The Climate Action Data Trust (CAD Trust) went live last week. It creates a blockchain log of projects across multiple carbon credit registries to prevent the double counting of initiatives. Hence it supports compliance reporting and auditing. CAD Trust founders include the International Emissions Trading Association (IETA), the World Bank and the Singapore government.
Carbon market registries integrated with the Dashboard include the world’s largest Verra, as well as the Global Carbon Council, EcoRegistry and the BioCarbon Registry. It also incorporates data from the Clean Development Mechanism (CDM), part of the United Nations Framework Convention on Climate Change (UNFCCC). The CDM makes up more than 60% of CAD Trust data.
Additionally, CAD Trust recently announced the addition of Bhutan’s national registry.
“Verra is pleased to have been instrumental in the launch of the Climate Action Data Trust’s new Data Dashboard,” said Verra president and interim CEO Judith Simon. “This is a dynamic addition to the transparency of carbon markets that will help us pursue even greater mitigation.”
CAD Trust uses the Chia blockchain (founded by the creator of BitTorrent) and is intended as a public good.
“Having gathered a critical mass of carbon credit data, the Dashboard marks a significant milestone in enhancing trust and transparency within carbon markets,” said Yuvaraj Dinesh Babu, Executive Director of the Climate Action Data Trust. “The standards and registries that have so far connected with CAD Trust are demonstrating leadership and a shared commitment to enhancing transparency in carbon markets.”
Meanwhile, blockchain technology continues to play an important in the sustainability movement. Today Deutsche Börse-backed exchange ACX announced its latest collaboration in Vietnam. Last month, the Nasdaq launched smart contract technology for carbon credits. And the Interwork Alliance has published its Carbon Emission Token Protocol.