11. Monitoring Requirements
The Monitor shall follow the requirements in the Approved Methodology to quantify the benefits and indicators defined in the respective Credit Class.
11.1. Monitor Requirements
The Project Proponent or a third party can perform Monitoring as stipulated in the Credit Class. It is recommended that the Monitor satisfies the following requirements:
Obtain Errors & Omissions Insurance for at least $1 million.
Has demonstrated technical expertise in the methods specified in the Approved Methodology, for example: satellite imagery and GIS analysis, biogeochemical models (if applicable), statistical analysis, GHG estimation, etc.
Monitors for all Credit Classes must satisfy these minimum requirements:
Have sufficient proof of identity
Be in a position of fiduciary duty to operate in the best interest of the Project
If the Project Proponent, Project Developer, or other Project Actor implementing Project Activities is also acting as the Monitor, they must sign a statement confirming their fiduciary obligations to minimize conflicts of interest and to monitor the Project in the best interest of the Project
If an organization other than the Project Proponent is acting as the Monitor, they must sign a statement confirming their fiduciary obligations to minimize conflicts of interest and to monitor the Project in the best interest of the Project. The Registry Agent and the Project Proponent must be satisfied that any potential for conflict of interest can be mitigated.
To limit the potential for conflict of interest in this scenario, Monitors will disclose all relationships, such as familial or fiduciary, within the past three years between the Monitor on the one hand, and the project and Project Proponent on the other.
11.2. Payment for Monitoring
Project Proponent is responsible for engaging and paying for monitoring.
11.3. Monitoring Procedure
The Monitor shall gather all the monitoring data (if applicable) provided by the Project Proponent using the respective Regen Registry templates. If there is missing information, the Monitor will communicate the gaps to the Project Proponent who in turn will resubmit the monitoring data.
The Monitor shall gather all other sources of data specified in the Approved Methodology necessary for the quantification process, for example satellite imagery or metrics from scientific literature.
The Monitor shall use the appropriate tools and follow the procedures in the Approved Methodology to quantify each ecological indicator.
The Monitor shall submit a monitoring report summarizing the quantification results and including the number of credits the Project Proponent is eligible for based on the definitions in the Approved Methodology and the Credit Class. The Monitor shall apply any estimation uncertainty deductions (if applicable per the Approved Methodology) to the number of credits reported.
11.4. Monitor Procedure Deviations
The Registry Agent will permit project-specific deviations from the Approved Methodology where they do not negatively affect the conservativeness of an Approved Methodology’s approach to the quantification of GHG emissions reductions and removal enhancements.
Monitors shall submit any proposed project-specific deviation to the Registry Agent. Monitors must provide evidence that the proposed deviation, such as a substitute calculation method for missing data, meets the conservative standards of the methodology.
The Registry Agent will review each such request, and if approved, deviations can be applied to a specific project, but are not published as modifications to the methodology. Any approved deviations must be communicated to the Credit Class Admin by the Registry Agent, and may be overridden by the Credit Class Admin.
11.5. Monitoring Acceptance
The Registry Agent will review each monitoring report to verify it conforms to the templates and the procedures specified in the Approved Methodology. If corrections are needed, the Monitor shall resubmit the monitoring report with the corrections.
Credit Issuance - If the monitoring report indicates the Project Proponent is eligible for credits and no verification is needed (see the Verification section requirements), the Registry Agent will issue credits to Project Proponent after the appropriate deductions as specified in the Program Guide and Credit Class.
The Registry Agent will make all monitoring reports publicly available.
11.6. Monitoring Schedule
The monitoring schedule will be dictated by the requirements in the Approved Methodology or Credit Class and will include:
Baseline measurement - performed upon project registration.
On-going measurements - as needed per the Approved Methodology.
Final Project Monitoring - to be completed at the end of the Crediting Term.
End of Permanence Monitoring - if applicable, a final monitoring round will be completed at the end of the permanence period.
11.7. Monitoring Oversight
The Registry Agent reserves the right to conduct oversight activities of monitoring performance of participating verifiers. Oversight activities are conducted to ensure an adequate level of quality control and are intended to supplement accreditation body oversight and audit processes.
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