SECTION 155:30-5-2. Applications for aggregators and verifiers

  Aggregators seeking to receive verification of carbon offsets and persons seeking to conduct verification of carbon offsets under this program must apply to and be approved by the Commission. This requirement may be waived for governmental entities that are participating in this program as a verifier under a written agreement with the Commission.

(1)   Obtaining an application. Applications may be obtained from the Commission.

(2)   Fees. The application shall be accompanied by payment of the application fee. The fee shall be paid by check, certified check, or United States Postal Money Order.

(A)   Aggregators. An aggregator shall submit with the application a fee of three hundred dollars ($300.00). An aggregator shall submit a new application with a fee of three hundred dollars ($300.00) every three years within the calendar month of the initial application.

(B)   Verifiers. A verifier shall submit with the application a fee of three hundred dollars ($300.00). A verifier shall submit a new application with a fee of three hundred dollars ($300.00) every three years within the calendar month of the initial application.

(3)   Contents. Applications shall be submitted on a form provided or in a format designated by the Commission. The application shall contain, at a minimum, the following information:

(A)   The name, address, and phone number of the applicant; and

(B)   Documentation showing that the applicant is an approved aggregator or verifier for a national or international carbon exchange, or documentation showing that the applicant meets equivalent criteria as determined by the Commission.

(4)   Aggregators. An applicant not affiliated with a national or international carbon exchange shall submit required information on a form provided or in a format designated by the Commission. The information shall include, at a minimum, the following:

(A)   Proof of a bond or other financial instrument that is not less than Ten Thousand Dollars ($10,000.00);

(B)   Description of past experience and available resources that demonstrates the ability to manage the marketing and tracking of an offset portfolio and of the capability to be an aggregator of carbon sequestration projects;

(C)   Description of safeguards in place to ensure that the risk of reversal is minimized and that, should reversal occur, a mechanism is in place that guarantees that the reductions or removals will be replaced or compensated;

(D)   Documentation of insurance or approved reserves of emission reductions, or some other guarantee to replace any unexpected reversals;

(E)   A monitoring plan that describes how potential reversals will be discovered, measured, or estimated and compensated in the event they occur; and

(F)   A sample copy of the contract that offset sellers will be asked to sign and samples of all supplemental information provided to the seller as part of the contract

(5)   Verifiers. An applicant not affiliated with a national or international carbon exchange shall submit on a form provided or in a format approved by the Commission, at a minimum, the following information to the Commission:

(A)   A resume;

(B)   A description of the applicant's expertise in the area of agriculture, forestry, geologic storage or the oil and gas industry, including specific experience verifying carbon offsets or sequestration in the specified area of expertise. When the applicant is a company, this information shall be provided for each individual person who will conduct verification on behalf of the company;

(C)   Information that demonstrates they are qualified and capable of conducting verification of projects in accordance with Commission established and approved verification criteria;

(D)   Documentation of any licenses, degrees, certificates, or specific training that qualifies the applicant to verify carbon offsets in the specified area of expertise; and

(E)   Documentation of errors and omissions insurance.

(6)   Time to file. An application may be filed with the Commission at any time.

(7)   Guidance and review. The Commission shall provide applicants with guidance, including copies of any additional policies, procedures, and necessary forms for the efficient administration of the program, and shall process applications in a timely manner.

[Source: (For information about related emergency rules, see Editor’s Note at beginning of Chapter); Added at 26 Ok Reg 1388, eff 7-1-09]