Envision, HBAR and UN launch a new platform for carbon markets

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Envision, HBAR and UN launch a new platform for carbon markets

The 2023 United Nations Climate Change Conference saw several new initiatives aimed at revitalizing the fight against climate change and streamlining complex carbon credit markets. Amidst a sea of ​​announcements and partnerships, Envision Blockchain, in collaboration with the HBAR Foundation and Swirlds Labs, announces a new open-source Managed Guardian Service (MGS) platform focused on digital and digital measurement, reporting and verification (dMRV) system .for carbon markets.

The dMRV system was developed in partnership with the United Nations Global Climate Change Innovation Center and is based on the HBAR blockchain. The new platform aims to digitally transform carbon markets using decentralized blockchain technology.

The dMRV platform offers a set of features including artificial intelligence (AI) search and guided search capabilities for the United Nations Framework Convention on Climate Change (UNFCCC) Clean Development Mechanism (CDM) methodologies library. ) and other standard carbon market sector records.

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The CDM methodological library contains hundreds of sets of rules needed to create a carbon credit, independently developed in an analog process that supports the carbon market. Envision, with the help and guidance of the UNFCCC secretariat team, digitized 15 of the most used rules and expanded the existing library of methodologies available in the HBAR Guardian ecosystem.

Expanding the library of digitized and open source methodologies will enable registries, project promoters and other market stakeholders to use digital technologies to solve issues of trust and transparency.

Cointelegraph reached out to Wes Geisenberger, Vice President of Sustainability and ESG at the HBAR Foundation, to learn about the importance and operation of the new dMRV platform and how it will help digitize the complex credit market in carbon.

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Geisenberger told Cointelegraph that UN GIH/UNFCCC secretariat staff are deeply involved in the development of the approach, while supporting “the most difficult challenges of the climate negotiations.” We greatly appreciate their time and effort in developing this new solution.”

Another important feature of the platform includes a new Project Data Comparison feature that allows users to compare data recorded as Verifiable Credentials (VC), including “ownership fields” that comply with Global Blockchain Business dMRV Version 2 Specification Council (GBBC).

VCs are digital certificates with signatures that confirm important project information and are key to guaranteeing its authenticity. The comparison tool offers a detailed analysis of project data, resolving issues of double counting based on the Paris Agreement and improving transparency and tracking of environmental projects.

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This library of digital rules, powered by Guardian, is adopted by organizations that build applications that use this open source technology to support measurement, reporting and verification processes.

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