Registry

PVCs are allocated unique serial numbers, ensuring that there is no double-counting or double issuance of PVCs. In addition, once a PVC is retired is cannot be sold again. 

The S&P Global registries also list all PV Climate projects and project documentation that is responsible for the issuance of PVCs (PDDs, technical specifications, annual reports and audit reports).

To issue, transact and retire PVCs and account with S&P Global is required. 

There are two registries in currently in operation for PV Climate projects. The PV Climate registry V4 lists all PVC issuances, transactions and retirements made for PVCs generated from projects certified beneath PV Climate V4, the 2013 version of the Standard. 

The PV Climate registry V5 lists all PVC issuances, transactions and retirements made for PVCs generated from projects certified beneath PV Climate V5, the updated 2022 version of the Standard. 

This updated version of PV Climate (V5) includes new PVC unit types and workflows associated with the conversion and allocation of these units. This is reflected in the new registry. In the future, PVCs issued, transacted and retired from projects certified under PV Climate V4 will also be present on 

In the short term, we have created these on a new and improved registry system that is separate to the V4 Standard. In the long term, we will migrate the old V4 PVCs over to this new system. We will inform our stakeholders when this migration is due to occur and, until then, there will be two different registry systems for the two different standard versions.

When buyers purchase PVCs from a project, the project/ intermediary retires a respective number of PVCs on the buyer's behalf. This "retirement" represents the action of offsetting, and can be viewed by anyone on the S&P Global Registries. Since each set of retired PVCs has a unique serial number and a reference to whom they have been retired on behalf of, buyers can publicly find their retired credits on the relevant S&P Global Registry in the relevant project/intermediary account.

By using a third party registry to track every carbon credit (from the issuance, transfers, retirement and cancellation of credits), and allocating every credit issued a unique serial number, credits are clearly differentiated. Each credit can only be retired once on the registry and once retired, is taken out of circulation. This prevents 'double counting' (also known as 'double claiming' or 'double issuance').

Only those with a Plan Vivo account on the relevant S&P Global registry can hold, transact and retire PVCs. However, certificates can be retired by project or intermediary account holders on behalf of other entities (see "beneficial owner" and the retirement note on the image above as an example). Given this, and that holding an S&P Global account incurs annual fees (a Fixed Registration fee -$800.00 USD-, and a pro rata Registration Renewal Fee) we do not encourage buyers to seek their own account on the registry, except for in exceptional circumstances. Instead, we recommend that buyers purchase credits from projects or intermediary and request that the credits are retired on their behalf.

Sustainability agencies, consultancies, intermediaries or end buyers may want to manage their own account and PVCs. If this is the case, we encourage these organisations to apply for an S&P Global Account.