Carbonbase, a leading climate-tech and carbon reduction solutions provider, has announced a groundbreaking partnership with the HBAR Foundation and ImpactX to launch the Global Climate Registry (GCR). This initiative marks the debut of Asia’s first digital native Carbon Registry.
The Asia-Pacific region, responsible for over half of the world’s carbon dioxide emissions in 2022, has long been in need of a localized carbon registry to facilitate efficient emissions reduction projects. GCR aims to fill this gap by offering a digital-native platform for project developers, auditors, and buyers to register, verify, and purchase high-integrity, data-driven carbon credits.
Developed on the Hedera Hashgraph network, GCR promises a cost-effective, transparent, and easily accessible solution for carbon-reducing projects to earn verified credits. This development is particularly beneficial for small and medium-sized developers, enabling them to gain recognition and providing corporate buyers with enhanced data reporting capabilities.
Catalyzing the carbon credit market through digital transformation
The GCR initiative is set to revolutionize the carbon credit market by accelerating the digitization of the measurement, reporting, and verification (dMRV) process. This technological leap will significantly enhance transparency and credit integrity, thereby driving market growth and propelling global carbon reduction efforts.
Karen Robbins, Co-Founder of ImpactX, highlighted the transformative potential of the blockchain-based registry. “We believe that the blockchain-based registry can catalyze a significant surge in carbon-reducing projects and high-quality carbon credits. Our goal is to offer both project developers and carbon credit purchasers a seamless journey,” she said.
Wes Geisenberger, Vice President of Sustainability & ESG at HBAR Foundation, also emphasized the importance of public accountability. “We believe in a future where the balance sheet of our planet lives on a public ledger. It is critical that standards and methodologies are governed and operated in a publicly auditable manner that is easy for project developers to adopt,” he noted.
Setting new standards for climate action
GCR will adopt the work of The Institute of Electrical and Electronics Engineers (IEEE)’s Committee on Standard for Measurement and Verification of Reduction of Greenhouse Gases for Climate Action Projects and Solutions as its research counterpart for standards and methodology.
Kartik Kulkarni, Co-Chair of IEEE’s Committee on MRV Standards for Climate Action, welcomed the collaboration. “I am pleased that many stakeholders, including Carbonbase and ImpactX, are working with IEEE to evolve a new standard to enable climate action projects such as agroforestry, renewable energy, carbon removal technologies, and community-led initiatives, to report, measure, and verify their climate impacts in credible and cost-effective ways,” he said.
Katherine Foster, Executive Director of the Green Digital Finance Alliance and former Canadian Climate Diplomat, also praised the initiative. “GCR represents a pivotal milestone in the intersection of climate change, digital green finance, and blockchain technology. By enabling transparent carbon credit issuance and trading, this initiative will drive greater accountability and unlock funding for impactful climate initiatives that support local communities,” she noted.
Conclusion
The launch of the Global Climate Registry marks a significant step forward in the fight against climate change. By providing a digital-native platform for the registration, verification, and purchase of carbon credits, GCR aims to reshape the carbon market and promote broader engagement from businesses, industries, and governments in the collective effort to mitigate climate change. With its innovative framework and strong partnerships, GCR is poised to become a game-changer in the realm of sustainable development.
