Envision, HBAR Foundation, and UN Collaborate on New Decentralized Platform for Carbon Markets

Envision Blockchain, in partnership with the HBAR Foundation and Swirlds Labs, has joined forces with the United Nations to introduce an innovative decentralized technology suite aimed at simplifying complex carbon markets. Unveiled during the 2023 United Nations Climate Change Conference (COP28), the new open-source Managed Guardian Service platform focuses on digitizing and streamlining measurement, reporting, and verification (dMRV) systems within carbon markets.

Key Announcement Details

Envision Blockchain, HBAR Foundation, and Swirlds Labs have collaborated with the UN Climate Change Global Innovation Hub (GIH) to develop the dMRV system, which is built on the HBAR blockchain. This platform represents a significant leap in the digital transformation of carbon markets, leveraging decentralized blockchain technology.

Platform Features:

AI and Guided Search Features: The platform incorporates artificial intelligence and guided search features tailored for the United Nations Framework Convention on Climate Change’s (UNFCCC) Clean Development Mechanism (CDM) methodology library and standard registries within the carbon market industry.

Digitized CDM Methodology Library: Envision, with guidance from the UNFCC secretariat, has digitized 15 of the most utilized rules from the CDM methodology library. This digitization enhances the current library of methodologies available for use in HBAR’s Guardian ecosystem.

Expanded Library: The platform facilitates the scaling of the library of digitized and open-source methodologies, enabling registries, project developers, and market stakeholders to leverage digital technologies to address trust and transparency concerns.

Project Data Comparison Tool: A new project data comparison tool allows users to contrast data recorded as verifiable credentials (VCs), including compliance with the Global Blockchain Business Council’s (GBBC) dMRV Specification Version 2. VCs serve as digital certificates, validating crucial project information and addressing double counting issues based on the Paris Agreement.

Importance and Implications

Wes Geisenberger, Vice President of Sustainability and ESG at HBAR Foundation, emphasized the active involvement of UN GIH/UNFCCC secretariat staff in developing this innovative solution. The platform's features, including the project data comparison tool, contribute to transparency and traceability in environmental projects, aligning with the goals of the Paris Agreement.

Conclusion

The collaboration between Envision, HBAR Foundation, and the UN underscores a concerted effort to advance the digitization of carbon markets. The introduction of the dMRV platform with its innovative features signifies a milestone in leveraging blockchain technology to address challenges in climate negotiations and promote sustainable practices in the fight against climate change.