In a landmark collaboration, Envision Blockchain, HBAR Foundation, and the UN join forces to revolutionize carbon credit markets. Announced at the 2023 United Nations climate change conference, the trio introduces an open-source Managed Guardian Service (MGS) platform, leveraging decentralized blockchain technology for digitized and digital measurement, reporting, and verification (dMRV) in carbon markets.
Developed with insights from the UN Climate Change Global Innovation Hub and built on the HBAR blockchain, the dMRV system transforms the carbon market landscape. The platform integrates artificial intelligence (AI) search and Guided Search features for the UNFCCC’s Clean Development Mechanism Methodology library, enhancing accessibility across the carbon market industry.
The CDM methodology library, fundamental for carbon credit creation, undergoes digital transformation with Envision’s digitization of 15 critical rules, expanding the HBAR Guardian ecosystem’s library. This expansion empowers registries, project developers, and stakeholders to resolve trust and transparency challenges through digitized methodologies.
Wes Geisenberger, VP of Sustainability and ESG at HBAR Foundation, emphasizes the UN’s pivotal role in developing the innovative dMRV solution. He notes their deep involvement in methodology development, addressing climate negotiation challenges.
The platform introduces a Project Data Comparison feature, allowing users to analyze Verifiable Credentials (VCs) for authenticity. Complying with GBBC’s dMRV Specification Version 2, the tool mitigates double counting issues, aligning with the Paris Agreement and enhancing transparency in environmental projects.
This collaborative effort establishes a digital rule library within the Guardian, fostering open-source technology adoption for digitalized measurement, reporting, and verification processes. The initiative marks a significant stride towards a streamlined and transparent future for carbon markets.