Consider partnering with HBAR and the UN on a new digitization platform for carbon markets

The 2023 United Nations Climate Change Conference, also known as COP28, has seen a number of new initiatives aimed at renewing the fight against climate change and streamlining complex carbon credit markets. Amidst a sea of ​​announcements and partnerships, Envision Blockchain has announced a new open source managed watchdog service platform in collaboration with HBAR Foundation and Swirls Labs focused on digitized and digital measurement, reporting and verification (dMRV) systems for carbon markets.

The DMRV system is in partnership with the UN Climate Change Global Innovation Hub (GIH) and is built on the HBAR blockchain. The new platform aims to digitally transform carbon markets using decentralized blockchain technology.

The platform offers a variety of features including artificial intelligence and guided search features for the United Nations Framework Convention on Climate Change (UNFCCC) Clean Development Mechanism (CDM) Method Library and other standard registries in the carbon market industry.

The CDM method library consists of hundreds of rules needed to generate carbon credits, independently developed in an analog process that supports the carbon market. Envision, with the help and guidance of the team at the UNFCC office, digitized 15 of the most used rules and made the existing library of rules available for use in the HBAR Guardian ecosystem.

Further development of digitized and open source libraries will allow registries, project developers and other market stakeholders to use digital technologies to address issues of trust and transparency.

Cointelegraph spoke with Wes Geisenberger, Vice President of Sustainability and ESG at the HBAR Foundation, to understand the importance and functionality of the new dMRV platform and how it can help digitize the complex carbon credit market.

Geisenberger told Cointelegraph that the staff of the UN GIH/UNFCCC secretariat is “deeply involved in the development of the methodology while supporting the most pressing challenges in the climate negotiations.” We greatly appreciate their time and effort in developing this innovative solution.

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Another key feature of the platform is a new project data comparison tool that allows users to compare data recorded as Verified Credentials (VCs), including Global Blockchain Business Council (GBBC) dMRV Specification Version 2-compliant “asset fields”.

VCs are digital certificates that contain signatures that verify important project information and are key to ensuring authenticity. The comparison tool provides a detailed analysis of project data to resolve double counting issues based on the Paris Agreement and improve transparency and monitoring of environmental projects.

Working at the Guardian, this library of digital rules has been adopted by organizations building applications that use open source technology to support digitized measurement, reporting and validation processes.

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