Okla. Admin. Code § 155:30-5-5

Current through Vol. 42, No. 8, January 2, 2025

Section 155:30-5-5 - Performance criteria for state approved aggregators

State approved aggregators shall do the following:

(1) Gather the required information for each offset from participating landowners with whom they are contracted;

(2) Submit offset documentation to the Commission pursuant to these rules;

(3) Have verified by this program at least ten percent of the Oklahoma carbon contracts on which the applicant, applicant's company or representative is a contract signatory;

(4) Maintain a monetary reserve to cover offset buyer losses caused by reversal;

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

(6) Establish and implement acceptable protocols for landowner contract non-compliance;

(7) Track project information as required;

(8) Report offset information to the state carbon offset registry pursuant to these rules;

(9) Disseminate to the public reliable information about carbon sequestration in Oklahoma;

(10) Encourage landowners to maintain contracted practices that sequester carbon and that result in the sequestered carbon remaining in place at least through the duration of the contract; and

(11) Include the following information in landowner contracts:

(A) Length of time the carbon sink shall be maintained;

(B) Verification requirements;

(C) Compensation protocol;

(D) Reserve stipulations;

(E) Landowner non-compliance stipulations; and

(F) Clear explanation of who owns the rights to the offset.

Okla. Admin. Code § 155:30-5-5

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