Two important carbon-related announcements were made this week: by the European Council and European Parliament, who reached a provisional political agreement to establish the first EU-level certification framework for permanent carbon removals, carbon farming and carbon storage in products, and by VCMI highlighting that Bain & Company became the first organisation to make a successful Carbon Integrity Platinum Claim.
Together with International Organization of Securities Commissions (IOSCO)'s Good Practises for VCMs, and The Integrity Council for the Voluntary Carbon Market (ICVCM) and VCMI partnership announced at COP28, these announcements underscore the importance of adopting global standards in our pursuit of climate neutrality.
However, the voluntary carbon activities landscape is not without its challenges.
Despite the urgency of immediate action, the emergence of competing registries advocating unique and isolated methodologies poses a risk of introducing complex and hierarchical burdens on both sellers and buyers. This has created confusion in the market, leading to a decrease in liquidity. There is a consensus that high-integrity carbon credits, especially those focusing on removal and long-term storage, are essential.
To address this challenge, Tokenovate’s asset-agnostic trading lifecycle management platform enables carbon project owners not only to tokenise their assets but also to manage them for the duration of their lifetime.
A powerful feature of our platform is its carbon project origination and classification engine, that through machine-learning seamlessly guides project owners to achieve compliance with both the methodologies of registries and standards, such as ICVCM. The engine output is not only a high-fidelity schema for the project owner but also a tokenised on-chain master project file that can be verified by a registry and made ready for digital issuance to trading venues.
We applaud these commendable initiatives, and support efforts to devise solutions that drive us toward carbon neutrality. Nevertheless, we believe more efforts are necessary, which is why we are collaborating with project owners, enabling technology providers and trading venues to accelerate progress effectively.
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