COP28 Spurs Innovation: Envision Blockchain Launches Open-Source Platform for Carbon Markets
Summary:
The United Nations Climate Change Conference of 2023 (COP28) sparked several innovative strategies to counter climate change and simplify carbon credit markets. Envision Blockchain, along with HBAR Foundation and Swirlds Labs, launched an open-source Managed Guardian Service platform. It is designed for digitized measurement, recording, and verification (dMRV) of carbon markets, aiming to digitally transform the carbon industry using decentralized blockchain technology. This new platform also includes tools for data comparison and a library of digitized rules targeted at enhancing transparency and addressing issues of trust in the industry.
The UN Climate Change Conference of 2023, also commonly referred to as COP28, introduced several fresh approaches to combat climate change and simplify the intricate carbon credit markets. Among the flood of revelations and collaborations, Envision Blockchain, working with HBAR Foundation and Swirlds Labs, rolled out a new Managed Guardian Service platform that's open-source. It concentrates on a digitized and digital system for measuring, reporting, and verifying carbon markets, also known as a dMRV system.
Designed in conjunction with the UN Climate Change Global Innovation Hub (GIH) and built on the HBAR blockchain, this new platform's primary goal is to digitally transform carbon markets using blockchain technology that is decentralized. It includes a range of functionalities, such as artificial intelligence and a guided search feature dedicated to the United Nations Framework Convention on Climate Change’s (UNFCCC) Clean Development Mechanism (CDM) Methodology library and other standardized registries within the carbon market industry.
The CDM methodology library has many rule sets, each one essential for establishing a carbon credit independently, and these were traditionally done through an analog process in the carbon market. In partnership with the UNFCCC secretariat team, Envision digitized 15 of the most frequently employed rules, expanding the available methodologies in the HBAR Guardian environment. This expansion of the digitized, open-source methodologies library will allow registries, project developers, and other stakeholders to use digital technology to address issues of transparency and trust.
Cointelegraph had a conversation with Wes Geisenberger, the HBAR Foundation's vice president of sustainability and ESG, to gain more insight into the significance and functions of the new dMRV platform and its potential to digitize the complex carbon credit market. Geisenberger commended the commitment and diligence of the UN GIH/UNFCCC secretariat's staff, who contributed significantly to methodology development while addressing climate negotiation's hardest challenges.
Another noteworthy aspect of the platform is the introduction of a project data comparison tool that allows users to compare data documented as verifiable credentials (VCs), such as the Global Blockchain Business Council’s (GBBC) dMRV Specification Version 2-compliant "property fields". These VCs are digital records with signatures that confirm vital project details and are crucial for guaranteeing authenticity. This comparison tool will provide a thorough analysis of project data, resolving issues of double counting related to the Paris Agreement and enhancing transparency and traceability in environmental projects.
This digital rule library is now used by organizations to build applications that utilize this open-source technology, streamlining digitalized processes of measuring, reporting, and verifying.
Published At
12/4/2023 2:30:00 PM
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