New Credit Class
The following process is applied to all new Credit Classes, whether developed internally by RND or by external Credit Designers.
For new Credit Classes, Regen Registry coordinates a process of:
- 1.Internal review
- 2.Beta (optional)
- 3.Expert Peer Review
- 4.Public stakeholder consultation (optional)
Credit Class Draft - The Credit Designer submits the proposed new or modified Credit Class to Regen Registry based on the appropriate template. Regen Registry reviews the draft, asks for clarifications, and points out corrections that are needed.
Beta (optional) - Once the necessary clarifications and corrections are made, the Credit Designer can choose to move it to Beta status. At this point, a Project Proponent can apply for a project using the Beta Credit Class. Regen Registry encourages Credit Designers to collect feedback from Project Proponents as they go through the Beta process, in order to ensure viability of the Credit Class. Feedback from the Project Proponent on the proposed Credit Class will be documented by Regen Registry and incorporated into the subsequent stages in the approval process.
Expert Peer Review - The revised Credit Class is provided to the Expert Peer Review committee that Regen Registry assembles consisting of independent and impartial subject matter experts. Regen Registry actively identifies and qualifies candidate committee members, and publicly solicits applications from interested parties. Once the review is complete, the Review Lead compiles the comments and recommendations from the committee, and prepares a summary report. Regen Registry delivers to the Credit Designers the summary report, to which they must respond by incorporating revisions and/or documenting justifications for the proposed approach. Timing and cost of theExpert Peer Review committee depends on the complexity, scope, and quality of the Credit Class and the availability of reviewers.
Public Comment (optional) - Regen Registry coordinates a public consultation process. The Credit Class is posted publicly on the Regen Registry website for a minimum of 30 days inviting public comments. During this period, the Credit Designer may also choose to conduct a webinar to present the draft Credit Class and solicit additional comments. At the conclusion of the public comment period, the comments are compiled into a report and sent to the Credit Designer, who then has 30 days to respond to comments in writing and incorporate relevant feedback to a revised version, which is then posted on the Regen Registry website.
Credit Class Approval - once all required corrections have been made, Regen Registry approves the new Credit Class and publishes it on its website. Process documentation - Regen Registry documents the entire Credit Class approval process including beta feedback, public comments and responses, technical committee comments and responses, and the corresponding versions of the Credit Class at each stage.