Envision Blockchain, in partnership with HBAR foundation and the United Nations (UN), is creating a new suite of decentralized tech to streamline the complex carbon credit markets.
Amidst a plethora of declarations and alliances, Envision Blockchain, in conjunction with Swirlds Labs and the HBAR Foundation, unveiled a novel open-source Managed Guardian Service (MGS) platform that centers on a digitalized and digital measurement, reporting, and verification (dMRV) system specifically designed for carbon markets.
Constructed on the HBAR blockchain, the dMRV system is an initiative joint venture with the UN Climate Change Global Innovation Hub. The new platform intends to transform the carbon markets digitally using decentralized blockchain technology.
For the Clean Development Mechanism (CDM) Methodology library of the United Nations Framework Convention on Climate Change (UNFCCC) and other standard registries in the carbon market industry, the dMRV platform provides a suite of functionalities that includes an artificial intelligence (AI) search and Guided Search capabilities.
The CDM methodology library contains hundreds of rule sets necessary to generate a carbon credit. These rule sets were developed autonomously and analogously to support the carbon market.
With the assistance and direction of the UNFCC secretariat team, Envision digitized fifteen of the most frequently utilized rules and expanded the current repository of methodologies accessible through HBAR’s Guardian ecosystem.
Expanding the repository of open-source and digitized methodologies enables market participants, including registries and project developers, to employ digital technologies to address concerns related to trust and transparency.
To gain insight into the operational mechanisms of the novel dMRV platform and its potential to streamline the intricate carbon credit market, Cointelegraph established communication with Wes Geisenberger, vice president of Sustainability and ESG at HBAR Foundation.
The staff of the UN GIH/UNFCCC secretariat, according to Geisenberger, were intimately involved in the formulation of methodology while assisting with “the most difficult challenges in climate negotiations.” We express our profound gratitude for their time and effort in developing this groundbreaking solution.
An additional notable attribute of the platform is the recently introduced Project Data Comparison function, which allows users to compare data documented as Verifiable Credentials (VCs), such as ‘property fields’ that comply with the Global Blockchain Business Council’s (GBBC) dMRV Specification Version 2.
VCs, which consist of digital certificates bearing signatures that authenticate critical project data, are indispensable for guaranteeing authenticity. The comparison tool provides an in-depth project data analysis, enhancing traceability and transparency in environmental initiatives and mitigating double-counting concerns per the Paris Agreement.
Organizations developing applications that utilize this open-source technology to facilitate digitalized measurement, reporting, and verification procedures employ this repository of digital rules, which functions within the Guardian.
