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IHS Markit to Launch Global Carbon Credit Meta-Registry
09 March 2021
The platform is aimed at promoting liquidity, transparency and
trust in carbon markets while reducing the risk of double counting
and double claiming of carbon credits
As part of this launch, the Carbon Meta-Registry Advisory Board
has been formed with leading experts from the public and private
sectors and NGOs. The Advisory Board is tasked to ensure the IHS
Markit Meta-Registry delivers on its objectives and meets the wider
industry needs. The Advisory Board at launch includes
representatives from:
Programs/Standards: Global Carbon Council, Gold Standard,
REDD.plus, UK Woodland Carbon Code and Verra
NGOs/Industry associations: Conservation International,
Environmental Defense Fund and the International Emissions Trading
Association (IETA)
Private sector: Bank of America, Bluesource, CBL Markets,
Chevron, Goldman Sachs, Hartree Partners, Microsoft and
Temasek
The World Bank will participate on the Advisory Board as an
observer. The Meta-Registry complements the World Bank's Climate
Warehouse initiative to create a public infrastructure for tracking
and reporting of carbon assets.
Leveraging distributed ledger technology, the IHS Markit
Meta-Registry is designed to seamlessly connect independent carbon
markets and registry systems around the world, reducing the risk
that credits are counted or claimed twice in different markets or
programs. The IHS Markit Meta-Registry will provide a global online
ledger enabling access to information on projects and credits
across jurisdictions, programs, and standards.
"Carbon markets are a vital mechanism that allow companies and
countries to meet their net-zero emissions commitments", said Kathy
Benini, head of Environmental Solutions, IHS Markit. "A global
meta-registry provides critical infrastructure for this rapidly
developing marketplace. We believe this Meta-Registry will underpin
the global carbon markets; it will provide clarity and
accountability for participants, increase liquidity and
transparency, and strengthen the all-important trust in these
markets."
"We have seen growing interest in solutions to enable carbon
credit markets to scale, as evidenced by the Task Force for Scaling
Voluntary Carbon Markets and the World Bank's Climate Warehouse
initiative", said Dirk Forrister, president and chief executive
officer, International Emissions Trading Association and
Meta-Registry Advisory Board member.
"A new layer of transparency for carbon markets would strengthen
confidence and increase participation, ambition, and trust in these
important markets which are continuing to grow and demonstrate they
are an effective tool in the fight against climate change," added
David Antonioli, chief executive officer of Verra.
"This Meta-Registry demonstrates a clear governance and
implementation model for the global carbon markets envisioned by
Article 6 of the Paris Agreement," said Kishor Rajhansa, director-
technical & strategy, Global Carbon Council. "As COP 26 rises
up the agenda, the Meta-Registry will provide a roadmap of how
Article 6 transactions and corresponding adjustments can be
authorized, monitored and tracked across programs and
countries."
The IHS Markit Meta-Registry is expected to launch in early 2021
with initial member programs including, Global Carbon Council, Gold
Standard, UK Woodland Carbon Code, UK Peatland Code and Verra.
Additional participants will be added over the course of the
year.
IHS Markit has designed and developed greenhouse gas registries
and auction infrastructure for governments in the Americas, EMEA
and APAC. Its Environmental Registry for
carbon, water and biodiversity credits has provided full tracking
for the lifecycle of more than 350 million credits across over 30
compliance and voluntary programs. The Registry has been voted
"Best Registry Provider" by the readers of Environmental Finance
for the eleventh year running.
For more information about the IHS Markit Carbon Meta-Registry,
contact MK-EnvironmentalRegistry@ihsmarkit.com.
IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.
