Press Release: “The International Emissions Trading Association (IETA) today revealed information on the forthcoming launch of Climate Action Data Trust (CAD Trust), a decentralised metadata system that can link, aggregate and harmonise all major carbon market registry data.
Climate Action Data Trust (CAD Trust) is a joint initiative of the International Emissions Trading Association, The World Bank and the Singapore government, along with a variety of governments and public and private organisations. It will provide an open-source metadata system to share information about carbon credits and projects across digital platforms, easing future integration of multiple registry systems. CAD Trust uses distributed ledger technology to create a decentralised record with the aim to avoid double counting, increase trust in carbon data and enhance climate ambition.
Many countries and companies intend to use carbon markets to deliver their contributions to the Paris Climate Agreement. IETA’s review of the latest updates to Nationally Determined Contributions shows that about 80% are interested in using Article 6 trading provisions to meet their goals. To use Article 6, countries must track and report on use of international credits through a registry system. The CAD Trust system will assist in promoting high-integrity systems and digital linkages.
The CAD Trust platform will go live in early December, when the public metadata layer will be widely available through https://climateactiondata.org. CAD Trust evolved out of the Climate Warehouse, an initiative launched by the World Bank. For the past three years, the initiative has prototyped a series of simulations of the data system with partner governments, carbon crediting programmes and other organisations. The final prototype ended in August and work is now underway to prepare the data layer to go live…(More)”.