Run the market. Or join one.

LEDGERS is where a company establishes an emissions allowance program and operates the market around it. Participants hold and manage their positions, with settlement governed by the program’s rules.

Together with ORIGIN, it forms the two operating sides of Origin Ledgers: one manages allowance programs. When a program needs carbon credits, Origin Ledgers supplies validated credits through ORIGIN.

Program A · allowance marketPeriod 2026Illustrative

Cap100,000 tDeclining schedule

Participants50Illustrative

Period12 months2026

Allowances allocated62%

IndividualPool BUnallocated

Participant 03Within allowance

Pool BPooled

The allowance market

How an allowance market works.

The company operating the program defines the market. Participants operate within it. At period close, positions are settled.

Program manager Sets boundary, cap and trajectory

Allowances Allocated individually, to a pool, or both

Participant positions Held against each allowance

Participant 03 Pool BPooled participants

Period close Allowances surrendered

Excess Creates a carbon-credit requirement

ORIGIN Validated supply

Illustrative. Structures, rules and settlement terms are set by each program.

What happens to an allowance.

Structure Individual participant allowances, pooled allowances, or both within one program. Where pools are used, the program defines whether excess is assessed at pool or participant level.

Surrender At period close, the current-period allowance allocation is surrendered and the surrendered allowance units are burned in the register. The record remains.

Carry-forward Where the program permits it, eligible unused units are designated before close and recognized for the next period.

Transfer Only where the program rules permit, only between approved participants, and only within the program.

An allowance is a permission, not a credit. Unused allowance does not become a carbon credit.

The distinction that matters

One program. One issuer. Many participants.

The issuing company sets the cap, publishes the schedule, and defines who participates. Each participant manages its own emissions position against its allowance. LEDGERS keeps the two sides connected without merging their records: the issuer governs the program; each participant remains responsible for its own position. PVN validates the defined movements and state changes between them.

Issuing companyProgram A

CapScheduleParticipants

PVN validates

P03

P07

P12

P18Excess

P24

P31

Position Allowance Excess Illustrative

For companies operating a program

For participants