Envision Introduces Open-Source Platform for Digitized Carbon Credit Markets at United Nations’ COP28

The 2023 United Nations Climate Change Conference, referred to as COP28, saw the introduction of innovative initiatives aimed at addressing climate change and simplifying the intricate carbon credit markets. Envision Blockchain, in collaboration with HBAR Foundation and Swirlds Labs, announced the release of a publicly accessible Managed Guardian Service platform during the event. This platform is designed to focus on a digitized and digital measurement, reporting, and verification (dMRV) system for carbon markets.

In cooperation with the UN Climate Change Global Innovation Hub (GIH) and utilizing the power of the HBAR blockchain, the dMRV system aims to bring about significant changes in carbon markets through the implementation of decentralized blockchain technology.

The platform encompasses a variety of features, including artificial intelligence and guided search capabilities, to cater to the needs of the United Nations Framework Convention on Climate Change’s (UNFCCC) Clean Development Mechanism (CDM) methodology library and other established registries in the carbon market industry.

Envision collaborated with the UNFCC secretariat to digitize the 15 most frequently utilized rules from the CDM methodology library, which previously relied on an analog approach. This expansion of digitized methodologies within HBAR’s Guardian ecosystem enables registries, project developers, and other stakeholders to leverage digital technologies to tackle issues concerning trust and transparency.

Wes Geisenberger, Vice President of Sustainability and ESG at HBAR Foundation, highlighted the active involvement of the UN GIH/UNFCCC secretariat in the development of methodologies, underscoring their commitment to surmounting challenges in climate negotiations.

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