Climate Action Data Trust

Quantedge Advancement Initiative is supporting the Climate Action Data Trust (CAD Trust), an open-source platform that aims to transform the carbon market industry by addressing inefficiencies, improving access to data, and enhancing transparency through blockchain technology.

An effective and well-functioning global carbon market is essential to scaling climate finance and achieving decarbonisation goals. However, carbon credit data is currently scattered across different national, subnational, and independent registries in inconsistent data formats. In this fragmented space, information is hard to find and use, and market activity lacks visibility. This undermines the efficiency, credibility and confidence in the carbon market. 

Founded by the World Bank, International Emissions Trading Association, and the Government of Singapore, CAD Trust seeks to address this challenge through its blockchain-based infrastructure that focuses on: 
  1. Improving data access: Aggregating and harmonising carbon credit information from ten major carbon credit registries, including Verra and Gold Standard, which accounts for over 90% of issued carbon credits; 
  2. Supporting efficient accounting: Establishing a consistent record of market activity and supporting the development of common practices on data provision that meet global market and policy needs; and
  3. ​Enhancing transparency and integrity: Unlocking the potential of carbon markets to serve as effective climate finance instruments through public good use cases, thereby improving access to information, efficiency, and trust.
 

​The platform will enhance free access to carbon credit data, help safeguard against double-counting of emission activities, and help operationalise new international carbon market mechanisms under Article 6 of the Paris Agreement. In so doing, CAD Trust will foster connectivity, accountability and collaboration in the carbon markets, thus building further confidence in the carbon markets as an effective climate finance tool. This will in turn, catalyse broader industry innovation and pave the way for scalable and sustainable climate solutions.

In the coming years, CAD Trust will:
  1. Increase data coverage and platform adoption by onboarding carbon registries and forming strategic partnerships with key market stakeholders;
  2. Enhance product offerings through conducting research, developing new tools and advancing the technology of its data platform; 
  3. Support global carbon market data and infrastructure harmonisation efforts and capacity building among various stakeholders; and
  4. Strengthen operational capacity to achieve long-term sustainability of its work.

Through our support for CAD Trust, Quantedge Advancement Initiative seeks to catalyse climate change action by fostering the growth of a public good that can accelerate and scale funding of climate mitigation activities around the world.

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