risk profile of buyers vary substantially depending on the size of the company, its sector, climate goals, etc. Therefore, Credit Designers should carefully examine the needs of both land steward and buyers in a given ecological and best management practice(s) context, and devise a solution that addresses the intersection of those needs. With that said, in an ideal scenario, the Credit Class should address a common use case that will be applicable to many projects and not a very limited set of ones.
Regen Registry focuses exclusively on nature based solutions. Credits aim to incentivize activities that protect, sustainably and/or regeneratively manage, restore natural or modified ecosystems, address societal challenges effectively and adaptively, simultaneously providing human well-being and biodiversity benefits. Other activities, for instance focused on sustainable energy or energy savings, transportation, industrial process, construction, mining and industrial waste management, while undoubtedly important, are not the current focus of our program.
For Earth Stewards, this means designing credits in a way that is context specific; a bottom up, rather than a top-down solution. While more traditional approaches often rely on a single methodology to define everything from the measurement approach to the project verification and credit issuance requirements, the Credit Class provides the flexibility needed to overcome financial constraints, access to scientific resources, eligibility requirements, and site specific limitations. In this way, the Credit Class offers agency over the credit design process and makes participating in ecosystem service markets much more accessible.
- Ecosystem Type: Each Credit Class and Methodology shall stipulate the Ecosystem Type based on RND taxonomy. In the event there is no matching definition in the taxonomy, the Credit Designer or Methodology Developer will propose an addition to the taxonomy.
- Ecosystem Service Classification: Each Credit Class and Methodology shall stipulate the Ecosystem Service based on RND taxonomy. In the event there is no matching definition in the taxonomy, the Credit Designer or Methodology Developer will propose an addition to the taxonomy.