The following outlines the proposed timetable for the development and establishment of the Reef Credit Scheme
|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
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|
Registration of first Reef Credit Projects
Issuance of first Reef Credits
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.