The Gigatonne Open Reporting Platform is an innovative new platform used to collect, store and display audit level performance data from Gigatonne Teams around the world.
The reporting platform is open source. This means that any third party is able to verify our super credits. Purchasers are able to indicate a verification preference, either with an established registry, for example, Gold Standard or Verra, as well as conducing independent audits via their accountants for example.
How does the reporting work?
At the heart of the Platform is a tool called CROI (Capital’s Return on Investment), which allows teams to report their activities in real-time. CROI helps establish a baseline for every team and every prototype built.
The baseline is the existing level of emissions prior to starting any action. Teams are required to gather specified data points which will provide information on Gigatonne Requirements and conditions (like additionality). Baseline data is context specific and is dictated by each methodology.
All actions are captured and their impact aggregated on a dashboard to assess progress and contributions across multiple capitals.
What do teams report?
Teams report on type and quantity of waste collected, waste transported and compost and food produced, along with photographs. Teams also report on their expenses, equity benefits and partnerships formed during the course. The purpose of CROI is for teams to report holistically about the impacts of their activities. CROI is currently at version 1 and we plan to develop a scaled version 2 to support more teams and be GDPR compliant.
How are returns calculated?
To calculate returns on multiple capitals for teams that have reached L3 and beyond, a CROI Reporting Tool has been developed where teams update a variety of metrics, information, and proofs to further corroborate the story of their prototypes and sprints, as they go through the levels. The reporting requirements increase based on performance levels.
The CROI Reporting Tool is intended to be a practical way to measure and evaluate performance standards, while collecting and generating real-time, shared data, so that investors can have confidence that teams are delivering a return on investment.
Teams report on type and quantity of waste collected, waste transported and compost and food produced, along with photographs. Teams also report on their expenses, equity benefits and partnerships formed during the course. The purpose of CROI is for teams to report holistically about the impacts of their activities.
CROI is currently at version 1, a scaled version 2 is planed to be developed to support more teams and be GDPR compliant.
What are the current Verification processes in the market?
Carbon credit verification platforms are essential for ensuring the credibility and transparency of carbon credits. These platforms verify that the carbon credits have been accurately measured, verified, and registered, and they provide a mechanism for buyers and sellers to trade carbon credits.
The current state of carbon credit verification platforms is rapidly evolving, with new platforms emerging to meet the growing demand for carbon credits. The following are five of the main carbon credit verification platforms currently operating:
Verra is a leading global standard for the certification of carbon credits. It was established in 2005 and has since verified over 2,500 projects in more than 130 countries. Verra offers a range of certification programs, including the Verified Carbon Standard (VCS), the Climate, Community, and Biodiversity Standards (CCB), and the Sustainable Development Verified Impact Standard (SD VISta). Verra's standards are widely recognized and accepted by both voluntary and compliance markets.
Gold Standard is a certification standard that focuses on climate and development outcomes. It was established in 2003 and has verified over 1,500 projects in more than 80 countries. Gold Standard offers a range of certification programs, including the Gold Standard for the Global Goals, which aligns with the United Nations Sustainable Development Goals (SDGs). Gold Standard's standards are widely recognized and accepted by both voluntary and compliance markets.
The CCB Standards are a certification standard that focuses on the co-benefits of climate action, such as biodiversity conservation and community development. The CCB Standards were developed by a group of non-governmental organizations and have been widely adopted by project developers, buyers, and investors. The CCB Standards are accepted by both voluntary and compliance markets.
American Carbon Registry (ACR)
The American Carbon Registry is a carbon offset registry and verification platform based in the United States. ACR offers a range of carbon offset standards, including the ACR Standard, which focuses on greenhouse gas emissions reduction projects in North America. ACR's standards are accepted by both voluntary and compliance markets.
Verified Carbon Units (VCUs)
VCUs are a type of carbon credit that is verified by the United Nations Framework Convention on Climate Change (UNFCCC). VCUs are created through the Clean Development Mechanism (CDM), which allows projects in developing countries to earn carbon credits for reducing greenhouse gas emissions. VCUs are widely recognized and accepted by compliance markets.