Information and analytics provider IHS Markit announced today that it will launch the IHS Markit Carbon Meta-Registry, a new platform designed to seamlessly connect independent carbon credit markets and registry systems around the world. The company said the new platform aims to promote liquidity, transparency and trust in carbon markets while reducing the risk of double counting and double claiming of carbon credits.
Kathy Benini, Head of Environmental Solutions, IHS Markit, said:
“Carbon markets are a vital mechanism that allow companies and countries to meet their net-zero emissions commitments. A global meta-registry provides critical infrastructure for this rapidly developing marketplace. We believe this Meta-Registry will underpin the global carbon markets; it will provide clarity and accountability for participants, increase liquidity and transparency, and strengthen the all-important trust in these markets.”
According to IHS Markit, the new platform will leverage distributed ledger technology, to provide a global online ledger enabling access to information on projects and credits across jurisdictions, programs, and standards, reducing the risk that credits are counted or claimed twice in different markets or programs.
IHS also announced the formation of a Carbon Meta-Registry Advisory Board, tasked to that the registry delivers on its objectives and meets the wider industry needs. The board consists of experts from programs and standards organizations Global Carbon Council, Gold Standard, REDD.plus, UK Woodland Carbon Code and Verra; NGO and industry associations including Conservation International, Environmental Defense Fund and the International Emissions Trading Association (IETA), and; private sector companies Bank of America, Bluesource, CBL Markets, Chevron, Goldman Sachs, Hartree Partners, Microsoft and Temasek.
David Antonioli, Chief Executive Officer of Verra, said:
“A new layer of transparency for carbon markets would strengthen confidence and increase participation, ambition, and trust in these important markets which are continuing to grow and demonstrate they are an effective tool in the fight against climate change.”
The Meta-Registry complements the World Bank’s Climate Warehouse initiative to create a public infrastructure for tracking and reporting of carbon assets, and the World Bank will participate as an observer on the advisory board.
Dirk Forrister, President and Chief Executive Officer, International Emissions Trading Association and Meta-Registry Advisory Board member, said:
“We have seen growing interest in solutions to enable carbon credit markets to scale, as evidenced by the Task Force for Scaling Voluntary Carbon Markets and the World Bank’s Climate Warehouse initiative.”
Kishor Rajhansa, Director- Technical & Strategy, Global Carbon Council, added:
“This Meta-Registry demonstrates a clear governance and implementation model for the global carbon markets envisioned by Article 6 of the Paris Agreement. As COP 26 rises up the agenda, the Meta-Registry will provide a roadmap of how Article 6 transactions and corresponding adjustments can be authorized, monitored and tracked across programs and countries.”
The platform is expected to launch in early 2021 with initial member programs including, Global Carbon Council, Gold Standard, UK Woodland Carbon Code, UK Peatland Code and Verra, and additional participants to be added over the course of the year.