Envision Blockchain and the HBAR Foundation have teamed up with the UN to create a new suite of decentralized tech to streamline the complex carbon markets.
The 2023 United Nations Climate Change Conference, also known as COP28, saw several new initiatives aimed at innovating the fight against climate change and streamlining the complex carbon credit markets.
The dMRV system was developed in collaboration with the UN Climate Change Global Innovation Hub (GIH) and built on the HBAR blockchain.
The platform offers a suite of features, including artificial intelligence and guided search features for the United Nations Framework Convention on Climate Change’s (UNFCCC) Clean Development Mechanism (CDM) methodology library and other standard registries across the carbon market Industry.
The CDM methodology library consists of hundreds of rulesets required to create a carbon credit, independently developed in an analog process supporting the carbon market.
The further scaling of the library of digitized and open-source methodologies allows registries, project developers and other market stakeholders to use digital technologies to resolve trust and transparency issues.
Cointelegraph spoke with Wes Geisenberger, vice president of sustainability and ESG at HBAR Foundation, to understand the importance and workings of the new dMRV platform and how it could help digitize the complex carbon credit market.
Geisenberger told Cointelegraph that the UN GIH/UNFCCC secretariat’s staff were deeply involved in methodology development while supporting the “toughest challenges in climate negotiations.