Create a carbon credit and make money

An Irish-based firm creates a carbon credit by having an ISO 14064 audit done of the measured reductions in GHG emissions that it has achieved by a change in process. To ensure that the emission reductions are genuine and real they are validated by an ISO 14064-3 trained individual.

The validated data is subsequently verified by a third party person who is also trained in ISO 14064-3. It is after the verification that the tons of carbon reductions, hence credits, are determined for the project. All validators and verifiers are independent of Cosain to prevent conflict of interest. At present there are over 30 people with ISO 14064 training in Ireland.
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To ensure that a credit is only created once, and sold to only one owner it must be placed on an independent registry. Cosain has partnered with Markit Environmental who is the carbon registry for the Irish market. Once you are a member of Cosain, you will automatically have an account on Markit.

Upon the verification of the carbon credit all relevant data and information about it, such as the verification reports, are sent to the registry. There they are stored and available for view by prospective buyers. Markit’s decision on registering a credit is independent of Cosain, ensuring all credits are robust and crediable. Cosain has no direct involvement in the creation of credits.

Cosain is a voluntary ‘Cap and Trade’ market, which means that a member as an Irish-based buyer must go about setting targets for reducing their own emissions on an annual basis. The prospective buyer undertakes an ISO 14064-1 audit of their emissions and correspondingly calculates a footprint.

Using this footprint as a baseline a target is set for an annual percentage reduction in emissions. This reduction is a mixture of internal efficiency measures and purchasing of credits.

Through the Cosain website the buyer logins into their account to access the trading platform. Within the trading platform the buyer identifies the quantity of credits it wishes to buy from another member. The platfrom is linked to the Markit Registry allowing the buyer to access relevant information on the credits such as how they were generated, through Biomass or other means. The buyer makes a bid on-line through the platform to the seller.

Upon acceptance of the offer the transaction is made, with the cash settlement made between both buyers and sellers accounts. Ownership of the credits are transferred between the two members Markit accounts simultaneously. Upon receipt of the credits the buyer then retires them. This prevents them being sold again and the 'offset' is made.