Md. Code Regs. 21.05.15.01

Current through Register Vol. 51, No. 21, October 18, 2024

Section 21.05.15.01 - Definitions

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.

Md. Code Regs. 21.05.15.01

Regulation .01 adopted effective 50:18 Md. R. 800, eff. 9/18/2023