Every link is occupied. The integrated, independent stack is not.
Capable specialists each own one link. Ratings agencies are trusted precisely because they refuse to originate or trade. Registries set the methodologies. MRV firms measure. Marketplaces settle. Infrastructure providers build the registry rails. End-to-end developers integrate, but grade their own credits.
Illustrative market participants, shown to map the landscape, not partnerships
Five layers that compound.
Each strengthens the next. The whole is far harder to copy than any single part.
A rival must win every stage at once.
A grade that survives “who grades the grader”.
A working authorisation lifecycle, the hardest thing to build.
Every graded project sharpens the next grade.
Settlement and measurement credibility we integrate, not rebuild.
Integrity isn't one number. We grade every dimension of it.
AAA is our 15-point claim-integrity standard. Around it we grade six further axes of trust, and weigh every rating against all 17 UN Sustainable Development Goals. Only credits that pass on all of them earn the premium.
AAA — claim integrity, scored across fifteen points.
Measurement quality · authorisation status · legal & carbon-rights certainty · additionality & permanence · co-benefits · jurisdiction risk.
Every rating is weighed against all seventeen UN Sustainable Development Goals.
AAA is a proprietary standard, seeking recognition, never certified. This is the depth the market doesn't offer.