Terminology
Monitoring, Verification and Certification of Carbon Credits
Approved Methodology
Methodology approved by the UNFCCC Methodology Pane (MP) and CDM Executive Board (EB) for defining the baseline, evaluating the project emissions and emissions reductions and defining the monitoring procedure for a large-scale CDM project involving just one type of activity.
Approved Consolidated Methodology
Methodology approved by the UNFCCC Methodology Panel (MP) and CDM Executive Board (EB) for consolidating results from application of a number of approved methodologies in order to calculate emissions reductions for a large-scale CDM project involving different types of activities.
Methodology Panel (MP)
A UNFCCC/CDM expert panel reporting to the CDM Executive Board (EB) that reviews and assesses new methodologies or methodology revisions proposed by project developers for choosing the baseline to be used as a basis for comparison with planned and actual emissions reductions, and for monitoring and verifying actual emissions reductions achieved.
New Methodology (NM)
A new methodology submitted by a project developer to the UNFCCC Methodology Panel (MP) for approval.
Approved Small-scale Methodology
Methodology approved by the UNFCCC Methodology Panel (MP) and Executive Board (EB) for calculating emissions reductions for a small-scale CDM project.
Gold Standard Methodologies
Methodologies approved by the Gold Standard for defining the baseline, evaluating the project emissions and the emissions reductions, and defining the monitoring for a voluntary project activity.
Monitoring
Application of the approved methodology contained in the Project Design Document (PDD) for monitoring actual emissions reductions and sustainable development impacts of a CDM, GS-CER or GS-VER project.
Start Date of Construction or Implementation
Start of any activity covered by the project budget for construction of buildings and infrastructure or installation of hardware in the vicinity of the project location.
Verification
Report by a UNFCCC-accredited Designated Operational Entity (DOE) confirming the amount of reductions achieved by a CDM, GS-CER or GS-VER project during a specified time period, on the basis of which carbon credits are issued.
Certification
Certification by the Executive Board (EB) for CDM projects and by the Gold Standard Foundation for GS-CER and GS-VER projects that, during a specified time period, a project activity achieved a stated amount of emissions reductions, expressed in tons of CO2e, and issuance of carbon credits for the certified amounts.
The Gold Standard Foundation issues carbon credits for GS-VER projects and labels for GS-CER projects.
Crediting Period
The period during which a carbon credit remains valid, which may be either for 7 years, renewable twice up to a total of 21 years, or for a single period of 10 years.
The crediting period is chosen by the project developer as part of the project design process. For Gold Standard credits, when a 7-year period is chosen, the baseline and assessment of sustainability indicators must be renewed and revalidated after each 7-year period.
Retroactive Crediting
Crediting of certified emissions reductions that have been generated by a project prior to its registration under the Gold Standard.