Global Carbon Council has joined the Climate Action Data Trust (CAD Trust) – a decentralized metadata platform led by The World Bank, International Emission Trading Association (IETA) and Government of Singapore that links, aggregates and harmonizes all major carbon registries’ data to enhance transparent accounting in line with Article 6 of the Paris Agreement. CAD Trust is an integral part of the World Bank’s Climate Warehouse End-to-End Digital Ecosystem. The CAD Trust’s open-source metadata system uses distributed ledger technology to create a decentralized record of carbon market activity with the aim to avoid double counting, increase trust in carbon credit data and build confidence in carbon markets.
Global Carbon Council is one of the first GHG program to link to CAD Trust and strongly believes that joining CAD Trust will help to prevent double counting of issued carbon credits across registries, while ensuring proper accounting of ITMOs and corresponding adjustments. Dr. Yousef Alhorr, Founding Chairman of GCC said, “GCC stands committed to enhance credibility and integrity of carbon markets. This can only be achieved by connecting registries globally to prevent double accounting in the global stock-take, which is crucial for the implementation of the Paris Agreement.” As carbon markets have a promising potential to unlock finance to achieve Paris Agreement’s climate goals, CAD Trust platform will become an instrumental tool that can serve as an aggregating force for the growth of carbon markets. Mr. Kishor Rajhansa, COO of GCC and member- CAD Trust Council said, “CAD Trust is doing pioneering work of bringing all the registries together for a credible implementation of Article 6. For GHG programs like GCC, this platform has potential to serve as a key source of information to address the challenges linked with the avoidance of double accounting of CORSIA credits or Article 6.2 ITMOs.”