Regulation .01 Definitions.
Regulation .01 Definitions.LinkCopy Citation
A.
In this chapter, the following words have the meaning indicated.
B.
Terms Defined.
(1)
“Aggregator” means a person that:
(a)
Provides or contracts for environmental outcomes; or
(b)
Provides or raises capital to finance delivery of environmental outcomes.
(2)
“Environmental outcome” means a commodity that is modeled or directly measured as a single, quantifiable, and certified unit of improvement to the environment, including a nutrient or carbon benefit.
(3)
“Environmental outcomes project” means a project designed to secure environmental outcomes.
(4)
“Evaluator” means a person other than an aggregator that determines whether environmental outcomes have been achieved based on defined performance measures.
(5)
“Outcome payment” means the money paid when a pay-for-success contract performance measure is met.
(6)
“Pay-for-success contracting” means a performance-based procurement method through which a unit contracts with an organization to deliver services or commodities in exchange for payment based on the achievement of outcomes.
(7)
“Quantification plan” means a plan in which an aggregator describes:
(a)
The method that will be used to measure or model environmental outcomes and co-benefits under a pay-for-success contract;
(b)
The compliance monitoring that will occur to ensure that the actions proposed in the pay-for-success contract are taken and maintained over the life of the project;
(c)
Verification steps that will be carried out by the State to confirm model results or accurate measurement of environmental outcomes; and
(d)
The timeline for proposed payments under the pay-for-success contract.