RMK Invitation to Submit Proposals for Negotiations on the Creation of a Carbon Credit Financial Instrument

The State Forest Management Centre (hereinafter RMK) hereby conducts negotiations with interested parties for the purpose of selecting a partner for the creation and implementation of a carbon credit financial instrument. RMK conducts the negotiations pursuant to § 10 clause 5 of the RMK Statutes and in accordance with § 11 subsection 1 clause 12 of the Public Procurement Act procurement exemption for services related to the issuance and trading of financial instruments).

This notice constitutes an invitation to interested parties to submit proposals and to commence negotiations. RMK reserves the right to specify or amend the terms and procedural stages during the negotiations.

1. Objective and Subject of the Negotiations

1.1 The objective of the negotiations is to find a partner or partners who will create and implement a carbon credit financial instrument enabling RMK to develop and manage a carbon credit project or to join an existing carbon credit project. As a result of the negotiations, the selected partner shall carry out the following activities, including but not limited to:
1.1.1 organising the audit, validation, verification, and registration of the project;
1.1.2 organising the sale of credited units on the voluntary market and/or on a market created pursuant to the EU Carbon Removals and Carbon Farming Regulation (EU/2024/3012) and any additional regulations or methodologies applicable in this field, and/or by other mutually agreed means;
1.1.3 organising activity-related reporting and risk management;
1.1.4 ensuring the marketability of the created carbon credits in accordance with the applicable methodology and regulation.

1.2 The activities listed in clause 1.1 also include all other substantively related activities necessary to achieve the objective. The list of activities may be specified during the negotiations.

1.3 In planning, implementing, and managing carbon credit creation and related activities, the partner undertakes to act in a manner that does not directly or indirectly restrict, alter, or affect RMK’s rights and obligations arising from the law and legislation enacted on its basis.

2. Expected Scope and Stages of the Service

2.1 The service expected from the partner shall include at least the following stages:
2.1.1 development of the carbon credit project;
2.1.2 project audit;
2.1.3 project validation;
2.1.4 verification of the carbon credit volume;
2.1.5 registration of verified carbon credits;
2.1.6 organisation of carbon credit sales (including marketing, transaction management, reporting, etc.);
2.1.7 implementation of risk management and ensuring marketability.

2.2 The stages listed in clause 2.1 also include all other substantively related steps necessary to achieve the objective. The list of stages may be specified during the negotiations.

3. Partner Qualification Requirements

3.1 To qualify for the negotiations, an interested party must meet at least the following conditions:
3.1.1 no tax arrears (in Estonia and/or the country of establishment) or other significant outstanding liabilities that could jeopardise contract performance;
3.1.2 written confirmation in a reproducible form that the interested party is capable of providing the service independently, professionally, and in the interests of RMK;
3.1.3 proof that the interested party:
3.1.3.1 uses or is able to use, under an ICROA (International Carbon Reduction and Offset Alliance)–accredited standard, IFM (Improved Forest Management) and/or ARR (Afforestation, Reforestation and Revegetation) methodologies applicable in Estonia;
3.1.3.2 has implemented at least one IFM and/or ARR carbon credit project within the last three (3) years, under which carbon credits have been registered and sold on the voluntary market.

4. Requirements for the Proposal

4.1 The proposal must include at least the following:
4.1.1 company name, registry code, location, and contact details;
4.1.2 name, position, telephone number, and email address of the contact person;
4.1.3 description of previous experience in developing carbon credit projects, including reference to at least one project (registry link or other evidence);
4.1.4 proposal for a suitable standard and methodology (IFM/ARR or other), including justification;
4.1.5 description of the service by stages, including:
4.1.5.1 scope of work;
4.1.5.2 extent of state land under RMK’s management covered by the activities;
4.1.5.3 estimated timelines (in months);
4.1.5.4 potential risks and mitigation measures;
4.1.6 proposal for the remuneration model, including:
4.1.6.1 service fee for carbon credit creation or project management;
4.1.6.2 fee for carbon credit sales services;
4.1.6.3 proposal for a possible combined fee;
4.1.7 draft standard contract.

4.2 If a submitted proposal does not comply with the requirements set out in clause 4.1, the commission referred to in clause 6.1 shall set a deadline for remedying deficiencies. Failure to remedy deficiencies by the deadline shall result in the proposal not being considered.

5. Proposal Evaluation and Partner Selection Criteria

5.1 As a general principle, RMK shall select the partner based on the most economically advantageous solution, i.e. a comprehensive solution that enables the creation of the largest possible volume of carbon credits on land managed by RMK at the lowest possible cost. In evaluating proposals, RMK shall be guided by the requirements set out in clause 4.1 and the information provided in the proposals, assessing, inter alia:
5.1.1 the amount of fees associated with carbon credit creation;
5.1.2 suitability of the methodology for creating carbon credits on state land managed by RMK, including the volume of carbon credits generated;
5.1.3 implementation schedule and feasibility;
5.1.4 experience in implementing previous projects;
5.1.5 quality of the solution and risk mitigation.

5.2 RMK may specify or amend the evaluation criteria during the negotiations, notifying all parties accordingly.

6. Negotiation Procedure

6.1 RMK shall establish an evaluation committee to assess proposals, which shall:
6.1.1 evaluate proposals;
6.1.2 conduct negotiations;
6.1.3 request additional information from tenderers for proposal evaluation;
6.1.4 submit a proposal to the Management Board of RMK for partner selection.

6.2 RMK may involve independent experts in the committee’s work.

6.3 RMK may conduct the negotiations in stages, including:
6.3.1 qualification;
6.3.2 initial suitability assessment;
6.3.3 specification of the technical solution and methodology;
6.3.4 negotiations on remuneration and contractual terms;
6.3.5 submission and evaluation of final proposals;
6.3.6 preparation of a proposal for the decision to select or not select a partner.

6.4 RMK has the right to terminate any stage or discontinue the process if, taking into account all circumstances, continuation of the negotiations is no longer in RMK’s interest.

6.5 RMK may specify or amend the negotiation stages during the negotiations, notifying all parties accordingly.

7. Deadline for Proposal Submission and Commencement of Negotiations

7.1 Proposals must be submitted within one (1) month from the publication of this notice.

7.2 Negotiations shall commence immediately upon submission of the proposal.

8. Business Secrets and Personal Data

8.1 The interested party shall clearly mark in the proposal:
8.1.1 information and documents or parts thereof considered business secrets; 8.1.2 personal data that may not be disclosed to third parties.

8.2 RMK shall protect business secrets and personal data in accordance with applicable law.

8.3 Upon submission of a proposal, the parties must take into account that the contract to be concluded shall be subject to full disclosure in accordance with applicable public information legislation.

9. Costs and Liability

9.1 All costs, risks, potential loss of income, and possible damages related to preparing and submitting the proposal and participating in the negotiations shall be borne by the interested party. RMK shall not reimburse any related costs regardless of the course or outcome of the negotiations.

9.2 RMK has the right to:
9.2.1 terminate negotiations at any time;
9.2.2 reject a proposal that does not comply with the conditions of this notice;
9.2.3 decide not to select a partner.

10. Submission of Proposals

A written proposal for participation in the negotiations, signed by the tenderer or its representative, must be submitted in a sealed envelope no later than 18.03.2026 to the State Forest Management Centre, Toompuiestee 24, Tallinn 10149. The envelope must bear the keyword “Carbon Credit”.

A digitally signed expression of interest must be submitted by 18.03.2026 via email to rmk@rmk.ee.

Contact person: Jaarek Konsa, Head of Development and Climate Department (jaarek.konsa@rmk.ee; +372 5695 5875)

Approved by RMK Management Board decision No. 1-32/13 of 17 February 2026. The decision is available in the RMK document register.