Consultations launched about Digital Verification and Methodologies in the Carbon Market
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ClimateCHECK, Gold Standard and IOTA Foundation have today launched consultations on two draft proposals about the digital transformation of the Carbon Market: a white paper on digitising verification, and draft guidance on digitising methodologies. Both are open for consultation until 27 January 2023.
GENEVA, SWITZERLAND – 13 December 2022 – The papers, released today for consultation are outputs of a ‘Digital Monitoring, Reporting and Verification (DMRV)’ working group led by ClimateCHECK, which aims to increase efficiency, utility and coherence of emissions accounting, and particularly for emission reduction credits, and to inform how to upgrade and digitise quantification methodologies as well as verification processes and systems. The digital evolution of the Carbon Markets aims to improve data quality, improve accessibility and resource mobilisation, and lower transaction costs for those delivering climate and development impact on the ground.
The two papers published today are:
- The White Paper on Digitising Verification for Climate Markets, which maps the current relevant standards, initiatives and resources for digital verification, and outlines the next steps to develop guidance and resources to advance effective digital verification in the carbon market. It identifies several potential scenarios for future digitisation. Stakeholders are asked to provide feedback on this white paper using the survey available here.
- The Draft General Guidance for Digitizing Methodologies, which outlines processes for methodology developers to specify digital requirements in GHG methodologies within an overall framework and system for digital MRV. Stakeholders are asked to provide feedback on the guidance using the survey available here.
Much of the project development, Measurement Reporting and Verification (MRV), and certification processes in the Carbon Market are currently manual, fragmented, and in some cases complex, limiting access to a small number of market participants, mostly in the Western world. Digital transformation is necessary to achieve the increases in speed and reduction in complexity the market needs. This can only be achieved by actors from across the carbon market working together.
Gold Standard, IOTA Foundation and ClimateCHECK are working together in an Open Collaboration aimed at improving the supply side, demand side, and interoperability of the carbon market. In August 2022 they launched three working groups consisting of a broad range of stakeholders including market participants, technical experts and sustainability leaders to address these challenges and develop outputs for the public good. The Open Collaboration is supported by Google Charitable Giving.
This consultation was originally open until 20 January 2023 but has since been extended until 27 January 2023.