IETA , World Bank , the Government of Singapore and Google.org are the founding partners and supporters of a platform launched last Wednesday December 7 at the Asia Climate Summit 2022: a global tracking system to provide transparency to the market for carbon credits. And help developing countries raise climate finance quickly and more cheaply. The new database – called the Climate Action Data Trust (CAD Trust) – aims to address these issues by collating all the project and carbon credit data in one place and making it free to the public.
Members of the CAD Trust Council include, among others, representatives from Gold Standard, Verra, American Carbon Registry, Global Carbon Council and countries such as Japan, Chile, UK, Bhutan and Senegal.
Carbon credits, as you know, are generated through activities such as planting forests or pulling climate-damaging carbon dioxide from the air to be sold to polluters to offset their emissions as a way of helping them reach net-zero emissions to limit global warming.
CAD Trust value propositions are the following:
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A common data taxonomy that enables reconciliation of data from registries. Through blockchain technology, it facilitates a peer-to-peer connection among decentralized registries with the aim to link, aggregate and harmonize the underlying data.
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Provide visibility into corresponding adjustment procedures and the lifecycle of carbon offsets from issuances to retirement, which will safeguard against double counting and ease reporting requirements.
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Surface publicly-available information on carbon offsets and record status changes to provide information on how carbon offsets are used.
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Enhance transparency and trust among market participants and enable tracking of carbon offsets and reduce double counting risk. The Climate Warehouse would not hold assets or directly facilitate.
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Help to operationalise processes under Article 6 of the Paris Agreement such as compliance reporting and registry data model development.
Fully operational Data Layer coming in early 2023.
Click below to navigate at CAD Trust’s website and here for an article from Reuters.
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- Source: https://www.carboncreditmarkets.com/en/single-post/world-bank-partners-launch-tracking-system-to-carbon-credit-markets
