While using Teravent and its associated services, you must read and understand Teravent's applicable policies, including this Governance and Decision Making Policy and the Teravent Privacy Policy.
Effective on June 21, 2024.
This policy outlines how major decisions are taken within Teravent Limited, particularly those relating to changes in technical standards and operating protocols, project registration processes, credit issuance and reversal decisions, and the treatment of confidential information. It establishes the internal governance structure for these matters and clarifies the responsibilities of the relevant leadership bodies.
Standard changes at Teravent fall under the authority of the Executive Committee. Proposals to modify Teravent's Standards may emerge from shifts in market expectations, regulatory updates, accreditation body guidance, or stakeholder feedback.
Protocol changes are overseen by the Science Senior Leadership Team - consisting of the Chief Science Officer, sub-team leads, and invited specialists. Updates to protocols may be prompted by scientific advancements, shifts in industry practice, policy changes, or stakeholder feedback.
A designated Science team lead coordinates drafting, submits to the Science Senior Leadership Team for review, enters a private consultation with the Expert Network, incorporates feedback, then opens for public consultation for no less than 30 days. Once endorsed, the updated methodology is published with a consultation feedback summary.
There may be situations in which a protocol must be suspended, such as when new evidence indicates that carbon removal performance has been overstated or when additionality cannot be assured. When such an issue emerges, the Science Senior Leadership Team appoints a lead investigator. Within two working days, the Team reviews the report and determines whether suspension is necessary.
If a suspension is warranted, the protocol is immediately marked as suspended and removed from public use. No new project validations may proceed under the protocol during the review period.
Project registration begins once a project proponent has formally entered into Teravent's standard terms and conditions. A suitable VVB is appointed through a structured selection process considering technical expertise, geographic relevance, and availability. The VVB receives methodology-specific training from the Climate Science team. After completing validation, the VVB submits findings to Teravent. The Verification team conducts a thorough review and prepares a recommendation for the Verification Senior Leadership Team, whose decision is communicated to both the VVB and project proponent.
Following project registration, the VVB conducts verification assessments at required intervals, typically annually. The Verification team analyses all relevant data, works with the VVB and project proponent to address any gaps, then submits a proposal to the Verification Senior Leadership Team recommending the number of credits to be issued. When approved, the Registry team carries out the issuance process.
If a potential need for credit revocation or reversal is identified - whether due to calculation errors, monitoring data indicating a reversal event, or new scientific evidence - the matter is initially reviewed within the relevant team. That Leadership Team meets within two working days to develop recommendations, which are then submitted to the Executive Committee for direction, also within two working days.
Project proponents may request that certain information be withheld from publication. Teravent considers such requests only when disclosure would breach confidentiality agreements, risk financial or reputational harm, or violate privacy laws. The Verification Senior Leadership Team meets promptly to determine whether the request should be accepted in full, accepted in part, or rejected.