Carbonbase, an APAC climatech company, has collaborated with HBAR Foundation and ImpactX to introduce Global Climate Registry (GCR), a digital native carbon registry in Asia.
In 2022, the Asia-Pacific region accounted for more than half of the world’s carbon dioxide emissions, underscoring the region’s significance in global emissions. Despite this, the absence of a localised carbon registry has been evident.
GCR aims to address this gap by providing a digital-native platform that allows project developers, auditors, and buyers to efficiently register, verify, and procure high-integrity data-driven carbon credits.
Powered by the Hedera Hashgraph network, GCR provides a cost-effective, transparent and accessible solution for carbon-reducing projects to obtain verified credits. This innovation is particularly beneficial for small and medium-sized developers seeking recognition and corporate buyers aiming for enhanced data reporting and information.
Max Song, CEO and founder of Carbonbase, said: “Our previous work in supporting climate solutions’ adoption in APAC naturally drove us to find new ways to inspire and aid climate action. By leveraging the robust partnerships of the Hedera network and ImpactX’s visionary product approach for global NGOs, we aim to co-create a next-gen carbon market infrastructure.
“GCR will catalyse the acceleration of digitising the measurement, reporting, and verification (dMRV) process in the carbon credit market. This innovation will boost transparency, credit integrity, and significantly drive market growth, propelling global carbon reduction efforts.”
While Karen Robbins, co-founder of ImpactX, commented: “We believe that the blockchain-based registry can catalyse a significant surge in carbon-reducing projects and high quality carbon credits. Our goal is to offer both project developers and carbon credit purchasers a seamless journey,” stated
“We believe in a future where the balance sheet of our planet lives on a public ledger,” said Wes Geisenberger, vice president of sustainability and ESG at HBAR Foundation. “GCR will enable digital MRV, streamline project enablement and improve carbon credit management, unlocking a new era of transparency, trust and impact in the fight against climate change.”
Katherine Foster, executive director Green Digital Finance Alliance and former Canadian climate diplomat noted: “GCR represents a pivotal milestone in the intersection of climate change, digital green finance and blockchain technology.
GCR will adopt the standards and methodology research of the IEEE’s Committee on Standard for Measurement and Verification of Reduction of Greenhouse Gases for Climate Action Projects and Solutions.
The digital registry sets new MRV standards for carbon credits, reshaping the market. With greater business, industry, and government involvement, it advances collective action against climate change.