The Market Rules have been developed and supported by the Steering Group and their legal advisors. They are currently being considering by the Somerset Local Planning Authorities who must decide on the validity of the credits in their role as Competent Authority under the Habitats Regulations.
Finalisation and publication will occur at least four weeks prior to the launch of the first market round for permanent projects and credits. The Market Rules will cover the following components:
How to participate in the Catchment Market and the requirements for registration.
How to propose and register a Nature-based Project and the Baseline Data and Project Data required for registration.
How Nature-based Projects will be accredited for the Environmental Services they deliver, and the standards that will apply to accreditation.
How Environmental Credits will be registered and the requirements for registration.
Market Bidding (Supplier)
How to offer to supply a Nature-based Project.
Market Bidding (Buyer)
How to bid to buy Environmental Credits.
How Market Rounds will be run, prices determined, and the standard conditions for Market Agreements.
Credit Issue and Transfer
How Environmental Credits will be issued, transferred and redeemed to meet planning, permit and licence conditions.
Outcome Monitoring and Verification
How the environmental outcomes of Nature -based Projects will be monitored and verified and the Methodology that will be used.
How any gap between the Environmental Credits issued and environmental outcomes delivered will be estimated and balanced.