The World Bank’s International Finance Corporation (IFC) announced that Sumitomo Corporation of Americas (SCOA) had invested in tokenized carbon credits generated through the Carbon Opportunities Fund. The Fund was created last year by IFC, the Chia blockchain network, fintech Aspiration, and Cultivo which sources regeneration projects.
Today’s announcement brings together multiple World Bank climate initiatives. The World Bank’s Climate Warehouse is an umbrella project aiming to create digital infrastructures for carbon markets. One of the warehouse initiatives is the Climate Action Data Trust (CAD Trust), a data aggregator for carbon credits. It was launched last year in association with the International Emissions Trading Association (IETA) and the Singapore government. It uses the Chia blockchain.
With dozens of carbon registries emerging around the world, the CAD Trust is a meta registry, storing data from multiple carbon registries. This helps to address fraud where a single project might attempt to issue carbon credits across multiple registries. Hence the initiative enhances transparency and carbon credit quality.
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