Frequently Asked Questions

Q: Who is The Voluntary Carbon Standard Association?
A: The VCSA sets the standard for GHG emission reduction or removal projects, the accreditation rules for Validators and Verifiers and the conditions for approval as a VCS Registry and VCS Project Database.  Visit the Voluntary Carbon Standard Association website at http://www.v-c-s.org  for more information.

Q: Who is APX Inc?
A: APX is the leading infrastructure provider for environmental and energy markets in renewable energy and greenhouse gases including carbon credits with more than 2 billion environmental assets under management. Providing a bank and mint for environmental certificates, APX solutions are trusted to create, track, manage, and retire renewable energy certificates (RECs), energy efficiency and conservation certificates, carbon offset credits such as voluntary emissions reductions (VERs), and greenhouse gas emission allowances. The company is the solution of choice for every major renewable energy market in North America and greenhouse gas markets worldwide.

APX registry and tracking services provide 24/7 support of environmental markets through secure, fully staffed and geographically redundant data centers. Users of these systems include all key market participants including project developers, brokers, corporations, generators, NGOs, financial services institutions and government organizations. More than 1200 companies across the US and internationally rely on APX for integrity in environmental markets.

Q: What is the APX VCS Registry?
A: APX's VCS Registry is a state-of-the-art transaction system enabling the issuance, transfer, tracking, retirement, reporting and custodial services for Voluntary Carbon Units (VCUs) worldwide.

Q: Who can use the APX VCS Registry?
A: The VCS Registry serves as a marketplace and tracking system for all market participants involved with VCS projects and VCU transactions. Registry Account Holders include project developers, verifiers, financial institutions, brokers, aggregators, and corporations.

Q: Can you highlight why we should use the APX VCS Registry?
A:The APX VCS Registry is powered by the largest, most widely accepted, and technically advanced environmental infrastructure in the world. Developed over nearly a decade of experience in environmental markets, APX market solutions have more than 2 billion environmental credits under management.

APX registry clients handle more than 50% of the worldwide market for offset credits, so APX VCS Registry clients can be confident in having the most sought after and trusted platform. We provide solutions for all leading standards in the voluntary carbon markets including VCS, Gold Standard, and the Climate Action Reserve, a program of the California Climate Action Registry (CCAR).

More than 1200 companies across the US and internationally rely on APX market infrastructure solutions for integrity in environmental markets. The APX VCS Registry provides the greatest transparency, accountability and protection available.

Q: How do organizations benefit from using the APX VCS Registry?
A: The Registry provides a trusted transaction platform for all market participants with benefits that include:

Project Proponents
Access additional revenue streams through transactions and create, manage and track VCUs with an easy to use, web-based platform.

Retailers/Brokers
Easily manage portfolio transactions; track and leverage a wide range of quality, international project offsets for your customers

Corporations
Address climate change initiatives with a high quality, fully verified offset program and leverage this activity for corporate communication. At the same time, benefit from a range of reports and a full audit trail accepted by governments and organizations worldwide.

Financial Services
Access the rapidly growing network of greenhouse gas reduction Project Owners, project developers, and corporate buyers to facilitate investment in high-quality projects that may realize a premium in the marketplace.

Q: How does the APX VCS Registry work?
A: Project Proponents will register for an account with the Registry and upon account approval will be able to submit their project data online for review and verification. Verifiers and Validators will also create accounts with the Registry to take advantage of the online process for reviewing projects assigned to them as well as uploading electronic project documents. 

Once a project passes review, validation, and verification, the Registry Administrator will submit the project to the centralized VCS Project Database to ensure the Project is unique among the VCS Registries. Upon such checks, the Registry Administrator will post the project documents and emissions data to the Project Database and thus receive unique serial numbers for the VCUs to be issued on the Registry. The Registry Administrator will issue the VCUs into the Project Proponent's account, once the Project Proponent submits the Registry VCU Issuance Fee and the VCSA Levy Fee.  

Once the credits are deposited into the Project Proponents account, they are then available for future transfer to other Account Holders within the Registry. The Registry will also provide Account Holders the ability to retire VCUs and provide public reports indicating VCU status.

Q: How do I become an Account Holder?
A: The registration process begins by filling out the online account registration form . You will be kept informed of next steps and access to helpful resources to guide you through the process.

Q: How can I stay informed of updates?
A: This website will be regularly updated. Also, you may sign-up to receive regular e-mail updates.

Q: Who can register a project with the APX VCS Registry?
A: The only entity which May initiate the Project Registration Process is the Project Proponent.  The Project Proponent may or may not be the Project Owner, however, if it is not the Project Owner, a Proof of Right must be submitted by the Account Holder. Project Owner is defined as the Project Proponent stated in the Project Description and validated by the Validator as having ownership of the Project and original right to the Project’s Emission Reductions. The Project Proponent is defined as the Project Owner or an entity to which the Project Owner has assigned sole right to the Emission Reductions for the entire Project Crediting Period. No other entity may initiate the Project Registration Process.

Q: Does the APX VCS Registry accept and issue VCUs for VCS version 1 projects?
A: The Registry can issue VCUs for the VCS v1 projects as long as the VCUs meet the criteria put forth in section 5.2.1 of the VCS 2007 document and have not already been registered in a different registry.  For more information please visit: http://www.v-c-s.org/docs/VCS%202007.pdf

Q: What information is available to the public?
A: The Registry will offer publicly accessible reports showing the following:  a directory of organizations using the Registry, a list of VCU registered projects, a list of all VCUs Issued and a list of all VCUs Retired, .

Q: What is your source for the claim that VCUs make up 30% of the Voluntary Carbon Market and what year does it apply to?
A: Please see the report “State of the Voluntary Carbon Markets 2008” published by Ecosystem Marketplace and New Carbon Finance. This is one of the most widely respected reports on the voluntary carbon market and contains a range of market sizing information.

Q: Will it be possible to register partial vintages of projects - or does one have to register the entire vintage?
A: A Project Proponent must register an entire vintage with the Registry. The VCUs will be deposited into the Project Proponents account at which time they may be transferred to other Account Holders within the Registry.

Q: How do you check the integrity of the credits? Let's say a Project Owner has validated the project twice with two different DOE's and has named the project slightly differently and described it slightly differently? How do you avoid double counting?
A: When projects are entered into the VCS Project Database by the Registry Administrator, the latitude and longitude for each project is compared to all other projects.  If a project is located in close proximity to another project already registered, the project is flagged by the VCS Project Database and the Registry Administrator provides the Verifier with information about the other projects in order to determine if the project is being double counted.

In addition, we will check projects against other carbon standards to ensure a vintage for a project has not been created in another registry.

Q: What documentation is required for Project Registration and VCU Issuance?
A: The documents required are listed below. The signed originals of the Project Proponent Registration Representation and the Project Proponent Issuance Representation shall be provided to the Registry Administrator. All other Project Documents may be submitted to the VCS Registry Administrator in electronic format:

• Project Description
• Validation Report
• Project Proponent Registration Deed of Covenant*
• Monitoring Report
• Verification Report
• Project Proponent Issuance Deed of Covenant*
• Proof of Right

Q: Do projects have to be VCS validated prior to becoming registered on the APX VCS Registry?
A: Yes, at a minimum projects should be validated through an accredited Verifier/Validator who will—along with the Project Proponent—submit project information to the Registry Administrator. Project Registration can occur prior to verification, but after validation. 

Q: If the first step for a Project Proponent is to submit the project data, is this done through the Registry?
A: Yes, the project details are entered into the Registry by the Project Proponent.  The accredited Verifier/Validator may use the Registry to submit documents and verify project information. Or the accredited Verifier/Validator may prefer to have the Project Proponent submit the documents to the Registry. 

Q: Does a project have to be verified before it can be registered? Can it be listed after validation?
A:  Projects do not have to be verified prior to being registered in the Registry.  A project registered prior to validation will exist in a ‘Pending’ state until validation has been completed.  Projects pending registration approval will not be listed in public reports.    Projects registered in a Registry will automatically be registered in the VCS Project Database.

Q: How does approval of transfer take place, what documents are required for this?
A: Additional documentation is not required for the transfer of VCUs as long as both parties have accounts within the APX VCS Registry.  The transferor will simply identify the transfer recipient from a dropdown list and initiate the transfer, which when confirmed by the recipient, will move the VCUs from one account to the other.

Q: Will APX also check with other registries if projects are already registered to avoid double selling?
A: The VCS Registry Administrator will check with other GHG Registries.  In addition, when the project is submitted to the VCS Project Database by the Registry Administrator, the Project Database checks that no other VCS Registry lists the same project for the same vintage being requested.  If there is any question about project uniqueness, the accredited Verifier/Validator and Project Proponent are contacted by the Registry as part of the validation and verification process.

Q: Is it possible to register projects which have already been verified as VCS v1?
A: Yes. It is possible to register these projects. The VCS Registry can issue VCUs for VCS v1 projects as long as they meet the criteria in the VCS 2007 document.

VCS v1 validation and verification has been completed within the appropriate timeframes, pursuant to the VCS 2007.1 documentation. Specifically, the VCS Registry administrator shall check the following:

• The issue date of the VCS v1 Validation Report shall be before 19 November 2007, or the Validator shall be contracted before 19 November 2007. With respect to contracts entered into before such date, the Validation Report shall be issued by 19 May 2008 and proof of contracting shall be demonstrated as outlined in Section 7.6.1a.
•  The issue date of the VCS v1 Verification Report shall be before 19 November 2007, or the Verifier shall be contracted before 19 November 2007. With respect to contracts entered into before such date, there is no specific date by which the Verification Report needs to be issued, but proof of contracting shall be demonstrated as outlined in Section 7.6.1a.

Q: Is a VCU interchangeable with VER?
A: Voluntary Carbon Unit (VCU) is the specific term for project offset credits generated from Voluntary Carbon Standard (VCS) approved and verified carbon reduction projects. Verified Emission Reduction (or Voluntary Emission Reduction) is the broader industry term for project offsets in the voluntary market. A VCU is a subset of all VERs.

Q: It looks like there are multiple registries - why choose one standard over another?
A: Primary drivers for market participants in deciding to choose a particular voluntary standard can include the project types, protocols, geographies, and specific methodologies that are associated with that particular standard.  The market value of offset credits also varies across standards. APX provides market solutions that power the most widely used international standards including the Gold Standard, the California Climate Action Registry’s Climate Action Reserve, and the VCS.

Q: Must retirement account information be public?
A: The retirement of specific VCUs must be made public for program transparency. However, making public the account information associated with the retirement of VCUs is an option for Registry Account Holders. It is also possible to set up private accounts that do not provide the public or other Account Holders with any identifying information about the Account Holder.

Q: Who are the accredited Verifier/Validators? Where would that information be located?
A: The VCS Association has an approved list of Verifiers/Validators. This list will be centrally available on the VCS Project Database under the Public Reports.

Q: How will this correlate with the voluntary market being developed in California under AB32 via CCAR?  Will voluntary units bought through APX be valid/transferred there? 
A: This is still an open question among regulators, and is certainly being discussed. There is a possibility that certain high quality offsets, such as those from CCAR, VCS, the Gold Standard, and potentially certain CDM/JI credits may qualify under California, WCI, or federal rules.  APX is tracking this closely and we will keep our stakeholders informed.  No decisions have yet been made by regulators on this question.

Q: Does the system have the capability to track transactions related to ex-ante credits such as with forestry projects?
A: Based on VCS guidelines, the APX VCS Registry will not issue ex-ante VCUs.  All VCUs issued by the Registry will be for forestry reductions that have been monitored, measured, and verified.  Other VCS supported standards such as the California Climate Action Registry’s(CCAR) Climate Action Reserve also offer forestry protocols.

Q: Is a General Account Holder allowed to register a project on behalf of a Project Owner?
A:  Based on current VCS Association guidelines, the Account Holder must show Proof of Right in order to register a project on behalf of a Project Owner. If you are not certain about the potential to register projects in any capacity, you may register as a General Account Holder today, and change your account type at a later date.

Q: If we are currently qualifying and obtaining carbon credits with CCX, would we be able to participate in your program?  Would our Verifier/Validator need to apply for approval with your organization?
A: Yes, you may register to use the APX VCS Registry. Verifiers need to be accredited through the VCS Association. For more information on this please see the VCS site at  http://www.v-c-s.org/validators.html

Q: How long after the Verifier has approved our documentation will the issuance of VCUs take place?
A: Assuming that all required documents and information have been attached and verified, the issuance of VCUs should follow within a few business days, assuming the Project Proponent has paid all relevant issuance fees.  Upon payment, VCU issuance will occur immediately.

Q: Is there a protocol for the registration of Energy Efficiency projects for VCU generation?
A: The VCS standard follows the project scopes and protocols defined by the UNFCCC, which include Energy Demand as a specific scope.  As a result, VCUs can be generated for certain types of EE projects.  More information is available at http://www.v-c-s.org/methodologies.html and http://cdm.unfccc.int/DOE/scopes.html. 

Q: It is possible to buy VCUs on the APX VCS Registry?
A: Yes, the Registry may be used to find and track available project offset credits and have those transferred to the purchaser’s account. The actual financial transaction is conducted outside the Registry through a bilateral relationship or other vehicle such as an exchange.

Q: Can a project be registered on the APX VCS Registry and the Gold Standard Registry at the same time?
A:  Yes, the same project may be registered in both registries.  However, credits may only be issued in one registry for any single monitoring period.  The Project Proponent is responsible for notifying the VCS when a project is registered with another program.

Q: Is there a way to join all the platforms at once? Is there a single joining fee?
A: Because APX provides market systems for the Gold Standard, the California Climate Action Registry’s (CCAR) Climate Action Reserve, the VCS, plus renewable energy markets worldwide, APX does intend to provide a “single view” for organizations to manage their portfolio of environmental assets in one convenient place. This is not in place today, but stay tuned for more on that.

Q: What if documents get updated? Is it possible to upload new versions?
A: Yes. New versions may be uploaded, viewed and tracked in the Registry.

Q: Do updates to documents replace older versions?  In other words, can participants see older versions of a document?
A: Once VCUs have been issued, all documents associated with the project are frozen and cannot be deleted or replaced. New versions can be uploaded to provide supplemental information. It is possible that the VCS Association may review this requirement depending on the erroneous document, or need for the update – but at this point it is not possible to replace documents after VCUs have been issued for a given reporting period.

Q: How do we find out what types of projects qualify for the VCS and VCU issuance?
A: The VCS Association site provides some high-level information on project types and accredited programs at http://www.v-c-s.org/documents.html and http://www.v-c-s.org/programs.html
In general, however, the VCS standard follows the project scopes and protocols defined by the UNFCCC, which has a very comprehensive list of accepted project types and methodologies. UFCCC information is available at http://www.v-c-s.org/methodologies.html and http://cdm.unfccc.int/DOE/scopes.html.