BioCarbon is constantly improving its provisions and practices to uphold the highest standards and best practices of integrity, transparency, and accountability in the carbon market. We are closely monitoring the use and retirements of BioCarbon’s Verified Carbon Credits (VCCs) from third parties to early identify and manage potential risks of traceability that might affect the unit’s identification or any provision linked to good registry practices.

It has recently come to our attention that VCCs have been transacted on IMPT (https://platform.impt.io/shop), a platform acting as a shopping reward model allowing users to receive and retire carbon credits. BioCarbon has identified shortcomings in compliance with applicable policies of the GHG program, such as the requirement to trace VCC serial identification numbers or the identity of beneficiaries retiring carbon credits. 

Any transactions involving VCCs are conducted exclusively through authorized channels acting in compliance with our Standard Operating Procedures (SOP), as outlined in our website and communications.

BioCarbon has conducted an in-depth investigation in this matter to ensure proper accounting of transacted and retired VCCs. Although the VCCs distributed had all been pre-purchased and no case of double-counting has been identified, BioCarbon has decided to temporarily freeze the bridge used for the distribution of VCCs channeled to this platform, until further decision and resolution. 

BioCarbon remains committed to working collaboratively with all market participants to digitally integrate with our registry in accordance with guidelines for best practices and procedures in place to ensure the integrity of transactions and the retirement of VCC.  We invite partners to learn more about our Tokenization Guidelines here, clarifying our procedure and safeguards in place for the authorization and operations of VCCs Third-Party Tokenization. 

Regards,

Team BioCarbon