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The Ratings process typically lasts 3-5 weeks from kick-off to publication Rating Process Six Stages
1

Developer engagement

Sylvera requests further documentation from the developer with a data request sheet, under a signed Engagement Agreement. This may include clarifying a variable used in a credit calculation, providing a shapefile of the project area, or commenting on external reports relevant to the project.
2

Analysis & scoring

Sylvera’s Core Pillars are assessed independently, based on the evidence gathered, then combined to form the letter grade (AAA–D). This grade reflects the project’s overall quality across every pillar.
3

Draft Rating shared

The developer reviews the draft during a 5-business-day feedback window. This gives them an opportunity to flag factual errors or provide additional context before the Rating is finalized.
4

Rating finalized

Sylvera incorporates feedback and publishes the Rating to the Sylvera platform

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Governance principles

  • Commercial conversations are always decoupled from Rating production. Commercial team members are not privy to scoring discussions
  • Even when the developer is the paying customer, engagement with Sylvera’s Ratings team remains separate. Analysts are not included in client-facing calls; our Client Delivery team acts as the intermediary between the Analyst team and clients
  • Purchasing a Rating can secure prioritization of the Rating’s timeline, but never influences its outcome
  • Every Rating within a given project type follows the same deterministic framework, so no project or developer is assessed on different terms

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Developer Engagement

Sylvera engages with project proponents as part of the Rating process for every project. To improve the quality and accuracy of our Ratings, and to ensure a fair process, we often seek clarification from proponents or request additional information. This could include asking a proponent to justify a variable used to calculate permitted credit issuance, requesting a shapefile (map) of an area of interest, or asking for comment on a press article about the project. Despite this engagement, Sylvera always maintains editorial control over its published materials.
1

Data collection

Sylvera shares a project type-specific Data Request Sheet as the first step. The developer will then provide Sylvera with all relevant project information, on an agreed timeline
2

Review

Sylvera reviews the information and asks material questions while producing the Rating. Documentation commonly requested includes carbon accounting data, project and reference area boundaries, financial models, land tenure records, benefit-sharing details, and explanations for any registry status flags
3

Draft shared

Sylvera shares the draft Rating with the developer for feedback, opening a 5-day feedback window
4

Publication

Sylvera incorporates the feedback it receives and publishes the finalized Rating

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Status labels

Pending developer engagement Screenshot 2026 09 15 At 15 42 28 This project is undergoing developer engagement. Finalized by developer Screenshot 2026 09 15 At 15 42 52 Sylvera has engaged with the developer. Any questions have been addressed and incorporated into the Rating, where relevant, as of the last update. No response from developer Screenshot 2026 09 15 At 15 40 46 The project developer has not responded, or has chosen not to engage with Sylvera. For more information, see our Project Developer Relationship Policy.

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Post Rating Care

Screenshot 2026 09 15 At 15 45 05

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On Watch

After we publish Ratings, if we become aware of circumstances that could lead to a material change to a project’s Rating, including its withdrawal, we place the project On Watch until the review is complete. This status signals to market participants that a project’s Rating is more likely than not to change, positively or negatively, as a result of new information. We remove the On Watch status once a review and the Rating is updated. If the review results in a change to the project’s Rating, we explain that change. If the Rating doesn’t change, we explain why. Potential triggers for On Watch status include:
  • A recent policy change, at the national or project level, that could significantly affect the project’s ability to issue credits.
  • Recent extreme weather events or human activity that have caused a significant loss of carbon stock in or near the project area.
  • Recent reports or information suggesting the project will stop operating as a voluntary carbon project (e.g. project withdrawal or early termination).
  • Recent reports or allegations about the project that, once investigated and corroborated, suggest the Rating needs to be revised.
  • Planned framework or machine learning model updates that may affect the Sylvera Rating, positively or negatively.
Read more about the On Watch status in our Monitoring and Amendments to Ratings Policy. If you’d like to discuss further, reach out to your usual Sylvera contact or email governance@sylvera.io.

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Grievance

Sylvera commits to engaging Project Developers throughout the Rating process, keeping requests minimal and consolidated, providing a consistent point of contact, and honoring the developer’s right to flag factual errors or raise a Grievance. After publication, developers can still ask questions, submit new information, or appeal a Rating Decision, and any engagement meeting Sylvera’s definition of a Grievance is resolved within a timely manner, with app disclosure if a Rating changes following an appeal. This process doesn’t apply to Pre-Issuance Deliverables and isn’t required for Estimated Ratings, though Sylvera still commits to good-faith engagement in those cases, and Sylvera Parties are expected to stay mindful of independence and conflict-of-interest obligations throughout. Read more about this in our Project Developer Relationship and Grievance Policy.