Frequently Asked Questions (FAQs) about the Verra Registry Transition
NOTE: These FAQs will be refreshed periodically. Please check this page for occasional updates.
(As of 30 March 2020)
The decision is directly tied to Verra’s strategy of broadening the scope of standards we manage. Over the years, we have taken over the management of or developed new standards, including the Climate, Community & Biodiversity (CCB) Standards and the Sustainable Development Verified Impact Standard (SD VISta). We anticipate that our portfolio of standards will continue to grow. Each of these standards will ultimately require the supporting services provided by a registry, and we believe that centralizing Verra registry administration will lead to more efficient and streamlined registry services.
Verra staff have been intimately involved in overseeing and guiding registry services provided by APX and IHS Markit, meaning we understand well the services we will need to support. In fact, Verra already administers one in-house registry in its capacity as an Offset Project Registry (OPR) for the California compliance offset program. The OPR will be integrated into the new Verra registry platform.
To complete this in-housing, we have partnered with APX to build our registry platform and have hired several new staff to manage account openings, oversee registration and issuance requests, and ensure the system runs smoothly and efficiently.
Until now, Verra’s multi-registry system has been the exception to the rule regarding registry administration. All of the major GHG programs manage their own registries.
All accounts will be subject to a Verra Know-Your-Customer (KYC) check, which will take place within 90 days of the go-live date. During that 90-day period, account holders will still be able to access and use their Verra Registry accounts and will subsequently be notified whether they have passed the KYC check.
Yes, if you are an active account holder participating in the APX or IHS Markit registries your projects, issuances, and active credit balances (i.e., holdings) will be available in the new Verra Registry.
If you are an APX account holder, all your account data will be migrated with your account into the Verra Registry. If you are an IHS Markit account holder, the following data will not be migrated to your Verra Registry account.
- Historical actions such as approvals, status changes and inter-registry or account transfers will not be “in registry” but they are available via report or data extract from your IHS Markit account prior to the cutoff time. It is recommended that account data is downloaded by 5:00 pm EDT April 3.
- User-created IHS Markit sub accounts will not be migrated; these will have to be recreated in the Verra registry. Your Verra Registry account will have a “Default Active” and “Default Retirement” sub account. These default sub accounts will have the holdings previously held in your IHS Markit sub accounts.
- Pending Issuance Units (PIUs) from IHS Markit accounts will not be available when the Verra Registry launches. Verra does anticipate developing a like-product in the future, but that will not be available on the go-live date.
- Note that if you hold accounts in both the APX and IHS Markit registries now, they will be available in the Verra Registry as separate accounts.
Yes, it is strongly recommended that you back up ALL of your account data by downloading or exporting it prior to the go-live date. This should include account details, sub account structure, holdings (Verified Carbon Units, or VCUs, and PIUs), transfers, projects, issuances, retirements and cancellations. Please contact your Registry Administrator if you need more information on how to do this.
Organizations who have outstanding financial obligations to APX or IHS Markit may not activate an account on the new Verra Registry until they are in good standing with the relevant existing registry.
In case an organization has a credit with APX or IHS Markit, the procedures will be as follows:
- In the case of APX: APX will issue checks to each account holder refunding them the full amount of any credit balance.
- In the case of IHS Markit: Account holders may reach out to IHS Markit with any questions.
Fee arrangements that account holders have with APX or IHS Markit will remain in effect until the Verra Registry has launched. As of the go-live date, the new Verra fee schedule will apply, which is available here. It is Verra policy to be transparent and fair with the fees it charges, meaning that they will be applied in the same manner to all users.
The hours of operation for registry administration are 8:00 am – 6:00 pm Eastern Time. You can contact the Registry Administration team at firstname.lastname@example.org. Note that only individuals listed as the “Account Manager” can contact the Registry Administrators regarding their accounts.