Retire on Verra
”Attention: Verra Registry currently does not support the tokenization of carbon credits and this will not be available on the Toucan UI. Verra Registry is currently identifying the safest way forward regarding carbon credit tokenization. Read our official response to the Verra announcement. official response to the Verra announcement.”
Next, the carbon credits to be tokenized are retired in a traditional carbon registry and the unique identifier of the
BatchNFTis included in the retirement note. By including this unique identifier in the public registry, we create a permanent link between the retirement event and the NFT.
For this step, you need to have a registry account or work with someone who does. If you don't have access to a registry account, you will need to work with someone who does.
It is critically important that you or the Verra account holder follow these instructions carefully, or you may make mistakes that lead to irrevocable loss of funds / carbon credits, for which Toucan is not liable.
Caution!!! You must only retire credits from the same project AND vintage in a single retirement. In no case can you retire credits from different projects or vintages in the same retirement event!
So if you have credits from Project A from 2010 and 2011, these must be retired in separate events!
Furthermore, you must include different Retirement details for these different retirements. You will need to work with the person buying the credits from you to provide enough Toucan retirement details for each retirement.
DO NOT RETIRE CREDITS FROM DIFFERENT PROJECTS OR VINTAGES IN THE SAME RETIREMENT!!
Next, you'll retire the batch of carbon credits you want to bridge on the Verra registry. It is critical that you include the information provided by Toucan when you submit the retirement, including:
- the Beneficial Owner: the Ethereum address that initiated the batch bridging process,
- the Retirement Reason: "Other",
- the Retirement Detail: a string containing the Toucan batch NFT ID.
- Also check two boxes:
Make Account Name, Beneficial Owner, and Retirement Reason Publicand
Make Retirement Reason Details Public.
Notice how the code Toucan provides to include as the retirement detail includes a hexadecimal number. This is the transaction hash of the "mint empty batch" transaction, meaning it is connected to the Ethereum address that initiated it, the NFT contract and the token ID.
Including this information in the retirement creates a unique, one-to-one link from the batch retirement in the source registry and the batch NFT on chain.
- 1.Log into your Verra account. (If you are using the EMA interface for Verra, that is ok as well).
- 2.Go into the account where you are holding the credits to be retired In “Transfer Quantity” on the right, input the number of credits to be retired, and check the box for “Add Batch.” DO NOT select credits from different projects, or from the same project but different vintages.
- 3.Go to the top left and make sure the total number to be retired matches what you inputted, and hit the “Batch Transfer” button.
- 4.In the retirement interface, select the “Retirement Sub-account” radio button.
- 5.Input in the exact details provided by Toucan.
- 6.Check the boxes to make all information public.
- 7.In the “email notifications” section, make sure to include [email protected] among the emails you send confirmation to. (This is important!!)
- 8.Send the serial number of the retirement to the person using the Toucan Carbon Bridge.
Initiating a retirement in the Verra account interface. Project Type and Vintage values MUST be the same to check "Add Batch".
Input the details provided by Toucan in the appropriate fields here, and check the right boxes!