Market Governance

Trust in the Market depends on clear rules and procedures, with independent oversight.

Market Rules

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:

Participant Registration

How to participate in the Catchment Market and the requirements for registration.

Project Registration

How to propose and register a Nature-based Project and the Baseline Data and Project Data required for registration.

Project Accreditation

How Nature-based Projects will be accredited for the Environmental Services they deliver, and the standards that will apply to accreditation.

Credit Registration

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.

Market Processes

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.

Market Balancing

How any gap between the Environmental Credits issued and environmental outcomes delivered will be estimated and balanced.