CAD Trust moves towards permanent governance model through new transition phase

Press Release

CAD Trust moves towards permanent governance model through new transition phase

• CAD Trust announced new strategic roadmap as it aims to transition to permanent governance model in 2025
• Management changes announced with Executive Director Yuvaraj Dinesh Babu Nithyanandam stepping down, and Federico Di Credico appointed as interim CEO. Ieva Steponaviciute will assume a new role as Director for Strategy and Outreach.
• Intensified engagement planned by the World Bank Climate Warehouse team to support CAD Trust in its strategic roadmap

SINGAPORE, 4th September 2024 — The Climate Action Data Trust (CAD Trust), the decentralised metadata platform that links, aggregates and harmonises all major carbon registry data, has announced a new strategic roadmap to roll out on its road to a permanent governance model by 2025.

CAD Trust was founded by the World Bank, the International Emissions Trading Association (IETA) and the Government of Singapore and launched in December 2022. One of the founding goals was to transition the organisation to a permanent governance model in 2025.

The new strategic roadmap will strengthen CAD Trust’s value proposition as the leading public data infrastructure for Paris-aligned carbon markets. This will also reinforce its commitment to fostering a strong, transparent, and efficient digital infrastructure that will deliver transparency and integrity to global carbon markets and empower all carbon market participants in their collective journey towards a sustainable and low-carbon future.

Key strategies to be delivered within the roadmap in the coming months will include:

• Increasing CAD Trust data coverage by onboarding key independent and national programs to solidify CAD Trust’s proposition as a trusted data source
• Piloting transparency and integrity solutions, including double counting identification, infrastructure solutions for regulators and independent initiatives, and Article 6 tracking and reporting capabilities
• Supporting operationalisation of Article 6 through targeted capacity building interventions and partnerships
• Refining and scaling CAD Trust data model and infrastructure as a key part of global carbon market data harmonisation efforts
• Operational Efficiency: Streamlining internal processes, implementing technical improvements, and scaling the Secretariat team

As part of this next phase, Yuvaraj Dinesh Babu Nithyanandam (Dinesh) will be stepping down as Executive Director and will continue to support the team in different capacities while pursuing a new career opportunity.

Key achievements under Dinesh’s leadership include:

• The operationalisation of CAD Trust with a strong core Secretariat team and a collaborative governance model;
• Global branding efforts positioning CAD Trust as a public source of truth in the carbon market aimed at enhancing trust, transparency and environmental integrity;
• The successful onboarding of seven registries (including Verra, Global Carbon Council, EcoRegistry, BioCarbon Registry, Tero Carbon and data from the Clean Development Mechanism) covering 85% of the globally issued carbon credits, and establishing a strong pipeline of key independent and national registries for onboarding this year and beyond, including the integration of the Kingdom of Bhutan as its first national registry;
• Launching a Data Dashboard which has received over 1.3 million views since launch in December 2023;
• Forming strategic partnerships with a wide mix of organisations including the Government of Japan’s Institute for Global Environmental Strategies’ A6IP Center.

Federico Di Credico, CSO of ACT Group, Vice Chair of IETA and Board Director of CAD Trust, will guide the organisation as interim CEO through this next transitional phase. With extensive prior experience in developing new climate ventures and deep engagement with CAD Trust, Federico’s interim leadership will ensure continuity and strategic direction. As part of these changes, Ieva Steponaviciute will assume a new role as Director for Strategy and Outreach.

The World Bank Climate Warehouse team will continue to engage directly, and will support Federico and the CAD Trust Secretariat during this transitional phase to advance and streamline joint activities, including around capacity building for operationalising Article 6 and harmonising the end-to-end digital infrastructure for Paris-aligned carbon markets. The Singapore government will continue to support CAD Trust in partnership building as well as other supportive activities.

Yuvaraj Dinesh Babu Nithyanandam said: “I am extremely pleased with the remarkable progress and achievements CAD Trust has made in less than two years. The team and governance structure has been pivotal in establishing CAD Trust as a significant player driving transparency in global carbon markets. I extend my heartfelt thanks to the Board and CAD Trust Governance body members for their strategic and timely guidance, which has steered CAD Trust to its current successful position. CAD Trust’s ability to successfully leverage digital technology to enhance trust, transparency, and environmental integrity in the carbon markets is entirely unique. I look forward to continuing my engagement with CAD Trust and supporting it in the future, and I wish Federico and the CAD Trust team the best of luck in their future endeavours.”

Federico Di Credico, interim CEO, CAD Trust, said: “The impressive achievements to date, coupled with a dynamic work plan filled with trailblazing milestones, all while operating with a lean team, highlights Dinesh’s adept navigation and leadership during the exciting interim growth stage of CAD Trust, and the entire CAD Trust Board sincerely appreciates his contribution. This progress would not have been possible without the unwavering support and guidance from the CAD Trust Governance, collaborative team and robust partnerships cultivated with key stakeholders, including government agencies, international organisations, and private sector entities. I will continue to foster these relationships to enhance CAD Trust’s operational effectiveness and success, and ensure that CAD Trust is committed to maintaining transparency, accountability, and strategic alignment with its vision and mission as it navigates this transition.”

Benedict Chia, Director General (Climate Change), National Climate Change Secretariat, Strategy Group, Prime Minister’s Office, Singapore, said: “The Singapore government, alongside the founding partners, is committed to supporting the important work of the Climate Action Data (CAD) Trust to improve transparency and integrity in global carbon markets through the development of public data infrastructure. In this next phase of CAD Trust’s development, the Singapore government will continue to support CAD Trust’s efforts to build partnerships and secure contributions from donors. Officials from the Singapore government will work closely with CAD Trust’s leadership team to realise high-integrity, Paris-aligned carbon markets.”

Hania Dawood, Global Practice Manager, Climate Finance & Economics at the World Bank and CAD Trust Board member, said: “The World Bank, along with the founding partners, considers the CAD Trust as an anchor piece of public digital data infrastructure for Paris-aligned carbon markets. The new work program and phase reflects the deepening of the value proposition. The Climate Warehouse team will continue to work closely with the CAD Trust Secretariat to support operationalisation of Article 6 and develop Paris-aligned carbon markets supported by common and interoperable infrastructure frameworks that promote transparency and integrity.”

Contact:

MEDIA CONTACTS:

Ieva Steponaviciute, Climate Action Data Trust: ieva@climateactiondata.org
Cognito for CAD Trust: CADTrust@cognitomedia.com

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.