Roles in the VEM define an individual or organization that performs specific VEM actions in the lifecycle of the marketplace. The roles defined here can be combined or performed by the same actor or individual.
A supplier performs the actions, in either an Ecological Project or Program (EP), for creating the asset value for use in the voluntary market and becomes the initial owner of the ecological benefit value generated. There can be multiple parties that are a part of the supplier role:
- Owner: the organization or individual that owns the assets used in the activity that is the source of the benefit claims. For an Ecological Project, this might be the farmer.
- Sponsor: the organization or individual that finances the activities generating the benefit claims. i.e. a bank or investment fund.
- Developer: the organization or individual that constructs or develops techniques or technologies used in the activities that generate the benefit claims, like a direct air capture device manufacturer.
There can be multiple participants in each of these, meaning there may be more than one sponsor. The identity of the participants is recorded in the EP.
An organization that establishes science-based standards for measuring, reporting and verifying (MRV) ecological benefit claims and issues value in the form of credit for claims that meet the standard set. A standard registry also certifies VVBs to collect and process claims based on the established standard. The creation of scientific based standards for MRV is a rigorous discipline that requires independence from commercial influence in the pursuit of accurate accounting of benefit or emissions claims.
A registry can also maintain a central registry of credits that they issued that can be sold directly via the registry or established as reference value on networks, exchanges or marketplaces.
An organization that is certified by a Standard Registry to validate and verify MRV claims issued by an EP. The VVB may provide technical infrastructure to suppliers to submit claims to be verified and other services to assist and speed the time to market for verified credits as supply.
An individual or organization that purchases verified credits issued by a Standard Registry. In the voluntary market these are usually corporate buyers using credits as offsets for unavoidable emissions to meet their stated ESG goals.
An organization that provides trading infrastructure to match buyers and sellers together and include services like settlement, clearing and risk management. Suppliers can list their credits on the exchange and buyers can trade directly or via a broker on the exchange.
An organization, commercial corporate banks, that provides services for suppliers/sellers and buyers like financing, portfolio management, custody, reporting, etc.