Public Consultations about Digital Verification and Methodologies in the Carbon Market

Your views on the digital future of the Carbon Market are welcomed.

Last Tuesday, December 13, Gold Standard, ClimateCHECK (www.climate-check.com) and IOTA Foundation (www.iota.org) have launched consultations on two draft proposals about the digital transformation of the Carbon Market: a white paper on digitising verification, and draft guidance on digitising methodologies.

Carbon Markets are enabled by rigorous Monitoring, Reporting and Verification (MRV), which is a demanding process to provide the necessary assurance for stakeholders that claims about impacts have integrity and are credible. At a high level of assurance, MRV requires substantial costs and time demands. There is always continuous improvement for the standards of practice and resources for auditing and assurance, which is largely transferable to MRV, for example the ongoing transformations in the financial sector towards “digital audit” (e.g., IAASB).

However, many stakeholders continue to be concerned about ‘greenwashing’, sometimes questioning ‘the data’ and other times Recognising the relative immaturity of sustainability standards and climate MRV (e.g., proliferation and variability of many standards and programs, uncertainty, difficulty of determining a credible baseline from which additionality is determined, lack of resources). To address such concerns, there is considerable work needed to improve methodologies, and also the ‘standardisation system’ that develops the methodologies and manages the system of methodologies and the resources necessary to successfully implement methodologies.

These are the reasons for these two public consultations, that also relate to this World Banks June 2022 report "Digital Monitoring, Reporting, and Verification Systems and Their Application in Future Carbon Markets" (in English).

The White Paper on Digitising Verification for Climate Markets maps the standards, initiatives and resources for digital verification, and outlines the next steps to develop guidance and resources to advance digital verification in the carbon market. Click here to read it.

The Draft General Guidance for Digitizing Methodologies outlines processes for methodology developers to specify digital requirements in GHG methodologies within an overall framework and system for digital MRV. Click here to the draft guidance.

And clicking on the image below you access the Press Release from Gold Standard.

Both are open for consultation until 20 January 2023.

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• Source: https://www.carboncreditmarkets.com/en/single-post/public-consultations-about-digital-verification-and-methodologies-in-the-carbon-market