Climate change has always been a growing threat to humanity more than wars and pandemics. So, to mitigate the effects of the phenomenon, the UN conducts a Climate Change Conference annually. The recent one was highlighted by the announcement of an alliance forged by Envision and HBAR for the advanced reporting and verification of carbon markets.
Novel dMRV System Unveiled
The new collaboration organized by Envision Blockchain Solutions includes the HBAR Foundation, Swirlds Labs, and the United Nations Climate Change Global Innovation Hub (GIH). The group just introduced the Managed Guardian Service at the 28th Conference of the Parties (COP28), which is an open-source platform for the “digitized and digital measurement, reporting, and verification (dMRV) of carbon markets.”
The HBAR blockchain provides the decentralized platform for the digitalization of carbon markets based on the inputs from the GIH during the formulation of the project. Guardian utilizes AI and Guided Search features to access the Methodology library of the United Nations Framework Convention on Climate Change’s (UNFCCC) Clean Development Mechanism (CDM). The network also taps into the other standard registries of the carbon market.
The dMRV framework consists of predefined protocols and digital workflows for the supervision and automation of the monitoring, verification, and assessment of environmental projects as well as their generated carbon credits. The scalability of the open-source and digitized library of methodologies aids registries, developers, and stakeholders in addressing issues of trust and transparency.
VC Comparison Tool
Additionally, the dMRV system enables data comparison of recorded Verifiable Credentials (VCs), including the Global Blockchain Business Council’s (GBBC) dMRV Specification Version 2-compliant “property fields.”
The VCs authenticate key project details through digital certificates containing confirmatory signatures from authorized parties while the “property fields” house the crucial data points in the VCs. The comparison tool prevents the double counting of credits and aids users in making informed decisions.
Official Statements of the Parties Involved
“We believe these innovative tools will not only streamline processes within the carbon market but also set a new standard for transparency and efficacy in environmental methodology management,” said Envision Blockchain COO and Co-Founder Jason Pancis. “Envision Blockchain remains dedicated to fostering a future where technology plays a crucial role in driving responsible environmental stewardship and collective action against climate change.”
“The addition of 15 new methodologies to the largest digitized and open source methodology library coupled with groundbreaking search functionality for project data, opens new possibilities and innovations based on easily accessible project information,” stated HBAR Foundation VP of Sustainability & ESG Wes Geisenberger.
Geisenberger also revealed that the HBAR Foundation and DLT Earth organized a hackathon to foster further developments in the Guardian’s digital methodologies.
The UN Climate Change Conference
The 2023 UN Climate Change Conference or COP28 started on November 30 and is scheduled to run until December 12. Project Guardian is just one of the primary highlights of the event held in the UAE, and we expect more to be announced during the activity.