Scheme Timeline

The following outlines the proposed timetable for the development and establishment of the Reef Credit Scheme

Date Milestone
30th October 2018 Presentation of draft Reef Credit Standard and Guide to key stakeholders
12th November 2018 Public Consultation on draft Reef Credit Standard and Guide commences
Throughout November 2018 Targeted stakeholder briefings on draft Reef Credit Standard and Guide

12th December 2018

January-February 2019

Public Consultation on draft Reef Credit Standard and Guide concludes

Consideration and response to Public Consultation on draft Reef Credit Standard and Guide

March 2019 Presentation of finalised Reef Credit Standard and Guide
April 2019 Development of Methodology Approval Procedures
May 2019 Establishment of Technical Advisory Committee
June 2019 Peer review of first Methodology
July 2019 Establishment of formal governance arrangements

August 2019

September 2019

Registration of first Reef Credit Projects

Issuance of first Reef Credits

Next steps

Peer Review of the First Proposed Methodology
Peer reviewers will be appointed by the Secretariat as subject matter experts to ensure methodologies are theoretically rigorous, scientifically robust and practically workable. It is anticipated that the peer review process for the first proposed methodology titled ‘Method for Accounting Reduction in Nutrient Run-off through Managed Fertilizer Application’ will commence in June and will be completed by July. The process for peer review of methodologies is set out in the Reef Credit Standard, Schedule 5.

The peer review process will include broader public consultation on the proposed methodology. The Reef Credit Secretariat will be seeking this public comment on the proposed methodology in June. The public consultation period will run for 30 days in parallel with the subject matter expert review.

Establishment of Governing Body
An independent skills based Board of Directors will be established to provide oversight to the Reef Credit Scheme. It is anticipated that the Board will be established by July at which time the first Reef Credit Projects may be submitted for approval.

All components of the Reef Credit Scheme, including the governance arrangements, will be reviewed at the end of 2019 when the beta phase concludes. The revised arrangements will then be formally ratified by the Board.