CAD Trust Launches its Public Data Dashboard to Enhance Transparency in Carbon Markets
The Climate Action Data Trust today launched its Public Data Dashboard, which links, aggregates and harmonises data from four independent registries, including Verra.
Dubai, 12 December 2023 – Today, the Climate Action Data Trust (CAD Trust), a Singapore-based not-for-profit initiative founded by the World Bank, IETA, and the government of Singapore, launched its Public Data Dashboard. The Dashboard, which serves as a public interface of the metadata layer, now incorporates datasets from four carbon market standards (Verra, Global Carbon Council, EcoRegistry, BioCarbon Registry) as well as the Clean Development Mechanism (CDM) data from the United Nations Framework Convention on Climate Change (UNFCCC), and, as recently announced, the national registry of Bhutan. It is a critical step in boosting the transparency and integrity of carbon markets.
The CAD Trust common data model was agreed and consulted upon by several governments, international organisations, and market players. It currently contains eighty-five essential carbon credit data sets, which are made available to all market players under a shared taxonomy. Underpinned by Chia blockchain technology, the CAD Trust metadata layer ensures maximum security and traceability, functioning as an open-source digital infrastructure for the public good. By aggregating and harmonising these fragmented datasets from diverse carbon market registries, both private and public, the decentralised digital platform boosts market transparency. The public can now access, scrutinise, compare, and utilise extensive carbon credit data with unprecedented ease. Through a consolidated and user-friendly interface, information about specific units and projects can be instantly extracted to provide the basis for compliance reporting and the auditing of information.
The integration of data from the Verra registry, the world’s largest carbon standard, into CAD Trust’s metadata layer, is a testament to the leadership of Verra and its constant quest for enhanced transparency and excellence.
“Verra is pleased to have been instrumental in the launch of the Climate Action Data Trust’s new Data Dashboard,” said Verra president and interim CEO Judith Simon. “This is a dynamic addition to the transparency of carbon markets that will help us pursue even greater mitigation. We very much look forward to participating as the registry ecosystem in the CAD Trust grows.”
“Climate Action Data Trust is thrilled to unveil its Data Dashboard. Having gathered a critical mass of carbon credit data, the Dashboard marks a significant milestone in enhancing trust and transparency within carbon markets. The standards and registries that have so far connected with CAD Trust are demonstrating leadership and a shared commitment to enhancing transparency in carbon markets. As we move forward, CAD Trust is committed to not only expanding this network, but also continuously improving the Dashboard with additional features and enhancements” said Yuvaraj Dinesh Babu, Executive Director of the Climate Action Data Trust.
CAD Trust is fervently extending its network, with plans to connect with additional independent standards and national registries soon. These integrations highlight CAD Trust’s dedication to enhancing transparency and promoting high environmental integrity in carbon markets, in alignment with the goals of the Paris Agreement. The Climate Action Data Trust remains committed to fostering a strong, transparent, and efficient digital infrastructure, empowering all carbon market participants in their collective journey towards a sustainable and low-carbon future.
About CAD Trust
Climate Action Data Trust (CAD Trust) is a decentralised metadata platform that links, aggregates and harmonises all major carbon registry data to enhance transparent accounting in line with Article 6 of the Paris Agreement. The CAD Trust open-source metadata system uses blockchain technology to create a decentralised record of carbon market activity with the aim to avoid double counting, increase trust in carbon credit data and build confidence in carbon markets.
The Singapore-based initiative was founded by the World Bank, The International Emissions Trading Association (IETA) and the Government of Singapore. CAD Trust is an integral part of the World Bank’s Climate Warehouse End-to-End Digital Ecosystem.