IETA, Singapore govt and World Bank launch Climate Action Data Trust

KUALA LUMPUR, Dec 8 (Bernama) -- The International Emissions Trading Association (IETA), the World Bank and the Singapore government have launched the Climate Action Data Trust (CAD Trust), and that initial integration and connection with several major registries is underway.

IETA president and chief executive officer Dirk Forrister said CAD Trust marks a significant step in the evolution of carbon markets.

“It will lead to the creation of a centralised, accessible and secure digital infrastructure that national governments and private businesses can rely upon as they expand carbon markets to meet their net-zero goals.

“This system will provide the integrity and public trust necessary for scaling up investment in climate action,” he said in a statement.

This joint initiative will engage with a variety of governments, public and private organisations to set the specifications for an open-source metadata system to share information about carbon credits and projects across digital platforms, easing future integration of multiple registry systems.

“Major registries, along with other national registries and the wider ecosystem of registries, will plan to connect to CAD Trust in the first quarter of next year, with the first layer of data to be made publicly available at that point.

“Many of these registries are already represented via the CAD Trust Council, with integration into the data layer already underway for several of them,” IETA said.

The CAD Trust Founding Partners, which consists of IETA, the World Bank and the Singapore government, also announced the governance structure and the composition of the CAD Trust Council that will advise and guide the initiative by setting its strategic direction.

The council will give advice and recommendations to the board of directors that is responsible for the operations of CAD Trust, in line with its strategic direction to ensure it remains successful in its goals.

The council consists of national representatives from Bhutan, Chile, Japan, Senegal, Singapore and the United Kingdom, and registry representatives come from Verra, Gold Standard, American Carbon Registry and Global Carbon Council.

-- BERNAMA