Create carbon data rights certificates

Last updated 2 May 2024

Issuance of BRUs

Disposal of CDRCs

Create a CDRC

An important development slated for January 1, 2025, is the transition from Carbon Credit to Data Asset Rights Certificates (CDRCs). This shift signifies a strategic move toward a more comprehensive approach to ownership attribution. Data Asset Rights Certificates will serve as the primary means to demonstrate ownership, offering a modernized and versatile solution within the marketplace.

To facilitate this transition, you must first select the appropriate BidCarbon removal units (BRUs) to create CDRC. Once created, these CDRCs can be sold through the secondary market.

Who can create CDRCs

To create a CDRCs, you must be a BUC Registry account holder.

We support the following CDRC par value for sale in the BidCarbon marketplace.

CDRC par value

Pay the fee

After submitting your application, pay the fee at the BUC Registry. Please ensure that you are authorised to pay the fee.

Please note that fees vary depending on the units for CDRC.

If you are applying for a 100 par value certificate and need to enter 100 valid BRUs, we will charge you RMB 800 in accordance with the current fee schedule.

Creating CDRCs

Create your certificates in the BUC Registry.

Before you create CDRCs, you must:

● the BUC Registry account has the required BidCarbon removal units (BRUs).

● have a REC Registry account with appropriate permissions

● prepare and submit adequate supporting documents

You can create CDRCs after entering BRUs or in bulk. If you're creating in bulk, ensure all BRUs unclaimed CDRCs.

Ensure you have entered the BRUs correctly before you submit.

For help navigating the BUC Registry, use our guide when adding BRUs and creating CDRCs.

CDRC supporting documents

To support your CDRCs claim, prepare the following:

● select an accounting firm to issue a financial audit report from the Greenhouse and Energy Auditors Register.

● a statutory declaration signed by the account holder is required. This declaration must attest to the accuracy and ownership of the BidCarbon removal units (BRUs) being selected for conversion into carbon data rights certificates (CDRCs).

● to authorize the sale of BidCarbon removal units (BRUs) from the balance sheet, the following documentation is required: a resolution of the Board of Directors, a resolution of the Shareholders' Meeting, or a decision of the shareholders. These documents formalize the decision to sell the BRUs and guarantee that all necessary legal and organizational approvals are obtained.

● a supplier agreement with BidCarbon Carbon Trading Company for the sale of BidCarbon removal units (BRUs) must be formalized by drafting a comprehensive agreement.

You are responsible for creating the correct number of CDRCs.

We assess certificate claims to ensure they are valid. CDRCs must be registered before you can buy or sell them.

Validation takes up to 14 days. Track the status of your CDRCs in the BUC Registry under 'CDRC summary'.

To help us validate certificates, we use:

● Financial Audit Report

● Statutory Declaration

● Resolutions or Decision Letters

● Supplier Agreement

Keep a record of your supporting documentation. We may request it for auditing or compliance activities.

Validating CDRCs

After we've validated your Carbon Data Rights Certificates (CDRCs), you will receive an email from the @bidcarbon.com domain.

You need to pay fees to finalise registration. The first 10 certificates you create are free. Once you exceed 10 CDRCs, fees will apply to all subsequently created certificates.

The fee is 1.50 CNY per unit of BidCarbon removal units entered to create the CDRCs.

If fees apply, you can pay them in the BUC Registry.

Once registered, certificates will appear as registered in the BUC Registry.

Registration fees

We may fail CDRCs if:

● you entered more BRUs than you're eligible for.

● you create CDRCs for the wrong period

● there is no supporting documents

● we find inconsistencies about your supporting documents.

We will only fail the ineligible CDRCs in a claim. Valid CDRCs in the same claim will still pass.

This ensures that only the CDRCs that do not meet the necessary criteria are rejected, while valid components of the claim are approved.

If failed, a record will:

● be published on the public register.

You can still create more CDRCs in the following month. Further claims must be supported by additional information to demonstrate the newly created CDRCs' eligibility for registration.

Failed CDRCs

If we fail your CDRCs, we will email you with details of the failed claim. The notice will include:

● why the CDRCs were failed

● some or all of BidCarbon removal units (BRUs) have been surrendered or cancelled.

You have until the end of the legislated creation window to re-create the CDRCs.

You can request a review of our decision within 60 days. Your request must be in writing. If we don't give a written notice of intent to review within 60 days of your request, the decision is confirmed.

What to do if CDRCs are failed