Carbonbase has announced its partnership with the HBAR Foundation and ImpactX for the purpose of launching a native Carbon registry in the Asian region. This is based on the idea that the Asia-Pacific was a major contributor to the emission of Carbon Dioxide, accounting for more than 50% of total emissions. The number is for 2022, paving the way for a solution provider that has identified the gap where the carbon registry is yet to make its mark.
Carbonbase is basically bringing the Global Climate Registry to the region. Also known as simply GCR, it will go on to offer a native experience to developers, buyers, and auditors to deal with carbon credits. This includes buying, verifying, and registering those credits. GCR has been built on the Hedera Hashgraph network as a cost-effective solution to offer transparency and accessibility with its solution.
The target is for small and medium-sized developers to achieve recognition through the provision of data and information reporting.
Max Song from Carbonbase has expressed their excitement about the collaboration by stating that the firm will now leverage its network and product approach for a growth trajectory. The Founder and Chief Executive Officer of Carbonbase has further said that the aim is to co-create a carbon market infrastructure that propels carbon reduction efforts.
Shedding some light on GCR, Max has highlighted that the Registry will accelerate dMRV – that is, digitizing the measurement, reporting, & verification process. It has been specifically highlighted for the carbon credit market with an assurance that it will boost credit integrity, transparency, and market growth.
A representative from ImpactX has echoed a similar tone.
Karen Robbins has said that they are proud to continue serving global NGOs that are in need of tools and frameworks for their operations. The Co-Founder has stated their belief, saying that a blockchain-based registry will catalyze a rise in projects involving carbon reduction along with high-quality carbon credits.
Moving forward, ImpactX will work to offer a seamless journey to developers of projects and purchasers of carbon credits.
Wes Geisenberger, the Vice President of Sustainability & ESG at HBAR Foundation, has said that they see a future where the balance sheet of the planet lives on a public ledger. Wes has expressed excitement about working with ImpactX and Carbonbase as they build a native carbon registry to streamline project enablement digital MRV and improve the management of carbon credit.
At the cornerstone is IEEE’s Committee on MRV Standards for Climate Action, which will provide the fundamentals as a methodology research counterpart.
Kartik Kulkarni from IEEE has said that they are pleased to be one of the stakeholders in the association. Kartik has added that they will now work to bring a new standard to enable climate action projects to measure, report, and verify if the projects are in accordance or not while also being cost-effective.